Managing Director and Chief Executive Officer of Financial Derivatives Company Limited, Bismarck Rewane, has criticised Nigeria’s economic structure, saying that it failed to harness its economic potential for six decades, blaming “suboptimality,” poor use of resources.
He spoke on Wednesday during a Channels Television Independence Day special programme, which gathered experts to discuss federalism and national development.
“It’s time for congratulations, but also time for introspection and reflection on what we have achieved. Nigeria is suboptimal in labour productivity, total factor productivity, and in its use of resources,” Rewane said.
The economic expert recalled Nigeria’s strong economic standing in the early years after independence.
“Nigeria in 1960-65 was Africa’s largest economy and ranked 27th globally. Today, Nigeria is the 53rd largest economy in the world and the fourth in Africa,” he stated.
Contrasting infrastructure delivery under military rule with that of civilian governments, Rewane said, “Between 1970 and 1988, 95 per cent of today’s infrastructure was built under military rule.”
He listed bridges, roads, ports, railways, power stations, and refineries as projects mostly completed during that period.
Rewane blamed Nigeria’s four-year political cycle for weak infrastructure growth since 1999.
“The political cycle is four years. Within two years, politicians begin focusing on re-election,” he explained.
According to him, this cycle undermines long-term economic planning and capital project execution.
“Nothing significant has happened in terms of gross capital formation and infrastructure since 1999,” said Rewane.
He urged leaders to rethink Nigeria’s political and economic frameworks, noting that only through strategic planning could Nigeria utilise its resources more efficiently and achieve sustainable growth.
“The reason for suboptimality is clear. We must align our political structure with economic objectives,” he added.
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