The Managing Director/Chief Executive Officer of Financial Derivatives Company Limited, Bismarck Rewane has stated that Ghana has overtaken Nigeria , coming out as the richer country adding that in the past it was the opposite.
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.
Rewane disclosed that Nigeria has fallen from the 32nd largest economy in the world to 42nd.
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.
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“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.
“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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