Economists have questioned the credibility and practical relevance of the latest Gross Domestic Product, GDP, report released by the National Bureau of Statistics, NBS, as Nigerians continue to grapple with worsening living conditions and rising prices of essential goods and services.
The NBS report released on Monday indicated that Nigeria’s economy recorded a growth rate of 3.89 percent in the first quarter of 2026, compared to 3.13 percent recorded during the same period in 2025.
According to the report, the service sector contributed the highest share to aggregate GDP with 57.73 percent, followed by agriculture at 23.16 percent and industry at 19.11 percent.
The report further stated that nominal GDP stood at N110.79 trillion, while real GDP was valued at N51.36 trillion. It also showed that the non oil sector accounted for 96.08 percent of economic activities, while the oil sector contributed 3.92 percent.
Despite the reported economic growth, many Nigerians and economic stakeholders have continued to express concerns over the worsening cost of living across the country.
Recent increases in the prices of energy products have further intensified public frustration, with cooking gas reportedly selling above N1,500 per kilogram, petrol around N1,400 per litre and diesel nearing N2,000 per litre amid the prolonged Middle East crisis.
Speaking on the development, former President and Chairman of the Council of the Chartered Institute of Bankers of Nigeria, CIBN, Okechukwu Unegbu, argued that the reported GDP growth has failed to improve the lives of ordinary Nigerians.
According to Unegbu, the reality on the streets contradicts the positive economic indicators reflected in official reports.
He noted that economists are now considering ways to recalibrate GDP calculations to better reflect the experiences and purchasing power of ordinary citizens.
“Economists are now trying to recalibrate the GDP to link it to the life of the ordinary person on the street. Despite improvement in Nigeria’s GDP, the life of the ordinary person is not improving.
“The GDP has no meaning; that is why the economy wants to recalibrate it and link it to the life of the ordinary person in this space.
“Right now the price of everything has increased since this administration. The cost of living has been going up. Nothing has come down.
“The NBS GDP report showed that the economy is growing, but in actual fact, if you go to the market, instead of prices of things changing, things are going up.
“So we are now worse off than before despite the improvement in GDP,” he said.
Unegbu further argued that GDP figures during periods of economic hardship should not be used as the sole measure of citizens’ welfare, stressing that economic growth should be evaluated alongside market realities and the standard of living of average Nigerians.
He cited the increasing prices of cooking gas, fuel and diesel as evidence that many Nigerians are not benefiting from the reported economic growth.
The economist also recommended that GDP calculations should better capture the realities faced by traders, artisans, students and other low income earners.
Similarly, President of the Bank Customers Association of Nigeria, Uju Ogunbunka, stated that the latest NBS GDP figures do not reflect the realities confronting ordinary Nigerians.
“Unfortunately, beautiful statistics do not match reality. The NBS report on GDP growth to 3.89 percent leaves more than expected as many battle with the rising cost of living,” Ogunbunka stated.
