The Managing Director of Financial Derivative Company, Bismarck Rewane, said on Friday the $1 trillion economy target set by President Bola Tinubu’s administration would not happen in the next five years.
The economist stated this when he featured on Arise TV Morning Show.
He said the country’s economy currently stands at $384 billion, adding it would require another 200% growth within the next five to six years.
This, according to Rewane, will be impossible going by the slow Gross Domestic Product (GDP) growth of 3.19%.
He stressed that the GDP growth was too slow to make any difference as about 75% of the sectors in the economy contracted during the quarter under review.
Rewane noted that Nigeria has fallen behind in its goal of being among the top 20 economies globally and that it’s not possible to achieve the $1 trillion economy target.
He said: “What are the broad mark 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.”
“Secondly, we now said that we want the economy to be a $1 trillion economy but now we are $384 billion which means we have to have like 200% growth in the next 4 to 5 years that is not going to happen.”
“We also said we want to insulate our economy from external shocks but as we integrate our economy into the global economy, we are facing those shocks.”
He criticized the Federal Government’s focus on revenue generation through the windfall tax, arguing that it contradicts the investment-led growth strategy promoted by the current administration.
By: Babajide Okeowo
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