The Nigeria Employers’ Consultative Association (NECA) has hailed Nigeria’s 4.43 per cent Gross Domestic Product (GDP) growth, warning that recovery remains fragile.
The Director-General of NECA, Mr Adewale-Smatt Oyerinde, said this in a statement made available to newsmen on Tuesday in Abuja.
Oyerinde said the second quarter 2026 GDP report was encouraging but did not yet signify full economic recovery, describing the development as gradual.
“We note and commend the new Q2 2026 GDP report by the Federal Government and wish to state that while this is encouraging, it is not yet a sign of full recovery.
“The current growth figures rather point to a gradual recovery of the economy, which must be sustained through policies that support businesses and productive sectors,” he said.
Oyerinde said the positive economic direction had been strengthened by growth recorded for the second consecutive quarter, indicating that the economy was gradually gaining momentum.
He said the 4.43 per cent expansion was the strongest quarterly growth recorded since the third quarter of 2024, reflecting gradual recovery across key economic sectors.
“We especially note the gradual recovery of key economic sectors and hope that this recovery will not be eroded by regulatory challenges facing organised businesses,” he said.
According to him, a major concern remained the disconnect between GDP figures and the actual conditions faced by businesses across different sectors of the economy.
He said the key question was whether the recorded GDP growth was translating into improved business conditions, increased productivity and better living standards for Nigerian households.
“A 4.43 per cent expansion does not automatically mean that businesses are thriving or households are better off.
“The industrial slowdown points to continuing constraints around energy costs, infrastructure, access to affordable credit, purchasing power and overall production costs,” he said.
Oyerinde described the latest GDP report as a mixed bag of optimism for employers, saying the headline growth figure was welcome but required stronger productive-sector performance.
He said Nigeria needed a definitive shift from consumption and services-led expansion toward manufacturing, real investment, agro-processing and other productive enterprise-driven growth.
“The real test is whether the ongoing reforms will translate GDP growth into more decent jobs, higher productivity, improved productive capacity and stronger business competitiveness.
“It must also translate into improved household incomes and visible improvements in the living conditions of Nigerians,” Oyerinde said.
He said the second quarter GDP figure was a positive signal of a recovering economy, but the slowdown in industrial growth showed recovery remained fragile.
“The priority now should be to convert GDP growth into productive, visible and inclusive impact that strengthens businesses, creates decent jobs and improves household incomes,” he said. (NAN)
