Western analysts predict a bright future for Nigerian economy, following the recent rebase of its GDP which has put it ahead of South Africa in the list of Africa’s largest economies.
The renowned global financial corporation, Moody’s, sees the potential for exponential growth in Nigeria’s GDP, which may result in its growth up to $4.5 trillion by 2050.
This would place the most populous country in Africa (over 170 million at the present moment) and the largest oil producer on the continent (about 28% of total) to the group of distinguished world’s economies, the top 15 largest, rivalling such developed European countries as Holland.
The rating agency concluded that Nigeria is set to experience soaring growth in the coming years.
Moody’s new forecast was largely influenced the rebasing of Nigeria’s GDP that pegged its economy at $510 billion, depicting a clearer picture of the country’s present economic resurgence. The county is now ranked 26th in the world.
The renewed structure of the GDP revealed a positive trend in the economy: diversity. This is considered as a welcome development which highlighted major contributions from such sectors as telecommunication and entertainment (notably Nigeria’s movie industry, Nollywood), besides the traditional ‘oil-money’.