Bismarck Rewane, chief executive officer of Financial Derivatives, says Ghana is doing better economically than Nigeria.
Rewane spoke on Wednesday on Channels TV while analysing President Bola Tinubu’s first year in office.
The economist said Nigeria has fallen from the 32nd largest economy in the world to the 42nd.
He added that the country has fallen from first to fourth place in terms of wealth management and accumulation in Africa.
Rewane said that Nigeria’s ranking among African countries has declined.
Rewane blamed the gloomy economic outlook on major policy changes introduced by the Tinubu-led administration in 2023.
The economist said the time lag between the announcements and their effects was a drag on outcomes, leading to social unrest.
He also said the wrong sequencing of reforms is taking its toll on the country’s output.
Rewane noted that Nigeria needs new borrowing to refinance existing obligations and policy changes to bring about positive and faster growth from 2025 to 2026.
The financial expert said while the situation is tough, it is not insurmountable.
In a related story, TimesNow.com.ng reported that Nigeria also fell off the list of richest African countries for the year 2024, according to research by Billionaire.africa.
The report, however, noted that Nigeria remains among major countries promoting regional trade in the continent.
Proofreading by James Ojo Adakole, journalist and copy editor at TimesNow.com.ng.
Source: TimesNow.com.ng
