Tuesday, 16 April 2024 04:52

Goldman Sachs projects Nigeria’s economy to overtake German, Japanese, French, Russian economies by 2075

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Goldman Sachs, a leading global investment bank, forecasts Nigeria to become the fifth-largest economy globally by 2075, solidifying its position as Africa’s largest economy.

The report also predicts Nigeria to rank 15th by 2050, with a projected GDP of $13.1 trillion by 2075. This places Nigeria ahead of Germany, Japan, France, United Kingdom, Pakistan, Egypt, Brazil, and others.

The shift in economic power is driven by Nigeria's large and youthful population, potentials in agriculture, energy, and emerging technology sectors. However, challenges like political instability and infrastructure deficits could hinder growth.

The report highlights the significant rise of Asian economies, with China and India leading, while also noting growth in Africa, the Middle East, and Latin America.

Alpesh Patel of Praefinium Partners underscores the importance of economic reforms and technological advancement in shaping the future global economy.

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