Stop celebrating GDP growth, says Osinbajo

Omeiza Bilal

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.”