Bismarck Rewane, chief executive officer of Financial Derivatives Company (FDC) Limited, says Nigerians should be getting richer as the country’s economy is expanding faster than its population.
Gatekeepers News reports that the National Bureau of Statistics (NBS) reported on August 31 that Nigeria’s real gross domestic product (GDP) grew by 4.43 percent year-on-year in the second quarter (Q2) of 2026.
Speaking during an interview on Channels TV on Tuesday, Rewane said the figure should primarily be viewed as an indication of economic output rather than government revenue.
According to the economist, Nigeria’s population is estimated to be growing at about 2 percent annually, meaning economic output is increasing at a significantly faster pace.
“Technically, it means that Nigerians should be getting richer because of the increase in output, as far as increasing population,” he said.
Rewane also noted that Nigeria’s growth rate was significantly above the global GDP growth rate, which he put at between 2.3 and 2.4 percent.
“So, our rate of growth rate is twice the global growth rate. It’s equal to the African growth rate,” he said.
He described the 4.43 percent growth recorded in Q2 as a strong performance, particularly when compared with Nigeria’s previous growth levels.
“So, I can say clearly that 4.43% is actually very good compared to where we were,” Rewane said.
“If you look at it properly, you’ll find that 4.43% is the real GDP growth rate. The potential GDP growth rate is also about 4%. So, that is good.”
Refining drives growth
Rewane identified oil refining as the fastest-growing sector during the quarter, with growth rising sharply from 15.78 percent in Q2 2025 to 43.94 percent in Q2 2026.
He attributed the surge to increased investment in the refining sector and the growing operations of modular refineries.
“It is needless to say, we know that the refinery has invested a lot. The modular refineries are also on. So, we have a plus 28 percent increase,” he said.
The economist also highlighted the continued expansion of the non-oil sector, which accounted for 95 percent of Nigeria’s GDP during the period, while the oil sector’s contribution declined.
However, Rewane stressed the continued importance of the oil industry to the economy.
“But note that oil sector is the primary goose that lays the foreign exchange eggs that we use to drive the economy,” he said.
According to him, the NBS tracks 46 economic activities, with 30 recording expansion during the quarter, 11 slowing down and five contracting.
“So, generally speaking, the economy is doing well in terms of activity levels,” he said.
PMI signals further growth
Rewane also linked the GDP performance to the purchasing managers’ index (PMI), which he said had risen consistently over the preceding three months.
He explained that the PMI serves as a leading indicator of economic activity, adding that its improvement was subsequently reflected in the latest GDP figures.
According to Rewane, the positive movement in the PMI provided an indication of stronger economic activity ahead, which was reflected in the 4.43 percent GDP growth recorded in Q2 2026.
