They Say Nigeria’s Economy Is Growing, So Why Is My Wallet Still on Strike?

I have a question for the economists, and I’d like you to hear it so I don’t look mad when I ask in public.

If the economy is growing, where is it growing? Because it is not growing in my pocket, and it is definitely not growing in my pot of stew.

Here is the gist. According to Techcrier’s reading of the latest figures, Nigeria’s real GDP grew 4.43% year-on-year in the second quarter of 2026. That is the strongest quarterly growth since 2021. The economy is now worth about ₦121.26 trillion. Congratulations to the economy. Truly. It has done well. We should throw a party.

But here is the problem: nobody told my landlord.

Let me explain, since we are friends. The fastest-growing sector was telecoms and information services, which grew 10.38%. Data consumption was up nearly 47% in June alone. MTN’s first-half service revenue rose about 26% to roughly ₦2.99 trillion. So money is definitely moving, my dear. It is moving through the phone network, which is the one place where you spend money without leaving your bed. You think you are just watching a video, but actually you are contributing to GDP.

And that, according to the experts, is exactly the problem. As Daily Trust’s Vincent Nwanma put it, this is “jobless growth.” Telecoms and financial services add lots of output but do not employ lots of people. Meanwhile, agriculture, which employs more than 25 million people, grew 4.39% but faces insecurity, expensive inputs, flooding, poor logistics, and little financing. So the farmer is fighting a small war to grow the yam, and the telecom company is growing 10% by selling data to the man who is watching a video about yam.

It is like a wedding where the DJ is making a fortune, the caterer is smiling, and the bride’s family has not eaten.

Another reason, per the Daily Trust piece: transport, food, rent, school fees, electricity and healthcare are taking a bigger slice of household income. Families have moved from “spending” to “survival.” So when the government says “growth,” the market woman hears “okay, so what is the price of tomatoes?” and the answer remains a sad one.

One more detail I love. The article says that to really feel it, we would probably need growth close to double digits. Close to double digits! We would need an economic miracle, and not the kind that ends with a church collection.

Now, to be fair, the numbers are real. Growth is not fake. Stability has improved in places, and some things are slowly moving. I am not here to tell you the data is lying. I am saying that GDP is a very polite number. It tells you how big the cake is, but never who got the slice.