Nigeria No Longer Among Top 32 Economies, Ghana Surpasses – Rewane

Nigeria No Longer Among Top 32 Economies, Ghana Surpasses – Rewane

Bismarck Rewane, Managing Director and Chief Executive Officer of Financial Derivatives Company Limited, has announced that Ghana’s economy has surpassed Nigeria’s in wealth. Rewane revealed that Nigeria has dropped from being the 32nd largest economy globally to the 42nd………CONTINUE READING

The financial analyst shared this information during his economic scorecard presentation on Channels Television.

Reflecting on the first anniversary of President Bola Tinubu’s administration, Rewane also highlighted Nigeria’s decline in Africa, moving from the top position to fourth in terms of wealth management and accumulation.

Rewane explained, “In the past, we were always richer than Ghana. Now, the situation has changed. External reserves and GDP figures clearly illustrate this shift.”

He categorized Nigeria’s economic performance into three sections: the good, the bad, and the ugly, based on various metrics.

Despite the tough economic metrics and rankings, Rewane expressed optimism about potential improvements in Nigeria’s economy.

“Our ranking among African countries has declined. Last year, our GDP growth was 2.98 percent compared to South Africa’s 1.93 percent, Kenya’s 4 percent, and Ghana’s 3.8 percent. Our inflation rate was 33 percent, whereas it was 5 percent in South Africa and Kenya, and 25 percent in Ghana.

“Our GDP per capita stands at $1,111, compared to $6,700 in South Africa, $2,000 in Kenya, and $2,200 in Ghana. External reserves as a percentage of GDP paint a challenging picture,” Rewane detailed.

Rewane also addressed the cost of living crisis in Nigeria and the contentious minimum wage negotiations. “The mismanagement of reforms is impacting output. Nigeria requires new borrowing to refinance existing obligations. Policy changes, institutional reforms, and new borrowings are expected to spur positive and accelerated growth from 2025 to 2026,” he added.

In March this year, Rewane was appointed to President Bola Tinubu’s Economic Management Team Emergency Taskforce (EET), tasked with formulating and implementing an emergency economic plan

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Source: Bushradiogist