Quote from Aisha_S on May 9, 2026, 11:19 am

Bismarck Rewane, the Chief Executive Officer of Financial Derivatives Company Limited (FDC), has issued a sobering assessment of the Nigerian economy, stating that the nation is currently trapped in a cycle of “growth without prosperity.” While aggregate GDP figures may show expansion, Rewane argues that this growth is not trickling down to the average household. Instead, the living standards of citizens are deteriorating as the economy struggles with public financial pressure and a widening gap between economic statistics and reality.

The economist highlighted a concerning trend where Nigeria’s debt per head is increasing at a significantly faster rate than income per capita. He projected that inflation remains a persistent threat, likely hovering between 17% and 20% by the end of the year. According to Rewane, the “fiscal comfort” of the nation is being eroded, and the rising debt burden per person is a clear signal of increasing economic strain that the current growth trajectory has failed to mitigate.

A major driver of this decline, according to the FDC boss, is the skyrocketing cost of energy. He noted that Nigeria’s Premium Motor Spirit (PMS) pump price has surged by 59%, representing the steepest fuel price increase across the African continent—surpassing countries like Rwanda, Malawi, and South Africa. He described it as a “bitter irony” that a net oil-exporting nation is transmitting the highest energy cost burden to its own domestic market, effectively stifling small businesses and household disposable income.

Rewane concluded by warning that the government cannot continue to manage economic consequences rather than addressing root causes. He criticized the “oligopolistic architecture” of key sectors like fuel supply and aviation, which he claims compresses competition and concentrates economic pain on the most vulnerable. He emphasized that without deep-seated structural reforms and a more equitable distribution of gains, the country’s current growth remains fragile and lacks the stability required for long-term national prosperity. URL: https://www.thisdaylive.com/2026/05/09/rewane-nigeria-experiencing-growth-without-prosperity-citizens-getting-poorer/