July 27, 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.

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

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