Osinbajo to African leaders: GDP growth doesn’t mean better living conditions for citizens

Osinbajo to African leaders: GDP growth doesn’t mean better living conditions for citizens

 Yemi Osinbajo, former vice-president of Nigeria, says
economic growth figures alone do not reflect real improvements in citizens’
lives. 

Speaking at the Ford Foundation 65th anniversary event in
Abuja on Wednesday, Osinbajo harped on the need to embed social justice in
economic planning to yield tangible national and state outcomes.

 

Gross Domestic Product (GDP) is the total monetary value of
all goods and services produced within a country during a period. It is the
most common measure of an economy’s size. It is often used to evaluate economic
performance and growth over time.

 

“Africa is currently the fastest growing continent in GDP
terms and has been so for a while, yet it remains the continent with the lowest
overall quality of life based on indices like measuring health, education,
infrastructure, economic stability,” Osinbajo said.

 

 

“In other words, GDP growth does not mean development for
the majority. It does not necessarily translate to jobs or a decent life for
citizens.”

 

Osinbajo noted that the contrast was one of his biggest
challenges in offices.

 

“One of my biggest frustrations as vice president and chair
of the economic team of our government, from 2016 to 2019 at the time, was how
people reacted when we talked about GDP growth figures.

 

 

“The vast majority simply would ask you, ‘Do these people
live in a different country? I can’t pay my children’s school fees or hospital
bills. Where is this growth?’

 

“It became clear to me that when we as governments talk
about growth, citizens wonder what we are talking about. Only big business,
banks, corporates, understand those things.

 

“For many, the promise of a better life that liberal
democracy offers is simply not there. So what is the problem, and how can it be
resolved?”

 

Osinbajo noted that true development can only be measured
when it is tied to the wellbeing and welfare of citizens, where every person
must have fair access to opportunities, protection of rights, and resources
that are necessary to live a dignified and productive life.

 

 

“That means measuring development by how many people
actually experience improvements in their lives, access to jobs, education,
proper access to healthcare and safety,” he said

 

“The more people who benefit, the greater national
productivity.”

 

The former vice-president urged leaders to make a decisive
shift from the trickle-down assumptions often made in budgeting to bottom-up
inclusive strategies.

 

He noted that a social justice framework insists that
budgets, investments, and reforms must be designed around the welfare of the
majority of citizens from the start, not as an afterthought.

 

 

In her remarks, ChiChi Aniagolu, Ford Foundation regional
director, said social justice is the foundation of thriving societies and
inclusive growth.

 

Aniagolu noted that while change takes time and courage,
progress is only shaped by citizens themselves through active participation in
electoral processes.

 

She noted that the foundation would continue to partner with
stakeholders to ensure justice is a lived reality in West Africa.

 

 

Source: Osinbajo to African leaders: GDP growth doesn’t mean better living conditions for citizens

 - NigerianEye
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