NewStats: 3,259,568 , 8,170,529 topics. Date: Sunday, 25 May 2025 at 03:40 PM 6tl61

The Managing Director/Chief Executive Officer of Financial Derivatives Company Limited, Bismarck Rewane, has disclosed that Nigeria has fallen from the 32nd largest economy in the world to 42nd.

He added that in Africa, the nation has also descended from its 1st ranking to 4th in of wealth management and accumulation.

The renowned economist further explained that Ghana has also overtaken Nigeria, saying, “In the past, we were always richer than Ghana, now we are here. External reserves and GDP figures speak for themselves.”

In March this year, Rewane, the CEO of FDC, was among the appointed of President Bola Tinubu’s Economic Management Team Emergency Taskforce (EET) with a mandate to formulate and implement a consolidated emergency economic plan.

Speaking on the first anniversary of Tinubu’s term in office on Wednesday, Rewane, during his economic scorecard and presentations on Channels Television, categorized Nigeria’s economic performance into the good, bad, and ugly based on his available metrics.

He added that the economic metrics and rankings look tough but there is room for improvement in the Nigerian economy.

He said, “Our ranking among African countries has declined. Last year, our GDP growth was 2.98 per cent; South Africa was 1.93 per cent, Kenya four per cent, and Ghana 3.8 per cent. Inflation was 33 per cent for us, five per cent for South Africa, five per cent for Kenya, and 25 per cent for Ghana.

“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.

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

He added that major policy changes were announced in 2023, including the $1 trillion GDP goal, that the time lag between policy announcements and their effects was a drag on outcomes, and unintended consequences led to social unrest.

“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.

“The economic weakness is partly structural and mostly exogenous. Exogenous means from outside, while structural means fundamental. The structural challenges include rent-seeking, market structure issues, energy crunch (4,000 MW), regulatory bottlenecks, declining labour productivity, and demographic pressures including urbanization.

“Exogenous shocks include COVID-19 disruptions, post-COVID global supply chain disruptions, political tensions, high global interest rates, transit developments, the cost of living crisis, wage agitation, and social unrest,” Rewane said.

The economist also reviewed President Bola Tinubu’s promises, policies, and announcements a year after his assumption in office.

“The first promise President Tinubu made was to increase GDP to $1 trillion in eight years. Before then, our GDP was almost $400 billion, so he aimed to double it in eight years.

“He removed petroleum subsidies, unified exchange rates, promised to overhaul the security infrastructure, and also promised to double power generation from 5,000 MW to 10,000 MW in 5 years, which means an increase of 1,250 MW every year.

“Additionally, he promised to bring inflation under control. These were the promises, policies, and announcements.”

The Presidential Economic Coordination Council (PECC) comprises distinguished leaders and key government officials, with President Tinubu serving as Chairman of the PECC.

https://punchng.com/first-anniversary-ghana-is-now-richer-than-nigeria-says-bismark-rewane/?amp

If you see our per capita GDP someone shared here this morning you will know that things have gone out of hand.

I think Obi and the other opposition should form a group and go and beg asiwaju to step aside just like sonekan did. They should beg him because he won't leave like that.. including Abdusalami should follow them.

If Tinubu is left to continue another one year people might start eating their children out of hunger in Nigeria!

I Love Bola Ahmed Tinubu

The renowned economist further explained that Ghana has also overtaken Nigeria, saying, in the past, we were always richer than Ghana, now we are here. Nigeria has fallen from the 32nd largest economy in the world to 42nd.

The same Ghana of the infamous mass "Ghana-Must-Go" Exodus of the 1984-85 era now openly brags about the giant of Africa because of two disaster that are rotating Nigeria like a musical chair among themselves. Meanwhile, the same Buhari of that time still handed over to another disaster

Under this calamitous Tinubu regime, Nigeria will continue to record new low

A young Hausa boy from Niger Republic was lamenting in my hood recently that he wouldn't have come to hustle in Nigeria if he knew things have become worse like this. I met him around my farm scavenging for scrap metals and plastic bottles. I wanted to engage him as a labourer in my farm but the boy rejected the offer saying he will soon head back for Niger Republic because he was making a better living over there than here. I was surprised to hear this because Nigeria in the pasts used to be like a small London to those abokis from Niger.

Islie:




https://punchng.com/first-anniversary-ghana-is-now-richer-than-nigeria-says-bismark-rewane/?amp

Nlfpmod

Ghana is not even in the first 10 nations according to IMF.

https://www.google.com/amp/s/businessday.ng/news/article/africas-gdp-giants-top-10-largest-economies-of-2024-imf/%3famp

It is due to the devaluation of the naira.

Before the end of this 2024,Nigeria will retake its first position as the richest economy in Africa.
Bookmark this.

The imbeciles are recanting

Peter Obi becoming PRESIDENT will be hard




IPOB are terrorist group



TIME will tell.

Master strategist moves.

I blame those praying for the country. They are not praying well enough. How can they pray yet nothing is happening? They should pray more since it’s prayer that others are using to build their country.

All thanks to Gbola Tinubu

Nigeria my country

Lies

They will soon use propaganda to cover it up.

TINUBU IS A COMPLETE DISGRACE.


HIS ERS ARE COMPOUND FOOLS.

na Yoruba people chase Ghanaians away with GHANA MUST GO Propaganda,

history is deep....

Opinion news

This is the reality. Facts cannot be wished away.

Chai!
What Tinubulations.
May Nigeria rise again.

Islie:


https://punchng.com/first-anniversary-ghana-is-now-richer-than-nigeria-says-bismark-rewane/?amp

Pls tell that to Tinubu the Tax collector after 2 years in office, I think all Nigerians living should be given a certificate for survival, because Tinubu is a disaster. Even his Gullible followers standing on his mandate has been told to "shut up" by Tinubu himself because he knows they are foollssss and brainwashed

WHAT APC CANNOT DESTROY, DOES NOT EXIST!

THEY CAME TO SKD: STEAL, KILL & DESTROY!

Return the stolen mandate before divine interventions begin to ...

God punish all muslim terrorists

Tinubu ers will soon call Rewane an "Omo Ale"

APC Mumu ers will still Attack him or his message.

Okoroawusa:
I Love Bola Ahmed Tinubu

This one na Robot. Same thing he said during Buharis 8 wasted years.

This one pain o

Shameless big for nothing country filled with morons who can sacrifice the future of their unborn generation just for plates of amala.

Nigeria is painful ..that tinubu is increased to bring us back to colonial masters Britain in the midst of economic crisis is a testament that tinubu and APC are terrible istrative organ of government but our NASS is the worst in the world

Nigeria is painful to behold