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Nigeria No Longer 32nd Largest Economy, Ghana Now Richer – Rewane

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The Managing Director/Chief Executive Officer of Financial Derivatives Company Limited, Bismarck Rewane has stated that Ghana is currently richer than Nigeria.

Rewane explained that Nigeria has descended from the 32nd largest economy in the world to 42nd.

The financial analyst made the disclosure during his economic scorecard and presentations on Channels Television.

Speaking on the first anniversary of President Bola Tinubu’s term in office on Wednesday, he also stated that in Africa, the nation has also descended from its 1st ranking to 4th in terms of wealth management and accumulation.

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The renowned economist further explained that Ghana has also overtaken Nigeria, saying, “In the past, we were always richer than Ghana, now we are here. External reserves and GDP figures speak for themselves.”

He categorized Nigeria’s economic performance into the good, bad, and ugly based on his available metrics.

He added that the economic metrics and rankings look tough but there is room for improvement in the Nigerian economy.

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According to him, “Our ranking among African countries has declined. Last year, our GDP growth was 2.98 per cent; South Africa was 1.93 per cent, Kenya four per cent, and Ghana 3.8 per cent. Inflation was 33 per cent for us, five per cent for South Africa, five per cent for Kenya, and 25 per cent for Ghana.

“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.”

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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. Nigerians and Nigeria need new borrowing to refinance existing obligations, and policy changes, institutional reforms, and new borrowings are expected to lead to positive and faster growth from 2025 to 2026,” he added.

In March this year, Rewane, the CEO of FDC, was among the appointed members of President Bola Tinubu’s Economic Management Team Emergency Taskforce (EET) with a mandate to formulate and implement a consolidated emergency economic plan.