The Nigeria Employers’ Consultative Association (NECA) has described Nigeria’s 4.43 per cent GDP growth in Q2 2026 as a mixed outlook for employers.
NECA Director-General, Mr Adewale-Smatt Oyerinde, said this in a statement on Tuesday in Lagos, reacting to the latest National Bureau of Statistics (NBS) report.
Oyerinde said the growth was encouraging, but cautioned that it did not represent a full economic recovery.
“It is, however, not a sign of full recovery but gradual recovery,” he said.
He said the economy’s direction remained positive, with growth strengthening for the second consecutive quarter and indicating renewed economic momentum.
The News Agency of Nigeria (NAN) reports that the 4.43 per cent expansion represented the strongest quarterly growth recorded since Q3 2024.
Oyerinde acknowledged the gradual recovery of key economic sectors but warned that regulatory challenges could undermine the gains achieved by organised businesses.
“A major concern remains the distortion between the GDP figures and the real conditions of businesses across sectors,” he said.
He questioned whether GDP growth was translating into improved business conditions and better living standards for Nigerians.
Oyerinde stressed that 4.43 per cent economic expansion did not automatically indicate that businesses were thriving or households were becoming better off.
He said the slowdown in industrial growth highlighted persistent constraints involving energy costs, infrastructure and access to affordable credit.
Other challenges, he said, included weak purchasing power and rising overall production costs, which continued to pressure businesses across sectors.
“For employers, the message is a mixed bag of optimism,” Oyerinde said.
He said the headline GDP figure was welcome but called for a decisive shift toward productive sectors of the economy.
“The nation needs a definitive shift from consumption and services-led expansion towards manufacturing, real investment, agro-processing and productive enterprise growth,” he said.
Oyerinde said the real test would be whether ongoing reforms translated GDP growth into decent jobs, higher productivity and improved productive capacity.
He also identified stronger business competitiveness and improved household incomes as crucial indicators for determining whether economic recovery was benefiting Nigerians.
Oyerinde said: “The Q2 2026 GDP figure is a positive signal of a recovering economy.
“However, the slowdown in industrial growth points to the fact that recovery is still fragile.”
He urged policymakers to prioritise measures capable of converting economic expansion into tangible benefits for businesses, workers and households.
“The priority should now be to convert GDP growth into productive, visible and inclusive impact,” Oyerinde said.
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