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Nigeria’s average GDP growth rate remained negative since 2014 – Okonjo-Iweala

The Director General of the World Trade Organization (WTO), Ngozi Okonjo-Iweala, has said that Nigeria’s Gross Domestic Product (GDP) growth rate on average has been steadily declining since 2014, signalling a downturn in the economic well-being of the average Nigerian.
Okonjo-Iweala, speaking at the annual General Conference of the Nigerian Bar Association (NBA) on Sunday, noted that the country’s economic fortunes experienced a reversal following the decade between 2000 and 2014, during which the average GDP growth rate was approximately 3.8%.
According to her, this steadily GDP growth outpaced the nation’s population growth, which was only around 2.6% annually.
However, the WTO Boss noted that since 2014, the situation has reversed, with GDP showing a negative growth rate of 0.9%, as the government has been unable to sustain the positive growth achieved by previous administrations.
“Many of the big problems the NBA is grappling with today has its root in Nigeria’s failure to sustain rate of economic growth and development that consistently outpaced the growth of our population.
“We have had episodes of reforms and faster economic growth that was not merely a function of the price of oil. But we have been unable to consolidate and build on them and millions of our compatriots have paid the price in terms of diminished job prospects and human well-being.
“For example, in the decade between 2000 and 2014, we had an average GDP growth rate of 3.8% well above our population growth rate of 2.6% per annum, meaning that people were on average truly improving their standard of living.
“During the following decade, average annual GDP per capita has been negative around minus 0.9% meaning people were worse off because we were not able to sustain prior positive growth momentum,” Okonjo-Iweala added.
Nigeria must sustain good economic policies
Speaking further, Okonjo-Iweala said the country needs to sustain good economic policies irrespective of the administration or political party in power in order to foster development in the country.
The former Finance Minister said policy inconsistencies have accounted for the reversal in the fortune of the nation’s economic development.
Furthermore, she advocated for a social contract between the government and the people which will go beyond the political party in power.
According to her, this social contract must be generally accepted on what economic policies should be followed regardless of who is in power.
“Maintaining good economic and social policies; maintaining policy consistency and adding more reforms on top of that will lead us along the path of good progress that we all desire,” she added.
What you should know
Nigeria’s Gross Domestic Product (GDP) growth declined to 2.98%, lower than the rate recorded in the fourth quarter of 2023 which was 3.46%, according to a report from the National Bureau of Statistics (NBS).
However, the GDP growth rate in the quarter is higher than the figure recorded in the corresponding quarter of 2023 which was 2.31%.
GDP measures the economic activities of a country.
In the past decades, Nigeria’s economic growth has been moderate as a result of low exports, a reduction in the sales of oil which accounts for about 90% of our revenue as well as other economic challenges in the country.
Meanwhile, President Bola Tinubu has continuously said he would increase Nigeria’s GDP to a $1 trillion economy, but many analysts believe such a goal may not the feasible amid growing concerns of high inflation, low employment rate as well and rising national debt.
News
2025 UTME Crisis: Lawmakers from South East Call for Leadership Overhaul at JAMB

…call for suspension of digital unit, cancellation of exams over widespread disruptions
By Gloria Ikibah
Lawmakers representing the South East in the House of Representatives have called for the immediate step-down of the Registrar of Joint Admissions and Matriculation Board’s (JAMB), Prof. Ishaq Oloyede, citing severe lapses in the recent administration of the 2025 Unified Tertiary Matriculation Examination (UTME).
The caucus, under the leadership of Rep. Igariwey Enwo, in a statement issued on Monday in Abuja, expressed outrage over what they termed a systemic breakdown that affected nearly 380,000 candidates, many of whom must now retake the test.
The lawmakers noted that the five South Eastern states were among the hardest hit.
The caucus further criticised the handling of the issue, pointing to inadequate public communication, exam rescheduling that clashed with WAEC timetables, and the short notice provided to affected students.
The lawmakersemphasised that the mishandling has placed avoidable stress on students and their families.
News
WHO chief urges nations to adopt pandemic agreement

By Francesca Hangeior
The head of the World Health Organization on Monday urged countries to adopt this week the Pandemic Agreement, aimed at preventing a repeat of the Covid-19 crisis.
WHO member states are holding their annual World Health Assembly, a gathering of the UN health agency’s decision-making body.
“At this assembly, member states will consider, and hopefully adopt, the WHO Pandemic Agreement,” WHO chief Tedros Adhanom Ghebreyesus said in his opening address to the gathering in Geneva.
“This is truly a historic moment.”
After more than three years of negotiations, the text of the agreement was finalised by consensus last month.
The United States pulled out of the talks, following US President Donald Trump’s decision to trigger the country’s one-year withdrawal process to leave the WHO.
“Even in the middle of crisis, and in the face of significant opposition, you worked tirelessly, you never gave up, and you reached your goal,” said Tedros.
The hard-fought consensus spurred “joy, triumph, relief, exhaustion,” he said.
“I look forward to your adoption of the agreement.”
The agreement on pandemic prevention, preparedness and response is expected to be adopted by the assembly on Tuesday.
It aims to better detect and combat pandemics by focusing on greater international coordination and surveillance, and more equitable access to vaccines and treatments.
The negotiations grew tense amid disagreements between wealthy and developing countries, with the latter feeling cut off from access to vaccines during the Covid-19 pandemic.
The agreement faced opposition from those who thought it would encroach on state sovereignty.
Countries have until May 2026 to thrash out the details of the agreement’s Pathogen Access and Benefit-Sharing mechanism.
The PABS mechanism deals with sharing access to pathogens with pandemic potential, and the sharing of benefits derived from them: vaccines, tests and treatments.
Once the PABS system is finalised, the agreement can then be ratified. Sixty ratifications are required for the treaty to enter into force.
News
One dead, 61 rescued after migrant boat Boat capsises in English channel

By Francesca Hangeior
At least one person has died while 61 others were said to have been rescued after an overloaded migrant boat disintegrated in the English Channel during an attempted crossing overnight, according to French maritime authorities, Sky News reported on Monday.
The Maritime Prefect of the Channel and the North Sea confirmed the vessel had collapsed in the water, prompting a major rescue operation involving both French and British emergency services.
Among the rescued were a mother and her child, both suffering from hypothermia. They were airlifted to the hospital by helicopter. The rest of the survivors were transferred to the port of Boulogne-sur-Mer, south of Calais.
The French rescue tug Abeille Normandie launched three speedboats to retrieve 50 people from the water.
An additional 11 were rescued by British crews—two by the Royal National Lifeboat Institution and nine by the UK Border Force vessel Ranger. All were eventually brought aboard the French tug.
A French Navy helicopter later spotted an unconscious person in the sea. The individual was retrieved by the RNLI and taken to the Abeille Normandie, where they were declared dead by the medical team onboard.
The United Kingdom government confirmed the fatality and expressed condolences. “We can confirm there has been a tragic incident in the Channel involving a small boat in French waters, which has resulted in the loss of one life.
“This latest tragedy underlines the terrible dangers of small boat crossings, and we continue to do everything we can to prevent callous criminals exploiting vulnerable people. Our thoughts are with those affected,” a spokesperson said, adding that efforts to prevent human smuggling continue.
The incident occurred amid a surge in Channel crossings. Over 12,000 people have arrived in the UK by small boats this year, including more than 1,100 in the past week alone.
Labour leader Sir Keir Starmer recently vowed to dismantle smuggling networks, while Prime Minister Rishi Sunak warned of growing immigration pressures and pledged to reduce net migration by 2029.
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