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Nigeria to be leading economy by 2030

24 July 2014, 11:12

Abuja - Nigeria is poised to become one of the largest economies by 2030 despite the ongoing challenges of terror and poverty.

This is according to a new report from the McKinsey Global Institute (MGI) and McKinsey’s Nigeria office.

Titled “Nigeria’s renewal: Delivering inclusive growth in Africa’s largest economy,” it examines the country’s economic potential and finds that with the right reforms and investments, the West African country could become one of the world’s leading economies in the coming years.

The report finds that Nigeria has the potential to expand its economy by roughly 7,1 percent per year through 2030, raising GDP to more than $1,6 trillion.

This could make Nigeria a top-20 global economy — with higher GDP than the Netherlands, Thailand or Malaysia in 2030.

According to the report, a large consuming class is developing in Nigeria, with potentially as many as 160 million members by 2030, more than the current populations of France and Germany combined.

This upside scenario is based on a bottom-up analysis of the potential for five major sectors of the Nigerian economy.

These include trade, agriculture, infrastructure, manufacturing, oil and gas.

“What people overlook is Nigeria’s extraordinary advantages for future growth, including a large consumer market, a strategic geographic location, and a young and highly entrepreneurial population,” said Reinaldo Fiorini, Director and Location Manager of McKinsey’s Lagos office.

Acha Leke, a director in McKinsey’s Nigeria office said by capitalizing on its strengths and positioning itself to take advantage of emerging global trends, Nigeria could potentially triple its GDP by 2030.

“This adds up to a huge opportunity for inclusive growth that should not be missed,” Leke said.

– CAJ News

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