According to Bismarck Rewane, the chief executive officer and managing director of Financial Derivatives Company Limited, Ghana has surpassed Nigeria to become the wealthier nation; however, in the past, the situation was reversed.
Rewane divided Nigeria’s economic performance into the good, poor, and ugly categories based on his available metrics during his economic scorecard and presentations on Channels Television on Wednesday, the first anniversary of Tinubu’s term in office.
According to Rewane, Nigeria’s economy has dropped from being the 32nd to the 42nd largest in the world.
In his words, “In the past, we were always richer than Ghana, now we are here. External reserves and GDP figures speak for themselves.”
“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.
“The economic weakness in Nigeria is partly structural and mostly exogenous. Exogenous means from outside, while structural means fundamental.
He further explained, ” The structural challenges include rent-seeking, market structure issues, energy crunch (4,000 MW), regulatory bottlenecks, declining labour productivity, and demographic pressures including urbanization.
Nigeria Might Lose $18 Million In GDP Per Month – Rewane
“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,” he added.
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