Economists Reject NBS GDP Report as Nigerians Struggle With Rising Cost of Living
Nigeria’s latest Gross Domestic Product (GDP) report released by the National Bureau of Statistics (NBS) has sparked fresh controversy after several economists argued that the figures do not reflect the harsh economic realities facing ordinary Nigerians.
The NBS report showed that Nigeria’s economy recorded a 3.89 percent growth in the first quarter of 2026, compared to 3.13 percent in the same period last year. However, economic experts insist that the reported growth has failed to improve the lives of citizens battling rising fuel prices, food inflation, and worsening living conditions.
According to the NBS, Nigeria’s economy expanded by 3.89 percent in Q1 2026, with the service sector contributing the highest share to the country’s GDP.
The report also revealed that the non-oil sector accounted for 96.08 percent of economic activities, while the oil sector contributed 3.92 percent.
Despite the positive figures, many Nigerians continue to struggle with soaring prices of fuel, cooking gas, transportation, and food items across the country.
“GDP Growth Has No Meaning for Ordinary Nigerians” — Unegbu
Former President and Chairman of the Council of the Chartered Institute of Bankers of Nigeria, Mazi Okechukwu Unegbu, criticised the GDP report, arguing that the figures have not translated into better living conditions for average Nigerians.
According to him, the rising cost of living has wiped out any visible benefits of economic growth.
Unegbu explained that economists are now considering ways to recalculate GDP figures so they better reflect the realities faced by ordinary citizens.
He noted that prices of essential commodities continue to rise despite repeated reports of economic growth.
Fuel, Cooking Gas and Diesel Prices Continue to Rise
The economist pointed to the sharp increase in energy costs as evidence that Nigerians are becoming poorer despite official economic statistics.
Cooking gas prices have reportedly climbed above N1,500 per kilogram, while petrol sells around N1,400 per litre in several areas. Diesel prices have also remained extremely high.
According to Unegbu, economic growth should not only exist on paper but must positively affect traders, artisans, students, transport workers, and market women.
“Beautiful Statistics Don’t Match Reality” — Ogunbunka
President of the Bank Customers’ Association of Nigeria, Dr Uju Ogunbunka, also faulted the NBS report.
He stated that the reported GDP growth does not reflect the daily economic struggles of millions of Nigerians.
According to him, while official statistics may appear impressive, the reality on the streets tells a different story as inflation and living expenses continue to increase.
Experts Call for New Method of Measuring Economic Growth
Economic analysts are now calling for a broader approach to measuring Nigeria’s economic performance.
They argue that GDP reports should include indicators that reflect citizens’ purchasing power, food affordability, employment levels, and the actual cost of living.
Many believe that until economic growth begins to improve household incomes and reduce hardship, positive GDP figures may continue to face criticism from Nigerians.