By: Chioma Madonna Ndukwu
WTO Director-General Ngozi Okonjo-Iweala has expressed deep concerns over Nigeria’s economic decline, revealing that the country’s average GDP growth rate has been negative since 2014.
Speaking at the Nigerian Bar Association’s conference, she highlighted, “Since 2014, Nigeria’s average GDP growth rate has been negative, a stark contrast to the preceding decade where it averaged about 3.8%.” She warned that this downturn has severely impacted Nigerians’ standard of living.
Okonjo-Iweala stressed that “the inability to sustain consistent economic growth is one of the major challenges Nigeria faces today,” attributing this to policy inconsistencies. She advocated for “a social contract between the government and the people, anchored on consistent and effective economic policies,” to ensure sustained growth. Despite recent efforts, including President Tinubu’s $1 trillion economy goal, analysts remain skeptical due to ongoing economic challenges.
Source: Ejes Gist News
