Nigeria’s Average GDP Growth Rate Has Remained Negative Since 2014 – Okonjo-Iweala
The Director-General of the World Trade Organization (WTO), Ngozi Okonjo-Iweala, has raised concerns about Nigeria’s economic trajectory, revealing that the country’s average Gross Domestic Product (GDP) growth rate has been negative since 2014.
Speaking at the Nigerian Bar Association’s (NBA) annual General Conference, Okonjo-Iweala highlighted that this downturn contrasts sharply with the preceding decade (2000-2014), during which Nigeria’s average GDP growth rate was approximately 3.8%, outpacing the population growth rate of 2.6%.
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Okonjo-Iweala noted that the period of positive growth had allowed for a genuine improvement in the standard of living for many Nigerians. However, since 2014, the nation has experienced a reversal, with the average GDP growth rate declining to minus 0.9%. This negative growth, she emphasized, indicates a deterioration in the economic well-being of the average Nigerian, as the government has struggled to maintain the momentum of previous administrations.
She attributed many of the challenges faced by the NBA and the broader Nigerian society to the country’s inability to sustain consistent economic growth. The former Finance Minister stressed the importance of policy consistency, warning that policy reversals and a lack of continuity have contributed to Nigeria’s economic woes.
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Call for Sustained Economic Policies
Okonjo-Iweala further advocated for the adoption of a social contract between the government and the populace, emphasizing the need for consistent and effective economic policies regardless of the political party in power. She argued that maintaining good economic policies, alongside the implementation of additional reforms, is essential for the nation to achieve sustained progress.
What You Should Know
According to a report from the National Bureau of Statistics (NBS), Nigeria’s GDP growth rate declined to 2.98% in the first quarter of 2024, down from 3.46% in the previous quarter. Although the growth rate is higher than the 2.31% recorded in the corresponding quarter of 2023, it still reflects the broader economic challenges facing the country.
President Bola Tinubu has set an ambitious goal to transform Nigeria into a $1 trillion economy. However, analysts remain skeptical, citing concerns about high inflation, low employment rates, and rising national debt as significant obstacles to achieving this target.
African Group Recommends Dr. Okonjo-Iweala for Second Term as WTO Director-General
In a related development, the African Group has recommended Dr. Ngozi Okonjo-Iweala for a second term as the Director-General of the WTO. Her leadership has been widely praised, and her reappointment is seen as crucial for the continued advancement of global trade, particularly in the face of economic challenges affecting many African nations, including Nigeria.
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