Former Vice President Yemi Osinbajo has urged African leaders to move beyond celebrating Gross Domestic Product (GDP) growth that fails to improve citizens’ welfare.
Speaking at the Ford Foundation’s 65th anniversary event in Abuja, Osinbajo said that despite recording some of the world’s fastest economic growth rates, many African countries still struggle with poverty, poor healthcare, unemployment, and weak education systems.
Drawing from his years in government, Osinbajo said the gap between macroeconomic statistics and the realities faced by ordinary people remains one of the continent’s biggest challenges. “Africa may be the fastest-growing region in GDP terms, but it still has the lowest quality of life. Growth figures do not necessarily mean jobs, better healthcare, or decent living conditions,” he said.
He described how, during his tenure as Nigeria’s vice president and head of the economic team between 2016 and 2019, he noticed widespread public frustration with official claims of growth. “When people hear that the economy has grown, they ask, ‘Where is the growth? I can’t pay my child’s school fees.’ That disconnect shows that only large corporations understand what the numbers mean,” he said.
Osinbajo argued that genuine development must be built on social justice—ensuring equal access to opportunity, protection, and resources. He urged policymakers to shift from trickle-down economics to inclusive, bottom-up investment that prioritises rural communities, youth, women, and informal workers.
Citing examples from Bangladesh’s education reforms, Rwanda’s gender inclusion policies, and Lagos State’s judicial overhaul in 1999, he said inclusive reforms can drive national productivity and integrity.
He also warned that corruption remains one of the worst forms of injustice, depriving citizens of public services and stunting economic progress.
Minister of Budget and National Planning, Senator Abubakar Bagudu, praised the Ford Foundation for decades of support in promoting equitable development.
Ford Foundation’s Regional Director for West Africa, Dr ChiChi Aniagolu, noted that the organisation began operations in Lagos in 1960 and has since supported education, women’s empowerment, human rights, and environmental justice across West Africa.
Senior Vice President Martín Abregu added that the foundation’s global mission now centres on advancing social justice and reducing inequality worldwide.
