•Governor Seyi Makinde of Oyo State
Oyo State governor, Seyi Makinde has stressed that the country’s Gross domestic product (GDP) is growing but he is curious to know if Nigerians can feel the growth.
Governor Makinde asked this critical question in “The Business of Governance”, his newsletter for August 2026.
“I thought it would be good to talk about numbers. Just recently, Oyo State released its mid-term numbers. The National Bureau of Statistics has also released numbers. These numbers tell us how the Nigerian economy is performing,” he wrote.
“GDP is growing. Revenues are rising. Budgets are being implemented. These numbers matter. But there is a more important question: are the national numbers translating into better outcomes for Nigerians?
“And perhaps a second question: what can we learn from places where measurable progress is being made?”
Makinde said he has always believed that economic growth is not an end in itself, explaining that growth must manifest in people’s lives.
“That is why one of our mantras in Oyo State is from poverty to prosperity. Growth should mean more opportunities for individuals to earn a decent living and for businesses to expand and employ more people,” the governor said.
“It should mean better infrastructure and public services. Ultimately, it should mean that families feel more secure about their future.”
He pointed out that Nigeria’s economy is growing, with the latest National Bureau of Statistics (NBS) figures showing that real GDP grew in the first quarter of 2026, with much of that growth coming from the non-oil economy.
According to Governor Makinde, that is positive, but he lamented that Nigerians do not experience GDP percentages.
Rather, he stressed that the citizens experience the economy through the cost of food, transportation, electricity and housing.
“They experience it through whether their businesses are growing and whether their children can find decent jobs,” Makinde said.
He stated that while we should welcome positive national indicators, our real measure of progress must be what those numbers are producing.
Makinde said this is something his administration has tried to keep at the centre of its approach in Oyo State.
“When our Secretary to the State Government, Professor Musibau Babatunde, presented our half-year budget performance, he reported that Oyo State recorded ₦406.9 billion in total revenue during the first six months of 2026, representing 91.2% of our target for the period. We also recorded expenditure of ₦345.7 billion, representing 77.5% of our half-year expenditure target,” he disclosed.
“Those figures are important to us, but they are not the achievement. The important question is what we are able to do with the resources available to us.
“Can we build the infrastructure that allows businesses to grow? Can we invest more in education and healthcare? Can we make it easier for farmers to move their produce? Can we reduce some of the costs that ordinary people face?
“For example, we will soon take delivery of 50 electric buses which will operate across local governments and on intra-city and inter-city routes. The purpose is not simply to add buses to a government fleet. It is to reduce transportation costs for our people. That distinction matters.”
Makinde explained that good economic numbers should give governments greater capacity to improve people’s lives.
So, as everyone looks at Nigeria’s economic indicators, he advised that everyone should certainly ask whether the economy is growing.
“But we should ask one more question. Can Nigerians feel the growth? For me, that remains the more important measure of economic progress,” the Oyo State governor said.
