Beyond the numbers: Nigerians want an economy they can feel

The Nigerian economy appears to be sending encouraging signals, at least on paper. Gross domestic product is growing, inflation is significantly lower than its 2024 peak, external reserves have strengthened, the naira has become relatively more stable, and international financial institutions are cautiously optimistic about the nation’s prospects.

Meanwhile, outside official reports and economic forecasts, many Nigerians ask a simple question: Where are the benefits?

For millions of households, life has not become easier. Food prices remain painfully high, electricity is unreliable, transport fares continue to rise, rents have become unaffordable, businesses are closing under the weight of operating costs, and unemployment remains widespread. And the disconnect between macroeconomic indicators and the daily reality of citizens is becoming increasingly difficult to ignore.

Economic statistics are important because they help policymakers measure progress. But statistics alone do not feed families, create jobs or restore purchasing power. The true measure of economic success is whether ordinary citizens can live with dignity, afford basic necessities and have confidence that tomorrow will be better.

This is where the government must now shift its focus. The painful reforms introduced over the past two years, including the removal of the fuel subsidy and the liberalisation of the foreign exchange market, were presented as necessary sacrifices that would eventually produce a stronger economy. Nigerians accepted these explanations with the expectation that the hardship would be temporary.

What they now seek is evidence that those sacrifices are beginning to translate into improved living conditions.

Growth of around 4 percent means little to a trader whose daily sales have fallen because customers can no longer afford basic goods. Lower inflation is cold comfort to workers whose salaries have remained unchanged while the prices of food, transportation and housing remain far above what they were before the reforms.

Indeed, inflation may be slowing statistically, but prices are not returning to previous levels. A bag of rice that doubled in price does not become affordable simply because the rate of increase has slowed. What matters to consumers is affordability, not merely the pace at which prices are rising.

The same applies to exchange-rate stability. A relatively stable naira is welcome, but it will have limited meaning if manufacturers still battle high energy costs, importers struggle with expensive financing, and consumers cannot afford locally produced goods.

The government must therefore move beyond celebrating macroeconomic stability and concentrate on microeconomic recovery.

The first priority should be lowering the cost of living, which requires addressing the structural drivers of inflation, especially electricity shortages, poor transportation infrastructure, insecurity and food supply disruptions. These are the factors keeping production costs high and pushing prices beyond the reach of ordinary Nigerians.

Also, job creation must become the centrepiece of economic policy. Growth that benefits only financial markets or a few sectors cannot sustain public confidence. Agriculture, manufacturing, construction and small businesses should receive stronger support because they employ the largest number of Nigerians.

Likewise, security remains an economic issue. Farmers cannot cultivate their land in fear, transporters cannot move goods safely, and investors cannot commit long-term capital where insecurity persists.

There is also growing concern over increased government spending ahead of the 2027 elections. While election-related expenditure may stimulate short-term economic activity, history shows that excessive political spending often fuels inflation, increases public borrowing and diverts attention from long-term development priorities.

The government must resist the temptation to sacrifice economic discipline for political advantage. Nigerians would rather see more investment in power, roads, healthcare, education and food production than another cycle of politically motivated spending.

Perhaps most importantly, government communication must become more people-centred. Citizens are not inspired by rankings that restore Nigeria as Africa’s fourth-largest economy if their own household finances continue to deteriorate. They judge economic performance by what they experience every day (availability of electricity, affordable food, whether businesses are growing and meaningful employment).

The administration deserves recognition for pursuing difficult reforms that previous governments repeatedly postponed. Nevertheless, reforms cannot be considered successful until their benefits are widely shared.

Nigerians are not asking for miracles but for an economy that works. They want stable electricity that reduces business costs. They want secure farms that lower food prices. They want decent jobs that restore purchasing power. They want roads that facilitate commerce, hospitals that provide quality care and schools that prepare their children for the future.

In the end, the most important economic index is not GDP growth, inflation or external reserves. It is the well-being of the average Nigerian. When citizens begin to feel genuine relief in their pockets, businesses and homes, then the numbers will finally tell a story everyone can believe.