Many Nigerians are not impressed with the much-celebrated 3.46% GDP growth for Q3 2024. They call it “Nigeria’s audio growth”— you can hear about it but can’t feel.
The Nigerian government is celebrating a 3.46% GDP growth for Q3 2024. Unemployment has supposedly fallen by 4.3%. But for the average Nigerian on the street, these numbers mean nothing. They don’t solve the real problems that people face every day.
In fact, many Nigerians are calling this “Nigeria’s audio growth”—growth you can hear about but can’t feel. It’s a term that sums up the country’s false promises. The truth is, these figures are hollow. People need jobs, food, and better living conditions, not just numbers on a government report.
Davido, a well-known musician and public figure, recently stated, “Nigeria’s economy is in shambles, not growth.” He’s not wrong. For most Nigerians, the 3.46% GDP growth and falling unemployment rates mean nothing. These numbers don’t reflect the struggles people face every day.
Economist Dr. Ngozi Okonjo-Iweala also warned, “GDP growth doesn’t always translate into improved lives.”And this is exactly what’s happening in Nigeria. While the numbers go up, the lives of the average Nigerian remain stagnant. Okojo-Iweala is the former Nigerian Finance minister and currently the Director General of the World Trade Organisation (WTO).
If doesn’t reach the streets, it’s audio growth
Many ask: where is this so-called “growth”? The real sectors—agriculture, healthcare, manufacturing—are in crisis, experts argue. No one in the rural areas is seeing any benefit. Farmers can’t access fertilisers or loans. Rural roads are still bad, and infrastructure is lacking. Instead of jobs, most people are underemployed and struggling to survive.
Joseph Abang, development expert, explains that the real growth show from the Power and Energy sectors. “The country’s energy sector is a disaster. Blackouts are the norm. Small businesses are forced to use expensive generators. Without power, there is no productivity. Without productivity, there is no real economic growth,” he argued.
Similarly, Dr Magnus Ajayi, says Nigeria cannot claim to be moving forward without improving its healthcare and education. “The state of Nigeria’s healthcare system is appalling. Doctors are underpaid. Hospitals are underfunded. Schools are overcrowded and under-equipped. The government can brag about GDP all it wants, but unless Nigerians can access affordable healthcare and quality education, it’s all just noise.”
Both submit that this so-called growth is nothing but an illusion – Nigeria’s audio growth. “Nigerians are tired of hearing about “positive” statistics when their reality is far from it. Food prices are skyrocketing. Petrol is still unaffordable for most people. Even basic transport is a struggle. The unemployment reduction is a lie. Many have simply given up on finding a job,” Abang added.
The Nigerian economy may be growing in numbers, but for most citizens, it’s still the same old story of hardship and frustration.
The sectors suffering the most, despite Nigeria’s audio growth
In reality, the sectors still suffering most include:
Agriculture: Analysts say over 70% of Nigerians depend on agriculture, but farmers are left to fend for themselves. Fertilizer prices are soaring. Many can’t access financing or modern farming tools. The neglect of this sector only deepens poverty in rural areas.
Energy: Without power, there is no real growth. Experts insist that Nigeria’s power grid is outdated and unreliable. Frequent blackouts halt business activities, reduce productivity, and drive up costs. This limits opportunities for economic expansion.
Education and Healthcare: Education is in crisis. All the unions embarking on strike regularly for failure of sound working conditions. The country’s public schools are overcrowded, underfunded, and lacking in quality teachers. The healthcare system is no better—poorly equipped hospitals, long waiting times, and understaffed clinics are the norm. These sectors, if properly developed, could boost the economy and improve lives. But despite the celebration of Nigeria’s audio growth, these sectors barely get attention.
Inflation and the cost of living
Inflation is eating away at Nigerians’ savings. Food inflation, in particular, is out of control. A report from the National Bureau of Statistics shows that food prices are rising faster than wages. A loaf of bread costs more than the daily wage of many Nigerians. Many insist that this is not economic growth; this is a crisis.
The reality is that most Nigerians are struggling to survive. With a minimum wage of ₦30,000, many can’t even afford to feed their families. Although some states have agreed to up wages to an average of N70,000 per month, a bag of rice costs double that. Many have abandoned their cars because they ca not afford fuel. Even bicycles are out the rach of many Nigerians. The only option has been a return to trekking. The government’s “growth” has failed to reduce poverty. It has only deepened inequality.
Forward to real growth
Nigerians need real, tangible growth—something that goes beyond GDP numbers. The government needs to focus on creating jobs, improving infrastructure, and reducing the cost of living. According to the experts, including Abang, a deliberate focus on some areas can change the dynamics:
The advice that Nigeria needs to diversify the economy. Nigeria must stop depending on oil. Agriculture, manufacturing, and technology need serious investment.
Invest in Power and Infrastructure must also be deliberate and not on paper. Without power, businesses can’t thrive. The government needs to fix the energy sector and improve transportation networks to support economic activity.
Inflation must be effectively tackled. It is eroding the purchasing power of Nigerians. Hence, the government must implement policies to control rising food prices and stabilize the economy.
Focus also on Healthcare and Education. A growing economy needs healthy, educated citizens. Investing in healthcare and education will unlock the potential of Nigeria’s people, who are the true engine of growth.
For now, Nigeria’s so-called growth is a myth. The numbers don’t reflect the harsh reality faced by ordinary Nigerians. As long as the government continues to focus on “audio growth” rather than real, tangible progress, the average citizen will keep asking: What growth?
Until action is taken to fix the real issues—jobs, power, food, healthcare—these growth figures will remain nothing more than empty promises. Nigerians want to see change in their lives, not just in government reports.
Leave feedback about this