Economists have rejected the National Bureau of Statistics’ latest Gross Domestic Product report for the first quarter of 2026 as the cost of living in Nigeria worsens.

Recall that the NBS report released on Monday showed that the Nigerian economy grew by 3.89 percent in Q1 2026 compared to 3.13 percent recorded in Q1 last year.

The report showed that the service sector contributed more to aggregate GDP at 57.73 percent, followed by agriculture at 23.16 percent and industries at 19.11 percent.

The NBS report further showed that nominal GDP stood at N110.79 trillion while real GDP was 51.36 trillion, with the non-oil sector’s contribution accounting for 96.08 percent against 3.92 percent for the oil sector.

The reports, like other GDP data by NBS, had stirred reactions from Nigerians and stakeholders amid the rising cost of living in the country.

DAILY POST reported about the surging energy costs with cooking gas at above N1,500 per kilogram, fuel at around N1,400 per liter, and diesel at N2,000 per liter against the backdrop of a nearly three-month-old Middle East crisis.

Speaking to DAILY POST exclusively, the former president and chairman of the Council of the Chartered Institute of Bankers (CIBN) Mazi Okechukwu Unegbu and the president of the Bank Customers’ Association of Nigeria, Dr. Uju Ogunbunka, said the country’s GDP has not reflected on the lives of ordinary people battling with the high cost of living.

GDP Growth Yet to Improve Nigerians’ Lives — Unegbu

On his part, Unegbu said despite successive improvement in the country’s GDP figure, the life of an ordinary Nigerian has not improved.

Unegbu said the reported economic growth has failed to translate into better living conditions for ordinary Nigerians, stressing that the rising cost of living has continued to worsen despite improvements in GDP figures.

According to him, economists are now considering ways to recalibrate the GDP measurement to better reflect the realities faced by citizens on the streets.

Unegbu noted that prices of essential goods and services have continued to rise under the current administration, making life increasingly difficult for average Nigerians.

The economist argued that GDP figures during periods of economic hardship should not be used as the sole indicator of citizens’ well-being, insisting that economic growth must be measured against market realities and the purchasing power of the people.

He cited the rising prices of cooking gas, fuel, and diesel as evidence that Nigerians are worse off despite the reported economic growth.

He further suggested that GDP calculations should be structured in a way that captures the experiences of everyday Nigerians, including traders, artisans, and students.

“Economists are now trying to recalibrate the GDP to link it to the life of the ordinary person on the street. Despite improvement in Nigeria’s GDP, the life of the ordinary person is not improving.

“The GDP has no meaning; that is why the economy wants to recalibrate it and link it to the life of the ordinary person in this space.

“Right now, the price of everything has increased since this administration. The cost of living has been going up. Nothing has come down.

“The NBS GDP report showed that the economy is growing, but in actual fact, if you go to the market, instead of prices of things changing, things are going up.

“So, we are now worse off than before despite the improvement in GDP. The GDP during the crisis should not be used to compare the life of the ordinary person, and that’s why we are thinking.

“The best thing would be to compare the GDP or calculate the GDP based on the life of market forces. For instance, cooking gas is now over N1500 per kilogram.

“Fuel and diesel are as high as N1400 and N2000 per liter. The GDP improvement has not impacted positively on the life of the common man.

“My own suggestion is that when the GDP is published, it should not be used to measure what the common man is doing.

“To me, the GDP should reflect the common man. GDP should reflect people whose lives are affected: the life of the schoolboy, the life of the market woman/man, the life of traders, mechanics, and hairdressers,” he told DAILY POST.

Beautiful statistics don’t reflect Nigerians’ reality — Ogunbunka

Also speaking, Ogunbunka said the latest NBS GDP report does not reflect the realities faced by ordinary Nigerians.

He said that despite the reported economic growth, millions of Nigerians are still battling rising living costs, inflation, and worsening economic hardship.

“Unfortunately, beautiful statistics do not match reality. The NBS report on GDP growth to 3.89 percent leaves more than expected as many battle with the rising cost of living,” he stated.