Economist Bismarck Rewane says Nigeria is witnessing economic growth without prosperity as inflation and rising living costs continue to weaken citizens’ purchasing power.
Renowned economist and financial analyst, Bismarck Rewane, has warned that Nigeria is currently experiencing “growth without prosperity,” arguing that many citizens are becoming poorer despite signs of economic expansion.
Rewane made the remarks during an economic review session where he assessed Nigeria’s current macroeconomic conditions, inflation trends, and the broader impact of ongoing reforms on households and businesses.
According to the economist, although certain economic indicators suggest growth within sectors of the Nigerian economy, the benefits are not translating into improved living conditions for ordinary citizens.
He explained that rising inflation, currency instability, and increasing living costs have significantly weakened the purchasing power of millions of Nigerians.
“What we are seeing is growth without prosperity. The economy may be expanding statistically, but citizens are getting poorer,” Rewane stated during the analysis.
The economist noted that while government reforms may eventually produce long-term benefits, the short-term economic pain being experienced by households remains severe.
Nigeria has witnessed major economic policy changes under President Bola Tinubu’s administration, including fuel subsidy removal, foreign exchange reforms, and efforts to attract investment into the economy.
Although officials argue that the reforms are necessary to stabilise public finances and restore long-term economic sustainability, the policies have also triggered significant inflationary pressure across multiple sectors.
Food prices, transportation costs, rent, electricity tariffs, and basic household expenses have surged sharply over the past year, placing millions of Nigerians under increased financial strain.
The National Bureau of Statistics (NBS) has repeatedly reported rising inflation figures, with food inflation remaining one of the biggest economic concerns for households nationwide.
Rewane stressed that economic growth figures alone should not be used as the primary measure of national progress if citizens continue struggling to afford basic necessities.
According to him, genuine economic prosperity must reflect improvements in income levels, purchasing power, job creation, and quality of life for the population.
The economist also highlighted concerns surrounding unemployment, underemployment, and declining disposable income
among Nigerians.
Many businesses have equally struggled with rising operational costs linked to exchange rate volatility, energy prices, and inflationary pressures.
Analysts say Nigeria’s economy currently presents a complex picture where certain sectors — particularly banking, telecommunications, and oil and gas — continue showing growth, while many households face worsening economic realities.
Rewane’s comments have since generated widespread debate among economists, business leaders, and social commentators regarding the true state of Nigeria’s economy.
Supporters of the government’s reforms argue that the current economic hardship represents a temporary adjustment phase necessary to correct structural distortions that accumulated over many years.
Others, however, warn that prolonged economic pressure without visible improvements in living standards could deepen public frustration and social inequality.
Economic experts also note that inflation tends to affect lower-income households more severely because a larger percentage of their earnings is spent on food, transportation, and essential services.
Nigeria remains Africa’s largest economy by GDP, but the country continues to battle high poverty levels, unemployment challenges, infrastructure deficits, and currency pressures.
The World Bank and other international institutions have repeatedly emphasised the importance of inclusive growth policies capable of reducing poverty while supporting economic expansion.
Observers believe the government may face increasing pressure to introduce stronger social protection measures, targeted economic relief programmes, and policies aimed at improving productivity and household incomes.
Rewane further stressed that for economic reforms to gain broader public acceptance, citizens must begin to see measurable improvements in their everyday lives.
The economist argued that macroeconomic stability alone is not enough if ordinary Nigerians remain unable to feel the benefits of economic growth directly.
As inflation and cost-of-living pressures continue dominating public conversations, the debate over Nigeria’s economic direction is expected to remain one of the country’s most closely watched national issues.
For millions of Nigerians, the real test of economic reform may ultimately depend not on statistical growth figures, but on whether living conditions actually improve over time.