“Growth Without Prosperity!” Rewane Warns Nigerians Are Getting Poorer Despite Economic Growth
A fresh economic alarm has been raised by renowned economist Bismarck Rewane, who says Nigeria is witnessing “growth without prosperity” as millions of citizens grow poorer despite official claims of economic expansion. His warning has reignited concerns over rising debt, inflation, and worsening living conditions across the country.
Speaking during the Lagos Business School Breakfast Session, Rewane painted a troubling picture of an economy that appears to be growing on paper while ordinary Nigerians continue to struggle in reality.
And his message was blunt.
“The economy may still be growing in aggregate, but the average citizen is getting poorer.”
That statement captures the frustration many Nigerians already feel daily.
While government officials often point to GDP growth and reforms as signs of recovery, rising food prices, fuel costs, transport fares, and declining purchasing power are telling a very different story on the streets.
According to Rewane, Nigeria’s debt burden per citizen is rising faster than income per capita, meaning more economic pressure is being transferred onto the average person. He also projected inflation could rise to between 17 and 20 percent by December, potentially worsening hardship even further.
But perhaps the most painful irony lies in fuel prices.
Despite being a major oil-producing nation, Nigeria now reportedly faces one of the steepest petrol price increases in Africa. Rewane described the situation as “From Hero to Zero,” arguing that higher global oil prices should ordinarily strengthen Nigeria’s economy, reserves, and currency.
Instead, he warned that crude forward sales, oil theft, and weak economic structures are quietly eroding any potential benefits.
His criticism also extended to government policies.
While measures such as import duty reductions and civil servant welfare increases may offer temporary relief, Rewane believes they merely address symptoms rather than the deeper structural problems driving the crisis.
And that deeper concern is becoming harder to ignore.
According to him, growth without meaningful job creation, strong sectoral linkages, and fair wealth distribution cannot produce stability. In simple terms, the economy may be expanding statistically while real living standards continue collapsing.
That contradiction is now fueling public skepticism.
Many Nigerians increasingly question why official economic “growth” rarely translates into affordable living, stable jobs, or financial comfort for ordinary households.
As inflation, debt, and energy costs continue rising, Rewane’s warning may resonate beyond economic circles.
Because for millions of Nigerians, prosperity is not measured by statistics—but by survival.
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