Nigeria's GDP Will Rank 5th Largest By 2075 — Goldman Sachs

ACCORDING to predictions made by international investment bank Goldman Sachs, Nigeria's GDP will grow to $13.1 trillion by 2075.

The current GDP of Nigeria is $472.62 billion.

The company projects that by 2075, the nation's economy will rank fifth in the world as a result of the progress.

The company identified the 25 largest economies and generated the estimate in its 2022 Global Investment Research report.

In addition, the analysis predicted that by 2050, the nation's economy would be the fifteenth largest in the world.

Nigeria's huge and youthful population, potential in the energy and agriculture industries, and developing technology sector are all likely to contribute to its growth.

Nigeria ranked higher in the survey than Pakistan, Egypt, Brazil, Germany, UK, Mexico, Japan, Philippines, Russia, and France (15th, 14th, 13th, and 6th, respectively).

Bangladesh (16), Saudi Arabia (18), Canada (19), Turkey (20), Australia (21), Italy (22), Malaysia (23), South Korea (24), and South Africa (25), are the other nations lagging behind Nigeria.

India is anticipated to become the second-biggest economy in the world by 2075, while China is predicted to surpass the United States as the largest economy by 2050 and remain so until 2075.

As per the survey, the United States and Indonesia ranked third and fourth, respectively.

However, the analysis noted that the growth estimates might be limited by political unpredictability, inadequate infrastructure, and diversifying the economy beyond crude oil.

The analysis predicted that over the next few decades, Asia will account for a significant portion of the global GDP.

Goldman Sachs went on to say that the evaluation was predicated on in-depth data analysis and economic modeling, which provided an intriguing look into the future by emphasizing changes in the balance of power in the economy and the appearance of new actors on the international scene.

The projection also depicted a world in which China and India are at the forefront of Asia's economic influence, which is noticeable.

The list also showed the notable expansion of economies in Latin America, the Middle East, and Africa, pointing to a more varied global economic environment.

In summary, the report evaluates a number of variables, such as GDP growth rates, population dynamics, productivity gains, and technological innovation. It does, however, point out that long-term projections of this kind are by their very nature speculative and are susceptible to variation in response to unanticipated developments and trends around the world.

According to the report, Indonesia, home to 277 million people, could see its GDP rise from $1.3 trillion in 2022 to nearly $14 trillion by 2075. Meanwhile, Japan's GDP is predicted to grow at a rate of less than 1% per year for the next few decades, which will cause it to fall out of the top 10 by 2075.

China's GDP may reach $57 trillion by 2075, surpassing both the US at $51.5 trillion and India at $52.5 trillion, despite the country's population being on the decline.

With a projected GDP of $10.4 trillion, Egypt is also predicted to become the seventh largest economy in the world by 2075. This growth is mostly due to the country's advantageous position, the expansion of its service sector, and government reforms in the energy and infrastructure sectors.

Having a projected GDP of $3.3 trillion, South Africa, Nigeria's economic adversary, is predicted to overtake the United States as the world's 25th largest economy by 2075, largely due to its extensive natural resources, sophisticated financial and legal systems, and regional influence.