The Economy of Nigeria | World’s 25th Largest
It is said that by 2028 the economy of Nigeria is to become the 25th largest in the world, confirming the country’s ranking as the largest economy in Sub-Saharan Africa.
Nigeria’s Gross Domestic Product (GDP) is projected to reach $927 billion which is $655 billion higher than the present estimation of $272 billion. Furthermore, with the on-the-pipeline rebasing strategies by the National Bureau of Statistics (NBS), the number is likely to reach $405 billion in the coming January of 2014. Do you know what this means? This means that the economy of Nigeria will overtake that of South Africa, which is currently the largest African economy, with an estimated GDP of $370 billion.
While we’re on the subject, South Africa does not have any place in this table that contains 30 prospective economic powerhouses by 2028. While on the flip side, Nigeria, currently 36th on the table, is not only expected to rank 25th on this chart, The economy of Nigeria is anticipated to
overtake South Africa as Sub Saharan Africa’s largest economy in 2020 and to rise from 36th position in the league table in 2013 to 25th in 2028.
The chart shows Nigeria being ranked among economic hubs of the world, such as the United States of America, China, Japan and Germany, among others. This achievement is credited to the growing Nigerian population, providing a massive consumer and market base.
Desirable demographics are the main driving force while on the opposite side of things the main risk is political instability and violence which will prevent investment.
,Other countries that the economy of Nigeria overtakes:
Additionally, the other countries that the economy of Nigeria will overtake are Sweden (26th on the chart); Argentina, (29th), as well as the Netherlands, (last).
#economy #GDP #Nigeria #subSaharanAfrica