Lagos, April 14, 2024 – Goldman Sachs, a global investment bank, has predicted that Nigeria will emerge as the world’s fifth largest economy by 2075.
It also projected that Nigeria will rank as the world’s 15th-largest economy by 2050.
It further predicted that Nigeria’s Gross Domestic Product (GDP) will reach $13.1 trillion by 2075, further solidifying its position as Africa’s largest economy.
The Goldman Sachs Global Investment Research (2022) report, which identified the 25 Largest Economies in the World by 2075, ranks Nigeria ahead of Pakistan at 6th position, Egypt (7th), Brazil (8th), Germany (9th), UK (10th) Mexico (11th), Japan (12th), Russia (13th), Philippines (14th), and France (15th).
Other countries trailing Nigeria in the forecast included Bangladesh, which is projected to emerge as the 16th world’s largest economy by 2075, Ethiopia (17th), Saudi Arabia (18th), Canada (19th), Turkey (20th), Australia (21st), Italy (22nd), Malaysia (23rd), South Korea (24th), and South Africa, which occupied the 25th position.
China is projected to overtake the United States as the world’s largest economy by 2050 up till 2075, while India is expected to emerge as the world’s second-largest economy by 2075.
The third and fourth positions, according to the report, will go to the United States and Indonesia, respectively.
Nigeria’s growth is expected to be driven by its large and young population, potential in agriculture and energy sectors, and emerging technology sector.
The report, however, identified political instability and infrastructure deficits as likely constraints to the growth prospect. (GBN)
