As the cost of living squeezes families across Nigeria, with rising food prices, unemployment and the naira’s continued depreciation, experts are increasingly asking: what does GROWTH really mean for the average Nigerian household?
Dr. Tayo Aduloju, Chief Executive Officer of the Nigerian Economic Summit Group (NESG), clarifies that Nigeria’s pursuit of economic expansion must shift focus from numbers to people. In an interview with Arise News ahead of the 31st Nigerian Economic Summit, themed “A Reform Imperative: Building a Prosperous and Inclusive Nigeria by 2030,” Aduloju argued that gross domestic product (GDP) growth alone cannot guarantee national prosperity or family well-being.
“When people talk about a growing economy, they usually refer to GDP size or growth rates,” Aduloju said. “But true growth has depth. It’s about diversification, technology and inclusion. It must touch lives, not just balance sheets.”
Nigeria’s GDP has grown intermittently over the past decade, driven largely by oil and services. Yet, unemployment remains high, with the informal sector still accounting for a large share of jobs. For many families, economic “growth” has not translated into improved living standards.
Aduloju believes the conversation must evolve. He outlines five pillars that the 2025 summit will focus on: industrialisation, investment, institutional strengthening, inclusion, and trade competitiveness. Each, he said, is essential to shifting Nigeria from a commodity-dependent economy to one that empowers citizens through productivity and innovation. Nigeria’s vast arable land and mineral resources remain underutilised. Aduloju painted a stark picture of waste and missed opportunities:
“We can’t keep wasting tomato harvests in Katsina, exporting crude oil and importing refined products, or losing 70% of vegetables post-harvest while under-cultivating 60% of our arable land,” he said. “Industrialisation means transforming what we have into competitive advantage, producing complex but value-added goods.”
This push for industrialisation, he argued, is not merely an economic necessity but a social one. Families in rural communities, where post-harvest losses are common, bear the brunt of inefficiencies. A stronger agro-industrial base could stabilize incomes, reduce migration pressure on cities, and create sustainable jobs for young people.
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