Has Nigeria’s Economy Improved Since Fuel Subsidy Removal?

Nigeria’s GDP growth, rising data and voice usage, and the strong performance of the Nigerian Exchange are often cited as signs of economic improvement. Some consumption indicators, including demand for staple foods and palm oil, may also suggest that economic activity is expanding. My view is that these indicators challenge the claim that Nigerians are universally worse off than before. International institutions have also reported areas of macroeconomic progress, although many households still face high food prices, transport costs and pressure on real incomes. The key question is whether bringing back petrol subsidy would improve living standards or return Nigeria to a system that mainly benefited a few players. What data best reflects the everyday welfare of Nigerians: GDP growth, inflation, wages, food consumption or household purchasing power?

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