Nigeria, Sept. 22 -- Statistics show that Nigeria's Gross Domestic Product (GDP) has recorded steady growth over the last five years, averaging about 2.4 per cent per annum, compared to roughly 2.0 per cent in the preceding five years. This performance is significant in relative terms, yet it has not translated into meaningful economic development, which remains characterised by rising poverty incidence and, in many respects, abstract. For instance, the World Bank estimates that over 40 per cent of Nigerians live below the poverty line, with about 13 million people falling into poverty between 2015 and 2023.

A closer look at the sectoral composition of GDP, in relation to the demography of the population and structural changes in the eco...