Renowned economist and CEO of Financial Derivatives Company, Bismark Rewane, has assessed Nigeria’s economic performance under President Bola Ahmed Tinubu’s first two years as "less than satisfactory" in practical terms, despite some positive indicators on paper.
Speaking in an interview on Channels Television, Rewane acknowledged that while Nigeria has made progress theoretically with policy announcements and macroeconomic figures showing improvement the real impact on ordinary Nigerians remains limited.
Key Points from Rewane’s Assessment:
Positive Developments:
- Nigeria achieved a 3.6% GDP growth rate over the past two years.
- Increased government revenue and improved crude oil production.
- Better balance of trade and stable external reserves at $38 billion.
- Inflation remains high, with the latest figure at 23.71% in April 2025.
- Government debt has soared to N166.71 trillion.
- Per capita income is declining, and the cost of living continues to rise.
- The distribution of wealth and opportunities has not matched economic growth, meaning most Nigerians do not feel better off.
Rewane explained, “Even though the economy as a whole is doing better, the impact and the distribution of wealth and opportunities are not corresponding with the increase in growth. The increase has not shown that people are better off.”
He concluded that while policy announcements have been satisfactory, their delivery and practical impact have fallen short. “The difficult part is translating these policies into tangible results that make people happier tomorrow than they were yesterday,” Rewane said.
President Tinubu, in his own second anniversary statement, acknowledged the challenges but maintained that his administration has “made undeniable progress,” citing over N6 trillion in revenue in Q1 2025 and a downward trend in inflation.