₦airaland Forum

By : Sodiq Omolaoye, Abuja


Former Vice President Yemi Osinbajo has cautioned African governments against celebrating Gross Domestic Product (GDP) growth figures that do not translate into improved living conditions for citizens.

At the 65th anniversary of the Ford Foundation in West Africa, in Abuja, Osinbajo stated that the continent had recorded some of the world’s highest GDP growth rates in recent years, yet remained burdened by poor welfare indicators, weak healthcare systems, education gaps, and widespread unemployment.

The former vice president said his experience in office revealed a deep disconnect between macroeconomic numbers and the daily realities of ordinary Nigerians.

He said: “Africa is the fastest growing continent in GDP terms, and has been so for a while, yet it remains the continent with the lowest overall quality of life, based on global indices like health, education, infrastructure and economic stability. In other words, GDP growth does not mean development for the majority. It does not necessarily translate to jobs or a decent life for citizens. One of my biggest frustrations as Vice President and chair of the economic team in our government from 2016 to 2019 was how people reacted when we discussed GDP growth figures.

“The vast majority 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?’ It became clear to me that when we as governments talk about growth, citizens wonder what we’re talking about. Only big business, like banks, understands those things.”

He argued that social justice, by ensuring fair access to opportunities, resources, and protections, must become the foundation of economic planning, not an afterthought.

Osinbajo called for a shift from trickle-down policy approaches to bottom-up investment strategies that prioritise rural communities, women, young people and informal workers who drive the continent’s economy.

He cited Bangladesh’s girls’ education reforms, Rwanda’s gender inclusion policies, and the Lagos judicial reforms of 1999, in which he noted that women judges were elevated and judicial corruption declined, as practical examples of how inclusive governance strengthens national productivity.

The number two citizen under the late Muhammadu Buhari’s Presidency also warned that corruption remains one of the most severe forms of social injustice, depriving citizens of public services and undermining national progress.

The Minister of Budget and National Planning, Senator Abubakar Bagudu, commended Ford Foundation for a long-standing partnership and described the anniversary as timely for deepening collaboration on inclusive development.

Regional Director of the Ford Foundation in West Africa, Dr ChiChi Aniagolu, reminded the audience that Ford began operations in Lagos in 1960, adding that the organisation supported a wide array of initiatives, including education, human rights, women’s empowerment, cultural expression, economic inclusion and environmental justice in Nigeria, Ghana, Senegal and across the sub-region.

Aniagolu pledged that the foundation would continue to emphasise capacity building, accountability and local ownership, rather than prescriptive solutions, and applauded young leaders who are redefining democracy and justice in contemporary West Africa.

Senior Vice President of the Foundation, Martín Abregu, noted that while the Foundation began in the United States more than eight decades ago, its mission has evolved into a global pursuit of social justice and reduced inequality.

franchasofficia:
Better human being that ought to have been our President or incoming, not the


Thank you Prof for always standing by the truth

Orlandoo:
To think that his own kinsmen called him Judas Iscariot simply because he showed interest to contest the election is worrisome. And they even chosed a drug lord over this gentleman. Tufiakwa.

AMINDA:
Labelling all their intellectual and contemporary politicians "betrayers" is how the tin-god has managed to perpetrate himself in power for two decades and counting. Fashola, Aregbesola, Osinbajo, Fayemi, Ambode and even recently, Sanwo-olu. The list goes on.

socialmediaman:
Jagaban has used Trump to put Nigeria back on the global map. Everyone will now be rushing us for the resources that the US wants so bad. He is a master strategist - APC

I know somebody will copy this and post it on X and won't give me credit

SmartPolician:
I think the argument here should be making sure that GDP data is accurate and pushing for improved minimum wage so that the populace can lead a better life.

Alternatively, he should tell us how to determine and calculate growth, after all, GDP na person idea.

michlins:
Using GDP to measure economic growth is wrong. Here's how,in a community of very poor people a wealthy man's wealth will drastically increase the GDP of the said area meanwhile 95% of the people in the community are extremely poor.

GDP, IGR, these things are for politicians to brag, deceive and campaign with. It doesn't translate to real economic development

mrvitalis:
GDP is useless 1% of the economy can be growing and GDP would be growing

What's important is HDI that's should be the focus

SmartPolician:
In my opinion, HDI is vague and complex because you can be the most educated and healthy country, yet among the poorest. So, calculating it is even more complicated. Using credible GDP data to measure financial growth looks more logical. That's probably why it's more popular than HDI.

To the point you raised, if 1% of the economy is growing, it won't be sufficient to increase the GDP because 1% is infinitesimal in comparison with all economic segments. GDP is the best way to measure wealth while HDI is for measuring overall prosperity.

franchasofficia:
Better human being that ought to have been our President or incoming, not the


Thank you Prof for always standing by the truth

mrvitalis:
How can you be poor when your life expectancy is high, literacy is high, access to health is high

Please give me example

Racoon:
Former VP Yemi Osinbajo fully knows those he is addressing here.

SmartPolician:
When you have jobless and healthy PhD holders applying to be truck drivers in Dangote, I don't know any other proof you need.

https://dailypost.ng/2012/11/02/phd-mba-holders-among-13000-applicants-1000-dangote-driving-jobs/


The point remains that education and good health don't automatically translate to wealth. Wealth creation is a bunch of holistic activities, including government support and individual creativity.

Islie:
https://guardian.ng/news/stop-celebrating-worthless-gdp-figures-osinbajo-warns-african-govts/