Former Vice President Yemi Osinbajo has urged African governments to stop celebrating economic growth figures that fail to improve the lives of ordinary people.
Speaking at the Ford Foundation’s 65th anniversary in West Africa, held in Abuja, Osinbajo said Africa has recorded some of the fastest GDP growth rates globally in recent years, yet still struggles with poverty, unemployment, weak healthcare, and poor education outcomes.
He lamented that during his time as Nigeria’s vice president and chair of the economic team between 2016 and 2019, he saw how disconnected macroeconomic figures were from citizens’ lived realities.
“Africa is the fastest-growing continent in GDP terms, yet it remains the continent with the lowest quality of life,” Osinbajo said. “GDP growth does not necessarily translate to jobs or a decent life. When we as governments talk about growth, citizens wonder what we’re talking about. Only big businesses understand those figures.”
Osinbajo called for a reorientation of policy away from “trickle-down” economics towards “bottom-up” strategies that empower rural communities, women, youth, and informal workers. He argued that social justice — ensuring fair access to opportunities and resources — must underpin economic planning.
Citing examples from Bangladesh, Rwanda, and Lagos State’s 1999 judicial reforms, he said inclusive governance models had proven to strengthen national productivity and accountability. Osinbajo also warned that corruption remains a major barrier to equitable development, describing it as “one of the most severe forms of social injustice.”
Minister of Budget and National Planning, Senator Abubakar Bagudu, lauded the Ford Foundation’s contributions to inclusive development, while Regional Director Dr ChiChi Aniagolu reaffirmed the Foundation’s 65-year commitment to empowering local communities 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.
