A report released by PricewaterhouseCoopers (PwC) has revealed that Nigeria may occupy the 13th position as one of the leading G20 economies in the World by 2050.
The report, “World in 2050 The BRICs and Beyond: Prospects, Challenges and Opportunities” reveals 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.
“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,” PwC said.
The PwC 2013 report disclosed that with the oil rich West African nation’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 become one of the top 20 leading economies by the projected year.
The report also identified that come 2050, Nigeria will have the fastest growing economy followed by Vietnam, India, Indonesia and Malaysia among others.
The accounting firm pointed out that aside the G20 projection, Nigeria has strong long-term growth potential if it can continue to pursue growth-friendly economic policies.
The growth and placement of the projections are however based on Nigeria’s judicious use of oil and energy resources to develop and improve on its derelict infrastructure.