Following the first anniversary of Nigeria’s current administration led by President Bola Tinubu, some of the country’s successes and shortcomings were highlighted. Unfortunately, the shortcomings outweighed the progress as relayed via infographics presented by Bismarck Rewane the Managing Director/Chief Executive Officer of Financial Derivatives Company Limited. The general mood to mark the president’s first year in office seemed uninspired.
- Nigeria's first year under President Bola Tinubu marked by highlighted successes and shortcomings
- Nigeria's economy dropped from 32nd to 42nd largest globally with hyperinflation affecting consumer prices
- Ghana surpasses Nigeria in wealth management and accumulation, signaling a decline in Nigeria's ranking among African countries
As seen in the Nigerian newspaper, The Punch, Bismarck Rewane, revealed on a segment on the Nigerian news channel, Channels Television that Nigeria has gone from being the 32nd largest economy in the world to 42nd.
He did this during a presentation on the impact of the president’s tenure since assuming office. He showed how hyperinflation had affected consumer prices of some essential commodities in the past year, with some food items going up more than 200%.
Outside of essential goods, he also disclosed that Nigeria had declined from first to fourth place in terms of wealth management and accumulation in Africa.
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The economist then pointed out that Ghana has also surpassed Nigeria, stating, “In the past, we were always richer than Ghana, now we are here. External reserves and GDP figures speak for themselves.”
He however expressed optimism, noting that things may look bleak, but there may be some hope.
“Our ranking among African countries has declined. Last year, our GDP growth was 2.98 percent; South Africa was 1.93 percent, Kenya was 4 percent, and Ghana was 3.8 percent. Inflation was 33 percent for us, 5 percent for South Africa, 5 percent for Kenya, and 25 percent for Ghana,” he said.
“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,” the renowned economist added.
Given the fact that Ghana’s GDP per capita is almost double that of Nigeria’s, it's fair to say that the economist’s assessment could be considered accurate.
Additionally, with a GDP of $1,111, Nigeria is nowhere near the richest countries on the continent, according to Global Finance GDP-PPP per capital index, Nigeria is currently the 46th poorest country in the world.
