A CRITICAL APPRAISAL OF SOCIOECONOMIC DEPRIVATION IN NIGERIA FOLLOWING GDP REBASEMENT

This study assesses the implications of Nigeria’s rebased Gross Domestic Product (GDP) for poverty and inequality in the country, despite its status as the largest economy in Sub-Saharan Africa. While Nigeria’s GDP suggests significant economic size, the benefits have not translated into improved living standards for the majority of citizens. Using secondary data from textbooks, journals, newspapers, magazines, and online sources, the study employs statistical tools including pie charts, bar charts, regression analysis, trend analysis, and simple averages to evaluate the extent of poverty and financial exclusion. Findings reveal that wealth is concentrated in the hands of a few, creating stark economic disparities and contributing to socio-economic tensions. The study concludes that economic growth alone does not guarantee poverty alleviation unless inclusive policies are implemented. Recommendations focus on policy interventions aimed at reducing inequality, promoting financial inclusion, and ensuring that the benefits of economic growth reach the wider population in Nigeria