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.
Join the conversation
Support Ripples Nigeria, hold up solutions journalism
Balanced, fearless journalism driven by data comes at huge financial costs.
As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.
If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.
Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.
Leave a Reply
SPECIAL REPORT: Untold story of how inconsistent salary payment frustrates Cross River road sweepers
In this report, ARINZE CHIJIOKE chronicles the pains of street sweepers in Cross River State, and how inconsistent salary payment...
INVESTIGATION: How insider abuse, shoddy handling of contracts by non-existent firms hamper teachers’ productivity in Kano
In efforts to improve productivity of teachers in public schools in Kano State, the state’s Ministry of Education, disbursed over...
A tale of Kwara public school where pupils learn under the tree without chalkboards
“You cannot make people learn. You can only provide the right conditions for learning to happen.” – Vince Gowmon But...
SPECIAL REPORT: Indiscriminate waste dumps, open defecation pose threat of epidemic in Kwara as govt slow to act
Forty three-year-old Bilikis Abdulrahman covered her pineapple fruit she is selling inside a white bucket container. This, she does to...
SPECIAL REPORT: Women displaced by conflict in North-Central Nigeria become farm helps to survive
Displaced women finding refuge in Abagena camp for Internally Displaced Persons (IDP) camp in Makurdi, Benue State have resorted to...
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
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.