Atedo Peterside, a Nigerian entrepreneur and investment banker, has criticized the Federal Government for failing to improve living conditions for citizens as a result of its failure to do so.
The economist claimed that the government should concentrate on policies that boost investor confidence and boost public trust in the economy in an interview with Politics Today on Channels Television.
“The government is supposed to be doing a number of things to improve investor interest in the economy. He remarked, “You have to make sure investors have confidence.”
He expressed concern that a small elite is increasingly benefiting from Nigeria’s economic system.
“This economy only works for a select few people, as I’m seeing it more and more.” He claimed that if we don’t pay attention, GDP will increase, but income distribution will worsen, with the very wealthy becoming richer and the poor becoming poorer.
The founder of the ANAP Foundation warned that many Nigerians are living in poverty every day because their purchasing power and disposable incomes are declining.
When millions of people remain impoverished, according to Peterside, it was insufficient to increase GDP.
“All of this was done to improve the livelihoods of 220 million Nigerians.” When the very wealthy become wealthy and the poor become poorer, he claimed, it won’t suffice to increase GDP.
He refuted claims that government spending is to blame for inflation, noting that both state and local governments have received more money but are not making the best use of it.
“Your spending money doesn’t cause inflation,” you say. When printing money without having any resources, inflation occurs.
“State governments have more money,” he says. LGAs are wealthier. The money is being taken over by the elites, though not to improve lives. Around 400 people travel with the president and burn fuel on them each time they travel, he lamented.
The investment banker claimed that the government had abandoned the Oronsaye Report, which recommended streamlined operations and lessening waste.
He recalled that there was discussion about implementing the Oronsaye report and reducing waste in 2012 when we discussed removing the fuel subsidy. The government appears and dissipates in this instance. They then lavishly spend the money.
He urged leaders to channel money into productive sectors and eliminate unnecessary spending.
The benefits only increase if waste is eliminated, money is used wisely, and infrastructure is improved, Peterside said.
NBS Report and GDP
Nigeria’s Gross Domestic Product (GDP) increased by 4.23% year over year in the second quarter of 2025, according to the National Bureau of Statistics (NBS).
This was a decrease from the 3.4% that was recorded in the same quarter of 2024, which was fueled by gains in the oil and industry.
Agriculture increased by 2.8%, while the industrial sector increased by 7.45%. During the same time, the services industry increased by 3.9%.
The oil industry increased by 20.4% as a result of increased crude production, which averages at 1.68 million barrels per day.
Despite this, Peterside argued that the citizens’ stated improvements have not been attained due to the growth.
Nigeria’s headline inflation rate decreased to 18.02% in September 2025 from 20.12% in August, according to a related report from the NBS.
Following the reforms and increased agricultural supply, it was the sixth consecutive month in decline.
