When GDP Counts By Chiechefulam Ikebuiro

There has been so much talk recently
about the growth of Nigeria’s Gross
Domestic Product as well as economy
and I am wondering where the
evidence is. What does it matter if we
have the highest GDP in the world and
the evidence is not showing on the
ordinary Nigerian? Making an
illustration with cakes and all at her
presentation at the ministerial
platform the Finance Minister tried to
let us know the importance of the
GDP growth. That’s fine. Nobody is
saying the growth of the GDP is a bad
thing, but as she said at the
beginning of her GDP illustration..(“
Now, I want to spend one minute on
something very important, because
after we talk, people will say, “GDP
growth, what is GDP growth? It’s not
important; that’s not what we will
eat.” ) What else does she expect
Nigerians to ask? Are we really
expected to eat the “GDP growth’’?
The World Bank recently came out with
its verdict on Nigeria and the fact is
our country is poverty ridden even
with the claims of growth in GDP,
although the government tried to
counter this. It stated that the
number of Nigerians living below the
poverty line has grown measurably. On
unemployment it said “Job creation in
Nigeria has been inadequate to keep
pace with the expanding working age
population. The official unemployment
rate has steadily increased from 12%
of the working age population in 2006
to 24% in 2011. Preliminary
indications are that this upward trend
continued in 2012.” According to the
report even most of the employed are
under employed. So what’s the noise
about growth in GDP when we are
among the poorest nations even
though we do not have business being
one.
This is something we already knew,the
World Bank just put a stamp on it. The
reality is on ground and we all can see
how alarming the backwardness is. In
all these the question is if there is
growth in our GDP which means
growth in economy, why is there no
significant impact on the citizenry?
If the Nigerian economy is really
growing as they will want us to
believe, we expect that plenty
businesses spring up, thereby needing
labour which makes for increase in
employment. Are we seeing businesses
spring up? Why is there still so much
unemployment and under-
employment? The GDP of a state is
normally used to measure the
standard of living of a people, which
means if there is growth in the GDP,
there should be an improvement in
the standard of living of a people.
How is the standard of living in
Nigeria? Why should we have a growth
in GDP and the standard of living at
its lowest ebb? I guess this should be
left to economists to determine, but
for some of us, it just does not add
up.
Government should not expect us to
clap for it for telling us our GDP is
increasing, if is it really is. We need
more than just that. Tell the Nigerian
Graduates that are churned out
regularly on the streets, with no jobs
that the GDP is growing and see what
they do to you. Those that have been
out of school years back are not even
yet to get employment, not to talk of
the fresh graduates. The future gets
more bleak by the day. The
frustration is getting out of hand I
must say, and if nothing concrete is
done soon, there will be chaos! There
are even no benefits what so ever for
the unemployed. In other climes there
is unemployment benefit. I hate
repeating this but, of what use is the
growth in GDP if we do not have
regular power supply, good roads, up
to standard health facilities et al? Of
what importance is growth in GDP
when the ordinary man has no food on
his table, no house to live in, not to
talk of sending his wards to school?
Of what use is the growth in GDP if
corruption thrives like there is no
tomorrow? The government needs to
try to put some (if not all) of these
things in place then we can now know
what GDP is. It s not just enough to
entice us with plans. We want results
and soon too.
Corruption needs to be tackled to its
barest minimum or else we are doomed
even if our GDP rises to heaven.

Chiechefulam Ikebuiro
thalynxis@yahoo.ca