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Nigeria’s economy is growing faster than it has since the second quarter of 2021. But beyond the headline growth rate, Nigeria’s economy is not growing evenly.
A growing share of economic expansion is coming from telecommunications and the service sector, while some of the sectors that employ the most Nigerians are growing much more slowly.
This helps explain why stronger gross domestic product (GDP) growth has not necessarily translated into better living standards for many Nigerians. An economy can produce more without creating enough employment to materially improve living standards. About 139 million Nigerians still live below the national poverty line, the World Bank said in July.
Originally published by TechCabal.