Nigeria may emerge 13th leading economy in the world by 2050 – Report

A report released by international accounting firm, PricewaterhouseCoopers (PwC) has revealed that Nigeria may occupy the 13th position as one of the leading G20 economies in the World by 2050.

The PwC 2013 report disclosed that with Nigeria’s projected rise in Purchasing Power Parity (PPP), in terms of Gross Domestic Product (GDP), from $2.6 billion to $3.9 billion by 2050, Nigeria is on its way to becoming one of the top 20 leading economies by the projected year.

According to the report, titled: “World in 2050 The BRICs and Beyond: Prospects, Challenges and Opportunities”, a yearly average real GDP growth rate of around six per cent, as well as a youthful and growing working population will help the country achieve this feat.

It reads in part: “Nigeria could be the fastest growing country in our sample due to its youthful and growing working population, but this does rely on using its oil wealth to develop a broader based economy with better infrastructure and institutions as regards rule of law and political governance and hence support long term productivity growth – the potential is there, but it remains to be realised in practice.”

Culled from