Bismarck Rewane, a prominent economist and the Chief Executive Officer of Financial Derivatives, has stated that Nigeria’s target of achieving a $1 trillion economy under Chief Bola Ahmed Tinubu is impossible in the next four to five years.
Rewane made this assertion during a recent interview on Arise Television, where he analyzed the country’s economic trajectory.
He noted that while Nigeria’s Gross Domestic Product (GDP) grew by 3.19 percent in the second quarter of 2024, the growth rate is insufficient to reach the ambitious $1 trillion economy target within the proposed timeframe.
He further highlighted that Nigeria’s tax-to-GDP ratio had increased from approximately 4 percent to 9 percent, yet this has not translated into noticeable improvements in the well-being of Nigerians.
Rewane also pointed out that global economic shocks continue to have a negative impact on Nigeria’s economy.
Rewane remarked, “What are the broadmark economic goals of this economy? We wanted to be among the top 20 economies in the world, and then we were 26. Today, we are 32 so we have worked our way down the ladder of success.
“Secondly, we now said that we want the economy to be a $1 trillion economy but now we are $384 billion which means we have to have like 200% growth in the next 4 to 5 years, that is not going to happen,” he added.
Recall in 2023, Tinubu had announced at the Nigerian Economic Summit that the $1 trillion economy target was achievable within three years.
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