Nigeria’s Gross Domestic Product growth of 3.46 per cent in the fourth quarter of 2023 without impact on the well-being of citizens has raised fresh concerns amid untamed economic hardship.

The latest GDP by the National Bureau of Statistics shows that Nigeria’s economy grew by 3.46 per cent year-on-year in real terms in Q4 2023, though the growth is lower than the 3.52 per cent recorded in Q4 2022 and higher than Q3 2023 growth of 2.54 per cent.

The simple implication is that the monetary value of all finished goods and services made within Nigeria stood at N21.77 trillion in the reference period.

Nigeria’s Gross Domestic Product growth of 3.46 per cent in the fourth quarter of 2023 without impact on the well-being of citizens has raised fresh concerns amid untamed economic hardship.

The latest GDP by the National Bureau of Statistics shows that Nigeria’s economy grew by 3.46 per cent year-on-year in real terms in Q4 2023, though the growth is lower than the 3.52 per cent recorded in Q4 2022 and higher than Q3 2023 growth of 2.54 per cent.

The simple implication is that the monetary value of all finished goods and services made within Nigeria stood at N21.77 trillion in the reference period.

However, the growth of Nigeria’s GDP has yet to translate into the economic prosperity of its citizens. This is as Nigerians grapple with economic hardship caused by soaring inflation and a high cost of living.

Despite the country’s GDP on paper projecting a rejuvenating Nigerian economy, Nigerians on the streets of Abuja, Lagos, Kano, and Anambra states have yet to feel the impact.

In January, NBS said the country’s inflation increased to a record high of 29.90 per cent, which was worsened by 35.42 food inflation.

The country’s soaring inflation has further reduced the purchasing power of Nigerians.