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Former Vice President of Nigeria, Professor Yemi Osinbajo, has said that economic growth figures like GDP do not necessarily reflect real improvements in the lives of citizens.
Speaking at the Ford Foundation’s 65th anniversary event in Abuja on Wednesday, Osinbajo stressed that social justice must be part of economic planning for development to be meaningful.
He explained that while Africa has recorded steady GDP growth in recent years, the continent still suffers from poor living standards in areas such as health, education, and infrastructure.
He said, “Africa is currently the fastest-growing continent in GDP terms, yet it remains the continent with the lowest quality of life. GDP growth does not mean development for the majority or always translate to jobs or a decent life.”
Osinbajo recalled his frustration during his time as vice president, when citizens often questioned reports of economic growth, saying they couldn’t see any improvement in their daily lives.
“When we talked about GDP growth, people would ask, ‘Do these people live in a different country? I can’t pay my children’s school fees or hospital bills. Where is this growth?’” he said.
According to him, true development should be measured by how many people experience better access to jobs, education, healthcare, and safety.
He called on leaders to move away from the trickle-down approach in budgeting and instead focus on inclusive, bottom-up strategies that prioritize citizens’ welfare from the beginning.
GDP growth without impacts on citizens’ lives meaningless – Osinbajo
