Nigeria’s economy is expanding faster than its population, a development that should ordinarily raise income per person and improve living standards, according to Bismarck Rewane, chief executive officer of Financial Derivatives Company (FDC).
Rewane’s comments followed the National Bureau of Statistics’ (NBS) report that Nigeria’s real gross domestic product (GDP) grew by 4.43 percent year-on-year in the second quarter of 2026, up from 3.89 percent in the first quarter.
With population growth estimated at two percent, the economy is expanding at more than twice the pace of population, Rewane said in an interview with Channels Television.
“Technically, it means that Nigerians should be getting richer because of the increase in output, as far as increasing population,” he said.
A faster rate of economic growth than population growth means output per person is rising. However, higher GDP per capita does not necessarily translate into an immediate improvement in household incomes
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