Nigeria has been projected to rank 13th among the world’s top 20 economies by 2050, given its potentials. According to a report titled: “World in 2050,” published by PwC’s macroeconomics team, Nigeria and other emerging economies, including Vietnam, India, Indonesia, Malaysia, China, Saudi Arabia and South Africa are set to grow much faster than the G7 countries – France, Germany, Italy, Japan, the United Kingdom, the United States and Canada over the next four decades.
The report noted that with a projected Gross Domestic Product (GDP) of nearly $4 trillion by 2050 and an annual average real GDP growth rate of about 6 per cent, as well as a youthful and growing working population, Nigeria is projected to rank among the world’s largest economies by 2050 if it can realise its full potential.
The report stated that a growing, prime working age population, together with rising average rates of schooling and technological progress, drive Nigeria’s strong growth prospects.
But the report’s projections relied on the country using its oil wealth to develop a broader-based economy with better infrastructure and institutions — regarding rule of law and political governance — which will support long term productivity growth.