In a recent interview with Channels Television, a Nigerian television channel, Bismarck Rewane, the Managing Director and Chief Executive Officer of Financial Derivatives Company Limited, made a startling revelation that Ghana has now surpassed Nigeria in terms of wealth and economic growth. This statement comes as a significant shift in the economic landscape of the two West African nations.

Rewane, a renowned economist, pointed out that Nigeria has experienced a decline in its global economic ranking, falling from the 32nd largest economy in the world to the 42nd position. Furthermore, he highlighted that Nigeria has also slipped from its first position in Africa to the fourth place in terms of wealth management and accumulation.

Emphasizing the reversal of fortunes, Rewane stated, “In the past, we were always richer than Ghana, now we are here. External reserves and GDP figures speak for themselves.” This statement underscores the stark contrast between the two countries’ economic trajectories.

In March of this year, Rewane was appointed as a member of President Bola Tinubu’s Economic Management Team Emergency Taskforce (EET), tasked with formulating and implementing a consolidated emergency economic plan. Speaking on the first anniversary of Tinubu’s term in office, Rewane categorized Nigeria’s economic performance into the good, bad, and ugly based on available metrics.

Rewane provided a comparative analysis of economic indicators among African countries, revealing that Nigeria’s GDP growth stood at 2.98% last year, while South Africa, Kenya, and Ghana recorded growth rates of 1.93%, 4%, and 3.8%, respectively. Inflation rates also painted a challenging picture, with Nigeria at 33%, South Africa and Kenya at 5%, and Ghana at 25%.

The GDP per capita figures further highlighted the disparity, with Nigeria at $1,111, South Africa at $6,700, Kenya at $2,000, and Ghana at $2,200. Rewane noted that external reserves as a percentage of GDP illustrate a tough picture for Nigeria.

Despite the challenging economic landscape, Rewane expressed optimism for improvement in the Nigerian economy. He pointed out that major policy changes were announced in 2023, including the $1 trillion GDP goal, but the time lag between policy announcements and their effects was a drag on outcomes, leading to unintended consequences and social unrest.

Rewane highlighted the cost of living crisis in Nigeria and the ongoing minimum wage negotiations as sources of widespread conflict. He attributed the wrong sequencing of reforms to the toll on output and identified both structural and exogenous factors contributing to the economic weakness.

Looking ahead, Rewane stated that Nigeria needs new borrowing to refinance existing obligations and that policy changes, institutional reforms, and new borrowings are expected to lead to positive and faster growth from 2025 to 2026.

The economist also reviewed President Bola Tinubu’s promises, policies, and announcements a year after assuming office, including increasing GDP to $1 trillion in eight years, removing petroleum subsidies, unifying exchange rates, overhauling security infrastructure, doubling power generation, and bringing inflation under control.

As Ghana surpasses Nigeria in wealth accumulation and economic growth, it serves as a wake-up call for Nigerian policymakers to address the structural and exogenous challenges hindering the nation’s economic progress. The path forward requires strategic reforms, institutional changes, and targeted investments to unlock Nigeria’s vast potential and regain its position as a leading economic powerhouse in Africa.

Sudan’s army has rejected a call from the United States to return to peace talks with the paramilitary Rapid Support Forces (RSF) following a conversation between General Abdel Fattah al-Burhan and U.S. Secretary of State Antony Blinken. The war between the army and RSF, which erupted in April 2023 over a transition to free elections, has claimed thousands of lives and displaced more than 9 million people.

Malik Agar, a former rebel leader and Burhan’s second-in-command on the country’s Transitional Sovereign Council, defiantly stated, “We will not go to Jeddah (venue for talks in Saudi Arabia) and whoever wants us to should kill us in our country and take our bodies there.” His statement underscores the deep divisions and mistrust between the warring factions.

Meanwhile, intense fighting continued in northern areas of the capital Khartoum on Wednesday, with residents reporting heavy aerial bombing and artillery fire. The ongoing violence has left the city in ruins and its residents in a state of constant fear and uncertainty.

On Tuesday, the U.S. State Department revealed that Secretary Blinken had discussed with General Burhan the need to end the war and resume talks sponsored by the U.S. and Saudi Arabia in Jeddah. However, these talks have been stalled for months after failing to achieve a sustained ceasefire.

