Former NACCIMA President Dele Kelvin Oye has cautioned that Nigeria’s celebrated economic growth masks the harsh realities faced by its citizens. Speaking at the Lagos Country Club Business Forum 2.0, Oye described the situation as “glittering statistics amid growing poverty,” highlighting a troubling paradox: while GDP figures continue to rise, millions of Nigerians struggle with unemployment, rising costs, and financial insecurity.
Oye noted that despite a reported GDP growth of 3.98% in the first quarter of 2025, largely driven by the non-oil sector, everyday Nigerians see little benefit from the expanding economy. “Rising prices, unstable employment, and the challenges of running businesses in a volatile environment paint a starkly different picture,” he said, calling the phenomenon “the Nigerian puzzle of growth that leaves people behind.”
Citing the World Bank’s 2025 report that over 139 million Nigerians live in poverty, Oye emphasized the gap between economic indicators and lived experiences. He identified inflation as a key factor worsening citizens’ plight, driven by both demand-pull pressures from excess liquidity and cost-push factors, including unreliable infrastructure, overregulation, and an unstable exchange rate. He also introduced “involution,” describing it as unhealthy competition that depresses prices without improving economic structure.
While acknowledging government interventions such as high interest rates and the Cash Reserve Ratio, Oye criticized their limited impact on structural challenges. He praised private-sector efforts, including the Dangote Refinery and President Tinubu’s initiatives, for stabilizing the Naira and boosting economic confidence, but stressed that bureaucratic resistance hampers the full benefits of such policies.
Oye concluded with a call for holistic reforms that combine knowledge, empathy, and wisdom. He urged policymakers and citizens to focus not just on economic growth but on creating a just society that delivers tangible improvements in Nigerians’ lives. “Nigeria is not beyond repair, but time is short. We must move beyond knowing we are at a crossroads to wisely choosing the right path, ensuring that economic growth translates into dignity, opportunity, and hope for all,” he said.
source: The sun