Economists Reject Nigeria's 3.89% GDP Report as Living Costs Worsen

Nigeria's National Bureau of Statistics reported 3.89% GDP growth in Q1 2026, up from 3.13% in Q1 2025, with service sector contributing 57.73% and agriculture 23.16%. However, economists have rejected this report as not reflecting reality for ordinary Nigerians battling rising living costs.

Former CIBN president Mazi Okechukwu Unegbu and Bank Customers Association president Dr. Uju Ogunbunka told DAILY POST that despite improving GDP figures, Nigerians are worse off economically. Cooking gas now costs above N1,500 per kilogram, fuel around N1,400 per liter, and diesel N2,000 per liter due to a nearly three-month-old Middle East crisis.

Unegbu stated that 'beautiful statistics do not match reality,' noting that economists are now recalibrating GDP measurement to better reflect citizens' actual experiences. He emphasized that prices of essential goods continue rising under the current administration, making life increasingly difficult for average Nigerians.

The economists argue that GDP during economic hardship shouldn't be the sole indicator of citizens' well-being, suggesting calculations should capture the experiences of traders, artisans, mechanics, and everyday people rather than just market forces.

How should ordinary Nigerians assess their economic situation when official statistics show growth while their daily costs continue to rise?

SOURCE: https://dailypost.ng/2026/05/26/economists-reject-nbs-gdp-report-as-cost-of-living-worsens/