Nigeria is well-positioned to play an important role in the global economy due to its growing population, abundance of natural resources, thriving technology industry, and commitment to economic transformation.
Nigeria currently has the largest economy in Africa, with a GDP of $477 billion and plenty of opportunity for fiscal expansion. Furthermore, the country is expected to grow at a quick pace, propelling its economic dominance beyond the African terrain and onto the world scene.
This is supported by a report from Goldman Sachs, the world’s largest investment firm. The investment bank stated in one of its research studies titled, The Path to 2075, that Nigeria is on track to become one of the world’s top economies by 2075, trailing only China, India, the United States, and Indonesia.
The report identifies four major global economic themes: “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.”
According to the analysis, Nigeria would be among the top 15 economies in the world by 2050, ranking 14th.
In a portion of the report, it states, “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.”