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Financial Derivatives Company CEO Bismarck Rewane said on Friday that the $1 trillion economic target set by President Bola Tinubu’s administration will not be achieved in the next five years.
The economist stated this while appearing on the Arise TV Morning Show.
He said the country’s economy is currently at $384 billion and will need another 200% growth in the next five to six years.
This, according to Rewane, will not be possible considering the slow Gross Domestic Product (GDP) growth of 3.19%.
He stressed that GDP growth was too slow to make a difference as about 75% of sectors in the economy contracted during the quarter under review.
Rewane noted that Nigeria has lagged behind in its goal of becoming one of the top 20 economies globally and is unlikely to achieve the $1 trillion economic target.
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He said: “What is the broader economic goal of this economy? We want to be one of the top 20 economies in the world, and at that time we were 26th. Now, we are 32nd, so we have worked our way down the ladder of success.”
“Secondly, we said earlier that we want the economy to be a $1 trillion economy, but now we are at $384 billion, which means we have to achieve 200% growth in the next 4 to 5 years, that is not going to happen.”
“We also say that we want to protect our economy from external shocks, but as we integrate our economy into the global economy, we are also exposed to shocks.”
He criticised the Federal Government’s focus on revenue generation through windfall taxes, arguing that it was at odds with the investment-led growth strategy promoted by the current administration.
By: Babajide Okeowo
Tinubu’s $1 trillion economy impossible to achieve in five years – Bismark Rewane first appeared on Latest Nigeria News | Headlines from Ripples Nigeria.
