Nigeria will make the fifth largest economy in the world , behind China, India, United States, and Indonesia, reaching a Gross Domestic Product (GDP) of $15.3 trillion with an income per capita of $29,652 in 2075, a report by Goldman Sachs has said.
The report however warns that security issues, environmental issues, social issues, and economic issues could derail the projection.
The report said, the country’s GDP s expected to grow at an annual rate of 6.2 per cent from 2020 to 2075, berthing at $15.3 trillion at the end of the period, compared to the $432.20 billion in 2020. Its per capita is also expected to grow from $2,229 in 2020 to $29,652 in 2075, surpassing the current levels of countries like Brazil, Russia, and Turkey.
A report by Goldman Sachs. titled “Africa’s Turn: The Path to Prosperity”, analyses the economic prospects of 11 African countries, including Nigeria, and projects their growth trajectories based on various factors such as demographics, governance, infrastructure, natural resources, and human capital forecasts that Nigeria will overtake Germany, Japan, Brazil and Indonesia in terms of GDP by the end of the century.
It attributes Nigeria’s impressive growth potential to its large and young population, which is estimated to reach 733 million by 2075, making it the third-most populous country in the world after India and China. Nigeria has a population of over 200 million people, with a median age of 18.4 years, making it one of the youngest and fastest-growing markets in the world.
Nigeria is also the largest oil producer in Africa and the sixth largest in the world, with proven reserves of 37 billion barrels. Moreover, Nigeria has been investing heavily in its power, transport, and digital sectors, as well as in its human capital development and anti-corruption efforts. Nigeria’s economy is also becoming more resilient and diversified, with services accounting for over 50 per cent of GDP and agriculture for over 20 per cent
