Nigeria’s goal of becoming a $1 trillion economy in the next five years is unrealistic, according to Bismarck Rewane, a prominent economist and Managing Director of Financial Derivatives Company Limited. Rewane stated that the current GDP growth rate of 3.19% is too slow to achieve this target, and the country has fallen behind in its goal of being among the top 20 economies globally.
Rewane criticized the federal government’s focus on generating revenue through windfall taxes, arguing that it contradicts the investment-led growth strategy promoted by the current administration. He also noted that there is little incentive for Nigerians to pay taxes, as many citizens feel they do not see the benefits of the taxes they’ve already paid.
Nigeria’s GDP grew by 3.19% in the second quarter of the year, but inflation and the exchange rate remain significant challenges to economic growth. The Presidency has celebrated the GDP growth figure, but experts like Rewane argue that more needs to be done to address the country’s economic challenges.
Nigeria’s economy faces significant challenges in reaching the $1 trillion target in the next five years. The country needs to address its slow GDP growth rate, inflation, and exchange rate issues to achieve sustainable economic growth.
