Nigeria expected to be among top 20 largest economies by 2030

isaac

April 22, 2015 5:42 PM

Analysts have predicted that Nigeria will be among the world’s largest economies in fifteen years time.

Nigeria's economy is on a steady rise.

According to the latest macroeconomic projections published by the United States Department of Agriculture (USDA), Nigeria is expected to be among the world's top 20 largest economies by 2030.

In a 2015 economic report by Economic Watch, the country's GDP presently stands at $657 billion and is expected to have increased to $1 trillion by 2030. This should not come as a surprise, since Nigeria's economic growth rate currently stands at an impressive five percent.

The chart shows the USDA's economic projections for 2030. The grey bar indicates the present GDP, while the green bar indicates the additional absolute GDP growth expected by 2030.

With a current GDP of $16.8 trillion, the United States presently dominate the world in terms of economic strength. The country is followed by China ($11.3 trillion), Japan ($4.3 trillion), Germany ($3.9 trillion), United Kingdom ($3.0 trillion), France ($2.9 trillion), Brazil ($2.3 trillion), India ($2.2 trillion), and Russia ($2.1 trillion).

However, analysts have predicted a turnaround in the global economic tables by the year 2030. It is expected that the gap between the United States and other high-GDP countries will have reduced significantly by that time because countries like China and India now have significantly higher economic growth rates than that of the United States.

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isaac