Nigerian economy will be the first in Africa to hit $1 trillion, US Department Of Agriculture predicts. Nigeria is already doing better than South Africa. It is expected that Nigerian economy will hit $1 trillion by the year 2030. It is also expected that the country’s GDP may reach $1 trillion even before 2030.
According to the forecast, the top 3 economies in Africa by the year 2030 will be:
- Nigeria – $1.05 trillion.
- South Africa – $810.6 billion.
- Egypt – $471.5 billion.
“A lot of Nigeria’s growth will come from agriculture and services are huge in Nigeria,” predicts Charles Robertson, Renaissance Capital global chief economist. “Banking, retail, telecoms and Nollywood has been an explosive growth story in past couple of years“, he added.
Nigerian agriculture sector is currently worth $56 billion – nearly one ninth of the whole GDP of the country. It is a source of employment for 70 per cent of Nigeria’s population. As Akinwumi Adesina told in 2013, while serving as country’s agricultural minister :“today, bankers are leaving the banks and heading for agriculture, the new millionaires of Nigeria will be in agriculture”.
However, $1 trillion is not that huge figure comparing to the world leading economies. By 2030 the US GDP is expected to hit $24.8 trillion, China’s – $22.2 trillion, and Indian economy will reach $6.6 trillion. Besides that, predictions for Nigeria are difficult to model due to inability to predict real rates of inflation. Predictions are usually based on stable growth patterns, which are unusual for African countries.
Estimated at N84.91 trillion in 2014, the gross domestic product (GDP) of Nigeria according to the expectations will grow to N95.09 trillion in 2015 and N156.29 trillion in 2019.
PriceWaterhouseCoopers predicted earlier that Nigeria would be the fastest growing economy on earth by 2050.