Dr Ope Banwo, Mayor of Fadeyi and founder of Naija Lives Matter, has said Nigeria’s recent economic growth has yet to fully translate into broad-based prosperity for citizens.
Banwo made the observation while assessing President Bola Tinubu’s Independence Day address, in which the President highlighted improvements in Nigeria’s economic performance and described the country as moving from reform towards prosperity.
According to Banwo, the improvement in major economic indicators is significant, but economic growth should ultimately be reflected in the living conditions of ordinary Nigerians.
He noted that Nigeria’s real gross domestic product (GDP) growth was estimated at about four per cent in 2025, with the International Monetary Fund projecting 4.1 per cent growth for 2026.
However, Banwo said growth figures alone could not determine whether Nigerians were experiencing prosperity.
He argued that the impact of economic policies should also be assessed through household income, food affordability, employment opportunities, business conditions and access to essential services.
“The numbers show some real macroeconomic improvement. But whether Nigeria has truly moved from reform to prosperity is a claim that household living standards will ultimately have to prove,” he said.
Banwo said the distinction was important because an economy could record growth while many households continued to face difficulties meeting basic needs.
The IMF has similarly noted that, despite improved macroeconomic outcomes and stronger resilience following recent reforms, conditions remain difficult for many Nigerians. The Fund estimated poverty at 63 per cent using Nigeria’s national poverty line and said about 27 million Nigerians faced food insecurity in late 2025.
Banwo therefore called for greater attention to the social outcomes of economic reforms.
He said the next phase of economic management should focus on ensuring that improvements in national economic indicators translate into better living conditions across different sections of society.
According to him, the ultimate test of economic recovery should include whether Nigerians can afford food, whether businesses can operate sustainably, whether young people can find decent employment and whether household incomes are keeping pace with the cost of living.
He also called for improvements in areas such as electricity, infrastructure and economic security, saying these factors directly affect the daily experiences of citizens.
Banwo said Nigeria should therefore continue pursuing policies that strengthen the economy while ensuring that the benefits of recovery are increasingly felt at household level.
He stressed that economic growth remained important but should be regarded as a means towards improving the welfare and opportunities available to citizens.
“GDP may live in Abuja, but prosperity must eventually reach Fadeyi,” he said.
