GDP: Nigeria’s economy making some progress- Don
By Okeoghene Akubuike
An Analyst, Prof. Abiodun Adeniyi has stated that Nigeria’s economy is showing progress, although not yet reflected in the living standards of the population.
Adeniyi, who is the Dean of the School of Postgraduate Studies at Baze University Abuja, said this in an interview with the News Agency of Nigeria (NAN) on Sunday.
He was responding to the release of the Q3 2024 Gross Domestic Product (GDP) figures by the National Bureau of Statistics (NBS), which revealed a 3.46 per cent growth in Nigeria’s GDP in real terms.
According to the report, this growth rate surpassed the 2.54 per cent recorded in Q3 2023 and the 3.19 per cent achieved in Q2 2024.
The report shows that GDP performance in Q3 2024 was driven by contributions from both the oil and non-oil sectors, with the service sector leading the way, growing by 5.19 per cent and contributing 53.58 per cent to the total GDP.
The service sector includes banking and finance, trade, tourism, real estate, telecommunications, information and communication technology, arts, entertainment, recreation, and education.
Adeniyi explained that the growth is a monetary policy indicator, which may not be reflecting fiscal policy measures.
He noted that since the manufacturing and production sectors are declining, the service sector is the primary contributor to Nigeria’s GDP growth, as shown in the report.
“Yes, we need to acknowledge that there is growth, even though it is still marginal and not yet significant enough to impact people’s lives or living standards.
“However, this does not change the fact that there is growth in our GDP.
“There is growth, but what we need to do is ensure alignment between fiscal and monetary policies, and between the macroeconomic variant of GDP and macroeconomic indices.
“Once this alignment occurs, we can expect the improvements to be reflected in people’s standards of living”.
Adeniyi also stated that the cost of living crisis could begin to ease once the economy shows recovery in both statistical and practical terms.
He emphasised that Nigeria is on the right track in spite the marginal growth.
“Although the changes we want to see are not yet evident, we must recognise the progress being made, no matter how small,” he said.
He urged the government to maintain consistency in its policies to achieve economic stability and sustainability.
“We need policy consistency, not just in words but in actions, transparency, accountability, and conduct. Once these elements are visible, we can be confident that we are on the right track,” he added.
(NAN)(www.nannews.ng)
Edited by Vivian Ihechu
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