REVEALED: Why Nigerians Are Not Feeling Impact Of Economic Growth — Akabueze
Perhaps you don’t know who Ben Akabueze is. He is the Director General of the Budget Office of the Federation.
On Wednesday, he took his time to explain to Nigerians why Nigerians were not feeling the real impact of the positive economic growth rate on their lives.
He gave the explanation while making a presentation at a round-table on the 2019 budget.
Akabueze said that for Nigerians to effectively feel the impact of economic growth, the rate of Gross Domestic Product growth must be higher than the population growth.
He said while the rate of growth in the country’s population was about three per cent, it was currently higher than the GDP growth rate of the country.
He said the Federal Government understood the challenge, noting that this was why the outlook for economic growth was put at about three per cent in the 2019 budget.
He said while the economy might have been out of recession, the government was implementing various measures to accelerate the trajectory for growth.
He said: “We are projecting a 3.01% growth (in GDP). Often times, I hear Nigerians asking whether we can meet this growth.
“This is the minimum level of growth we should be aiming, going by the rate which our population was growing.
“If we are growing at anything below the rate the population is growing, it will not be felt and that is why a lot of people do not feel the economy is growing.
“It is not surprising that you don’t feel it, because last quarter, the economy grew by 1.8% and population was growing significantly higher than that.
“So until we restore growth to 7% or preferably double digit, the vast majority of Nigerians are not going to feel any growth. So that’s the debate we should be having".
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