‘Suffering But Smiling’: Rewane Presents Scorecard On Nigeria’s Economy
The CEO of the Financial Derivatives Company, Bismarck Rewane, has presented a scorecard of Nigeria’s economy in the last five years.
Speaking at the Town Hall organized by Channels Television ahead of the Inauguration Day, he reeled out what he described as 19 indicators and how they influenced the nation’s growth in the last five years as well as predictions for the next two years.
According to him, of the 19 indicators, 11 moved negatively while nine moved positively.
He, however, noted that what was most important was the citizens’ scorecard.
Staple foods such as Garri, Rice and Beans were sold for 13,500, 9,500 and 14,000 in 2014, but now, a bag of each costs 6,500, 15,000 and 19,000 respectively.
Tomatoes which cost N4,300 for a 50kg bag, has now also gone up by 319% to become N18,000.
Other key indicators which Rewane mentioned were unemployment and underemployment which according to him, was 29.4 per cent in 2014 but is now 43.2 per cent.
The Misery Index was 38.7 in 2014 and its 54.57 in 2019, while the life expectancy in 2014 was 52 years, and is now 53 years.
As part of efforts to keep the key indicators growing positively, Mr Rewane gave some recommendations as stated by the International Monetary Fund (IMF).
“The IMF says economy is recovering – they are recommending that we stop multiple exchange rates, improve tax collection, stop the waivers and exemptions and tighten money supply,” he said.