KPMG Nigeria CEO, Tola Adeyemi, has warned that the country’s current 3.87% economic growth rate is insufficient to achieve shared prosperity. Speaking at the 14th BusinessDay Annual CEO Forum in Lagos, Adeyemi noted that to significantly improve living standards, Nigeria’s GDP must grow at a rate substantially higher than its 2.09% annual population increase, ideally aiming for at least 4.2%.

According to KPMG’s latest scorecard, Nigeria continues to trail behind its peers in critical areas such as multidimensional poverty, education, electricity access, and financial inclusion. While acknowledging recent macroeconomic stabilization efforts, including the removal of fuel subsidies and monetary policy adjustments, Adeyemi emphasized that reforms must translate into tangible benefits for the general population to be sustainable. He urged the government to accelerate reforms in the power and trade sectors, improve inter-governmental coordination, and enhance transparency to ensure economic growth is inclusive.