Sudan’s army-aligned foreign ministry welcomed an Egyptian invitation for a summit of civilian political groups on Wednesday but placed conditions on the types of groups and foreign actors invited. Agar suggested that a separate summit for civilian political parties taking place in Addis Ababa was a distraction from the primary goal of ending the war.

The RSF has previously expressed its openness to talks, although neither side has adhered to commitments made in prior rounds of negotiations. The lack of trust and the unwillingness to compromise have been major obstacles to achieving a lasting peace.

In addition to the ongoing conflict in Khartoum, Blinken and Burhan also discussed the need to defuse hostilities in al-Fashir, the North Darfur capital. Fighting in the area has escalated since May 10, resulting in the deaths of at least 145 people and the displacement of over 3,600 families, according to reports from the United Nations and the aid group Medecins Sans Frontieres.

The RSF has surrounded al-Fashir and raided civilian neighborhoods, while the army, fighting to maintain its presence in its last stronghold in the Darfur region, has carried out costly air strikes in the area. Residents have reported that projectiles from both sides have fallen and destroyed homes, while access to hospitals, water, and electricity services has been severely limited.

As the conflict in Sudan continues to rage, the international community remains deeply concerned about the humanitarian crisis and the growing number of civilian casualties. The rejection of peace talks by Sudan’s army and the ongoing hostilities in al-Fashir underscore the urgent need for a peaceful resolution to the conflict and the restoration of stability in the country.

In the early hours of Saturday morning, Yemen’s Houthi militants targeted an oil tanker in the Red Sea with a ballistic missile, causing damage to the Panama-flagged, Greek-owned vessel. U.S. Central Command reported that the attack, which occurred around 1 a.m., struck the oil tanker Wind, which had recently docked in Russia and was en route to China. Both China and Russia maintain ties with Iran, the Houthis’ primary benefactor, for military equipment and oil.

Although the Houthis did not immediately claim responsibility for the assault, it comes amidst a series of attacks launched by the group in response to the ongoing Israel-Hamas war in the Gaza Strip. The militants have claimed to have shot down another U.S. military MQ-9 Reaper drone over Yemen and have targeted shipping, disrupting trade on a vital maritime route leading to the Suez Canal and the Mediterranean Sea.

According to U.S. Central Command, the missile strike “caused flooding, which resulted in the loss of propulsion and steering.” However, the crew of the Wind was able to restore these functions, and no casualties were reported. The tanker resumed its course under its own power.

The attack was also acknowledged by the British military’s United Kingdom Maritime Trade Operations Center and the private security firm Ambrey, with the latter stating that the incident caused a fire aboard the Wind.

Since the outbreak of the Israel-Hamas war, the Houthis have attacked or threatened more than 100 commercial or military ships in the Red Sea or the Gulf of Aden. The group claims that their attacks are a protest against Israel’s war against Hamas and U.S. support for Israel. However, U.S. officials point out that many of the targeted ships have no connection to Israel.

In recent weeks, Houthi attacks have decreased as the rebels have been targeted by a U.S.-led airstrike campaign in Yemen. The U.S. and the United Kingdom, with support from other countries, have conducted four rounds of joint airstrikes to destroy Houthi capabilities in Yemen. Additionally, the U.S. military regularly conducts self-defense strikes against Houthi missiles and drones when it detects preparations for an attack.

Despite the decrease in attacks, shipping through the Red Sea and Gulf of Aden remains low due to the ongoing threat posed by the Houthis.

The Houthis also claimed that they shot down a U.S. Reaper drone on Thursday using a surface-to-air missile. They described the drone as “carrying out hostile actions” in Yemen’s Marib province, which remains under the control of allies of Yemen’s exiled, internationally recognized government.

Prior to Thursday’s incident, three Reaper drones have crashed since November in or near Yemen, with at least two of them confirmed to have been shot down by the Houthis. Reapers, which cost approximately $30 million each, are capable of flying at altitudes up to 50,000 feet and have an endurance of up to 24 hours before needing to land.

The recent attack on the Greek-owned oil tanker and the ongoing conflict between the Houthis and the U.S.-led coalition highlight the continued instability in the region and the threats posed to international shipping and trade.