Nigerians have continued to show indifference to the quarterly reports of economic growth by the nation's statistics Bureau, (NBS), as they claim non inclusivity of the growth.
Besides shrugging off the reports, most respondents are lamenting of their deteriorating conditions.
Specifically, Nigeria’s gross domestic product (GDP) grew by 3.11 per cent in the first quarter of 2022, according NBS.
According to the new Gross Domestic Product Report released on Monday, the figure shows the sixth consecutive quarter of positive growth.
However, Nigerians are yet to see the impact of the growth on their lives and wellbeing.
Some of the manufacturers and entrepreneurs that spoke with the platform, regarded the reports as 'mere rituals and academic exercises as well as figures.'
But NBS Insists that the first quarter 2022 growth rate further represented gradual economic stability due to strong growth posted by the non-oil sector.
Most of the members of the Monetary Policy Committee, including their Chairman and CBN Governor, Godwin Emefiele observed at the last March meeting that, though the economy was experiencing growth, it was still very fragile and vulnerable to external shocks.
According to NBS, “The Q1 2022 growth rate was higher than the 0.51% growth rate recorded in Q1 2021 by 2.60% points and lower than 3.98% recorded in Q4 2021 by 0.88% points.
"Nevertheless, quarter-on-quarter, real GDP grew at -14.66% in Q1 2022 compared to Q4 2021, reflecting a lower economic activity than the preceding quarter. In the quarter under review, aggregate GDP stood at N45,317,823.33 million in nominal terms,” the report reads.
“This performance is higher when compared to the first quarter of 2021, which recorded aggregate GDP of N40,014,482.74 million, indicating a year-on-year nominal growth rate of 13.25%.
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“The nominal GDP growth rate in Q1 2022 was higher relative to the 12.25% growth recorded in the first quarter of 2021 and higher compared to the 13.11% growth recorded in the preceding quarter.”
Our investigations show that the living conditions of many Nigerians have not improved, but rather worsening, an indication that we may be experiencing 'growth without development.'
