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Nigeria projected to become world’s fifth largest economy by 2075 - THE NATION
Nigeria is on track to become a global economic powerhouse, according to a new report by global investment bank Goldman Sachs.
The investment bank forecasted Nigeria’s promotion to the world’s fifth largest economy by 2075 with a Gross Domestic Product (GDP) of $13.1 trillion.
The projection builds upon recent positive economic trends in Nigeria and aligns with similar forecasts from other leading financial institutions.
The anticipated economic boom is attributed to the visionary leadership of President Bola Ahmed Tinubu.
The current administration’s focus on education, skills development, and infrastructure upgrades has laid a solid foundation for sustainable economic growth.
Policies aimed at attracting investment, establishing consumer credit, and implementing sound monetary and fiscal measures are also credited with propelling Nigeria towards a brighter economic future.
Goldman Sachs’ report, titled: 25 Largest Economies in the World by 2075, positions Nigeria ahead of established economic giants, like Germany, the United Kingdom (UK), Brazil, and Egypt.
The report predicts a significant global power shift, with China surpassing the United States as the world’s leading economy by 2050, a position it is expected to maintain until 2075. India is projected to secure the second spot, followed closely by the United States and Indonesia in third and fourth places.
Nigeria’s projected economic rise is fueled by its young and vibrant population alongside the rapid growth of key sectors, like agriculture, energy, and technology.
But Goldman Sachs acknowledges potential challenges that could impede this trajectory if not meticulously addressed.
The report lauds President Tinubu’s proactive approach in tackling these issues and his commitment to prudent economic decision-making.
Reacting to the report, the CEO of Praefinium Partners, Alpesh Patel, highlighted the 2075 projection as a glimpse into a future with a more balanced global economic distribution where emerging economies play a more prominent role.
“This shift underscores the critical role of effective economic reforms, technological innovation, and demographic trends in shaping the future of the global economy,” Patel said.
“The ascension of countries, like India, Indonesia, and Nigeria, coupled with the continued influence of established powers, like the United States, China, and Germany, paints a picture of a diverse and dynamic global economic landscape in the latter half of the 21st century,” Patel said.
