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Nigeria on the Path to Becoming a Top 5 Global Economy, Experts Predict

October 20, 2023

Photo Credit: Business Insider

 

The “Giant of Africa,” Nigeria, is quickly establishing itself as a major economic force on the international scene.

Nigeria is positioned to play a key role in the global economy because of its expanding population, wealth of natural resources, booming tech sector, and dedication to economic change.

Currently, Nigeria stands as Africa’s largest economy, with a GDP of $477 billion, and a lot of wiggle room for fiscal expansion. Additionally, the country is estimated to grow at a rather rapid pace, taking its economic dominance past the African landscape and onto the global stage.

A report by Goldman Sachs, a world-leading investment bank, buttresses this point. In one of its research reports titled, The Path to 2075, the investment bank noted that Nigeria is set to become one of the top economies in the world by 2075, standing only behind, China, India, the United States, and Indonesia.

The report identifies four major themes for the global economy, “1. slower global potential growth, led by weaker population growth, 2. EM convergence remains intact, led by Asia’s powerhouses, 3. a decade of US exceptionalism that is unlikely to be repeated, and 4. less global inequality and more local inequality.”

The report also notes that by 2050, Nigeria will be amongst the top 15 economies in the world, coming in at the 14th spot.

An extract from the report reads, “The prospect of rapid population growth in countries such as Nigeria, Pakistan and Egypt implies that – with the appropriate policies and institutions – these economies could become some of the largest in the world.”

 

Culled from  Business Insider

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