June 25, 2024

Renowned economist and Managing Director/Chief Executive Officer of Financial Derivatives Company Limited, Dr. Bismarck Rewane, has revealed a significant decline in Nigeria’s economic standing. Speaking on the first anniversary of President Bola Tinubu’s administration, Rewane highlighted that Nigeria has fallen from the 32nd to the 42nd largest economy in the world.

Rewane’s economic review, presented during a segment on Channels Television, painted a stark picture of Nigeria’s current economic state. He noted that Nigeria has dropped from its position as the wealthiest nation in Africa to fourth place, behind South Africa, Kenya, and now Ghana.

“In the past, we were always richer than Ghana, now we are here. External reserves and GDP figures speak for themselves,” Rewane stated.

Rewane, who was appointed to President Tinubu’s Economic Management Team Emergency Taskforce (EET) in March, further broke down the metrics comparing Nigeria to other African nations. Last year, Nigeria’s GDP growth was 2.98 percent, lagging behind Kenya’s 4 percent and Ghana’s 3.8 percent. Inflation in Nigeria stood at a staggering 33 percent, compared to 25 percent in Ghana, and just 5 percent in both South Africa and Kenya.

“Our GDP per capita is $1,111, while South Africa’s is $6,700, Kenya’s is $2,000, and Ghana’s is $2,200. External reserves as a percentage of GDP illustrate a tough picture,” he added.

Rewane attributed Nigeria’s economic challenges to both structural issues and external shocks. Structural problems include rent-seeking behaviors, market structure inefficiencies, an energy crisis with only 4,000 MW of power, regulatory bottlenecks, declining labor productivity, and demographic pressures from urbanization. External shocks encompass COVID-19 disruptions, global supply chain issues, political tensions, high global interest rates, and social unrest driven by the cost of living crisis and wage disputes.

Reviewing President Tinubu’s promises and policies, Rewane noted several ambitious goals, including increasing Nigeria’s GDP to $1 trillion in eight years, removing petroleum subsidies, unifying exchange rates, overhauling security infrastructure, and doubling power generation from 5,000 MW to 10,000 MW in five years. Tinubu also pledged to control inflation.

Rewane pointed out that while significant policy changes were announced in 2023, the lag between these announcements and their effects has hindered economic outcomes. He emphasized the necessity for new borrowing to refinance existing obligations and predicted positive growth from 2025 to 2026 due to policy changes, institutional reforms, and new borrowings.

“There’s a cost of living crisis in Nigeria, and minimum wage negotiations are a source of widespread conflict. The wrong sequencing of reforms is taking its toll on output. Nigerians and Nigeria need new borrowing to refinance existing obligations, and policy changes, institutional reforms, and new borrowings are expected to lead to positive and faster growth from 2025 to 2026,” Rewane concluded.

The Presidential Economic Coordination Council (PECC), chaired by President Tinubu, continues to navigate these economic challenges, aiming to restore Nigeria’s economic standing both in Africa and globally.

60 thoughts on “First Anniversary: Ghana Surpasses Nigeria in Wealth, Says Bismarck Rewane

  1. Thank you for being such a source of inspiration, encouragement, and support for your readers, empowering us to embrace our potential and pursue our dreams.

  2. ดูหนังออนไลน์ HD พากย์ไทย เต็มเรื่อง มาสเตอร์ ดูหนังHD 2023 ดูหนังใหม่ หนัง ดูหนังฟรี ดูหนัง เว็บดูหนังออนไลน์ หนังมาใหม่ Master zoom หนังออนไลน์ ซูม ดูหนังฟรี พากย์ไทย นำมาให้ชมกันแบบฟรี ดูหนังออนไลน์ 2024ดูหนังสนุก ดูหนังฟรี ไม่มีสะดุด ไม่มีโฆษณากวนใจ ดูหนังออนไลน์ HD พากย์ไทย เต็มเรื่อง มาสเตอร์ ดูหนังHD 2023 ดูหนังใหม่ หนัง ดูหนังฟรี ดูหนัง เว็บดูหนังออนไลน์ หนังมาใหม่ Master zoom หนังออนไลน์ ซูม ดูหนังฟรี ดูหนังออนไลน์ HD พากย์ไทย เต็มเรื่อง มาสเตอร์ ดูหนังHD 2024

  3. As someone who’s passionate about , I appreciate the depth of research and analysis in this post. It’s refreshing to see such well-supported arguments. Great job!

  4. Thank you for sharing such an insightful and well-written article. I appreciate the thorough research and clear presentation of the topic. Your ability to break down complex concepts into easily understandable information is impressive and beneficial for readers. I look forward to reading more of your content and learning from your expertise. Keep up the great work!

  5. This is an excellent article! I appreciate the depth and clarity with which you addressed the topic. Your insights are valuable and provide a lot of useful information for readers. It’s clear that you have a strong understanding of the subject matter, and I look forward to reading more of your work. Thank you for sharing your knowledge and expertise.

  6. แนะนำ บริษัท รับทำเว็บไซต์ WordPress ในยุคดิจิทัล การมีเว็บไซต์เปรียบเสมือนหน้าร้านออนไลน์ที่ช่วยให้ธุรกิจของคุณเข้าถึงลูกค้าได้กว้างขึ้น WordPress เป็นแพลตฟอร์มสร้างเว็บไซต์ยอดนิยมที่ใช้งานง่าย เหมาะสำหรับทั้งมือใหม่และมืออาชีพ แต่การจะสร้างเว็บไซต์ WordPress ที่ดีนั้น จำเป็นต้องมีบริษัทมืออาชีพที่เข้าใจระบบ WordPress อย่างลึกซึ้ง

  7. This article demonstrates an impressive level of expertise. The depth and precision of your analysis are truly commendable, offering significant value to readers. Your ability to articulate complex concepts clearly showcases your strong grasp of the subject matter. I am eager to delve into more of your insightful content. Thank you for providing such a high-quality resource.

  8. This article is outstanding! I truly appreciate the comprehensive and clear manner in which you covered the topic. Your insights are incredibly valuable, offering a wealth of useful information for readers. It’s evident that you possess a deep understanding of the subject, and I am eager to read more of your work. Thank you for sharing your expertise and knowledge.

  9. certainly like your website but you need to take a look at the spelling on quite a few of your posts Many of them are rife with spelling problems and I find it very troublesome to inform the reality nevertheless I will definitely come back again

  10. obviously like your website but you need to test the spelling on quite a few of your posts Several of them are rife with spelling problems and I to find it very troublesome to inform the reality on the other hand Ill certainly come back again

  11. Usually I do not read article on blogs however I would like to say that this writeup very compelled me to take a look at and do so Your writing taste has been amazed me Thanks quite nice post

  12. Wow amazing blog layout How long have you been blogging for you made blogging look easy The overall look of your web site is magnificent as well as the content

Leave a Reply

Your email address will not be published. Required fields are marked *