Nigeria’s aim to achieve a $1 trillion economy in the next four to five years is unrealistic, according to Bismarck Rewane, Chief Executive Officer of Financial Derivatives. Rewane stated during an interview on Arise Television that the country’s current growth rate is too slow to achieve this target.
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“What are the broadmark economic goals of this economy? We wanted to be among the top 20 economies in the world, and then we were 26. Today, we are 32, so we have worked our way down the ladder of success,” Rewane said.
He also noted that Nigeria’s tax-to-GDP increased from around 4 percent to 9 percent, with no noticeable improvement in the well-being of Nigerians. Additionally, global economic shocks are impacting Nigeria’s economy negatively.
Recall that President Bola Ahmed Tinubu announced in 2023 that the $1 trillion economy target is achievable in three years.
