Business
Naija economy soon to hit $1 trillion mark -US
When it comes to economic clout on the African continent, the United States has projected that Nigeria is likely to be the first country with an economy larger than $1 trillion, surpassing that of South Africa with a projected GDP of $810.6 billion.
According to the latest projections from made by the U.S Department of Agriculture, Africa’s most populous nation, which recently held peaceful elections, revamped its gross domestic product data in 2014 and pulled ahead of South Africa to become the continent’s largest economy with a GDP of $469 billion.
Between now and 2030, experts predict annual growth rates as high as 7.92% resulting in a GDP of $1.05 trillion.
“A lot of Nigeria’s growth will come from agriculture and services are huge in Nigeria,” says Charles Robertson, global chief economist at Renaissance Capital. He adds that he actually expects the country’s GDP to reach $1 trillion before 2030. “Banking, retail, telecoms and Nollywood have been an explosive growth story in past couple of years.”
These are huge numbers by Nigerian and African standards — however, they look less impressive next to others from around the world.
By 2030, the U.S. economy is expected to reach $24.8 trillion, China’s GDP will approach $22.2 trillion and Indian output will be at the $6.6 trillion mark.
Egypt is due to follow South Africa, with the continent’s third largest GDP of $471.5 billion.
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Don Lucassi
May 4, 2015 at 8:30 am
I wonder what implications this means for the average man….luckily, agriculture is believed to be the major contributor, im sure its easier for us all to tap into. I still believe we are playing well below our potential
Jedimaster
May 4, 2015 at 8:59 am
Heat the water gradually so the frogs don’t know they are getting boiled to death. Where are they getting their figures from? Cui bono? Who is benefitting from this report or from this economic growth, surely not the average man. This is all smoke and mirrors, some of us are patiently waiting for the prestige, the big finish and then the wool will be uncovered from our eyes and we’ll realise that we’ve been tricked the whole time.