Nigeria is set to be the first African country with
an economy larger than $1 trillion, according to
the latest projections from the U.S. Department
of Agriculture.
Africa’s most populous nation, which recently
held peaceful elections, revamped its gross
domestic product data in 2014 and pulled ahead
of South Africa to become the continent’s
largest economy with a GDP of $469 billion.
Between now and 2030, experts predict annual
growth rates as high as 7.92% resulting in a GDP
of $1.05 trillion.
“A lot of Nigeria’s growth will come from
agriculture and services are huge in Nigeria,”
says Charles Robertson, global chief economist
at Renaissance Capital. He adds that he actually
expects the country’s GDP to reach $1 trillion
before 2030. “Banking, retail, telecoms and
Nollywood has been an explosive growth story in
past couple of years.”
As a source of employment for 70% of Nigeria’s
population in 2013, the country’s $56 billion
agriculture sector currently accounts for 24% of
GDP and the country’s minister of agriculture,
Akinwumi Adesina, has said “the new millionaires
of Nigeria will be in agriculture.”
Relative view
These are huge numbers by Nigerian and African
standards — however, they look less impressive
next to others from around the world.
By 2030, the U.S. economy is expected to reach
$24.8 trillion, China’s GDP will approach $22.2
trillion and Indian output will be at the $6.6
trillion mark.
African view
Closest behind Nigeria, when it comes to
economic clout on the continent in 2030, is
South Africa with a projected GDP of $810.6
billion.
Given that power shortages have caused the
country to cut its economic growth forecasts for
2015 by 0.5%, this will be a key area of the
country’s infrastructure which number crunchers
will be watching.
In February, during his first full budget speech,
finance minister Nhlanhla Nene identified the
need to focus on the country’s power crisis,
saying “electricity constraints hold back growth
in manufacturing and mining, inhibit investment
in housing and raise costs for businesses and
households.”
Egypt is due to follow South Africa, with the
continent’s third largest GDP of $471.5 billion.
The U.S Department of Agriculture foresees
annual grow rates consistently surpassing 4.2%
in the next 15 years and Renaissance Capital is
bullish on the North Africa country.
“Only 10% of Egyptians have bank accounts,”
says Robertson, “so we can image banking will
be a big story [In Egypt] in the coming years.”
Problem with projections
While these numbers suggest significant growth
is on the cards, projections for African
economies have been revised in the past.
“Forecasting tends to be optimistic, especially in
underdeveloped countries,” says Morten Jerven,
author of ‘Poor Numbers: How We Are Misled by
African Development Statistics and What to Do
about It’ .
“Models often over-predict GDP and under-
predict inflation…U.S. Department of Agriculture
is predicting a stable growth pattern for Nigeria,
and that is curious given that we have not seen
that pattern in the past.”

source: http://www.vanguardngr.com/2015/05/us-projects-nigerias-economy-to-hit-1-trillion-mark/

Tsk

Well well well.....seeing is believing

And GEJ Laid The Bedrock!

PRYCE:
And GEJ Laid The Bedrock!

Yea, GEJ poop out over $300b and added it to our GDP .

With baba in power nothing is imposible.....haters go and die

Idrismusty97:
Yea, GEJ poop out over $300b and added it to our GDP .

Hey bro like it or not, GEJ and his team played a vital role in earning us the tag ' Largest economy in Africa'. Either you deal with it or you up the ante on your personal beef with the man... you might as well take it to Aso Rock!

In God we trust, we don't need human predition in our great country NIGERIA.

PRYCE:
And GEJ Laid The Bedrock!

thank God u said bedrock and not loamy soil for real growth.

The $1 Trillion mark with Goodluck is a yes but without Goodluck its a big No.

It'll hit the 1 trilion mark 4 sure. America should just shut up

Before now APC would doubt that figure but now they've won I'm sure they will accept the figure

With steady power supply, Nigeria will hit 1 trillion mark in 2019. This will happen if we solve our power issue before 2017. By Jan 1 2017 we should have interrupted power supply then hitting 1 trillion is something my Nigerians will do in 2 years

Only Myopic Janjaweedians would still go blind on Our President's Achievements

GEJ is the real reason behind this whole Economic progress

If you doubt it,,,I think river Niger is Empty enough and is ready to allocate some spaces for Thomases

GEJ!!! GEJ!!! GEJ!!!

Na you till I Graduate,,find work,,Marry,,,born pikin,,,Chop naija Money

I want to advise all d supporters/paid online agents of GEJ here on nairaland,that we are now in a post election period, and as such they should desist from commenting on topics/posts here,as if we are still in preelection period.For you guys to be giving all the credits of our new status as the biggest economy in Africa, solely to the efforts of the administration of GEJ,so shows that you are either mainly kids or are ignorant of Nigeria's developmental trends this past 16years.The massive influx of foreign direct investment in to Nigeria,in our current uninterrupted democratic experience, which lead to our being d largest economy in Africa after d rebasing that was done recently started in the govt of OBJ.Anyway, we can have an economy of over $1trillion,but when d fruits of this supposedly robust economic outlook is being stolen by politicians, the vast majority of Nigerians we continue to live in poverty.

Jorussia:
bla bla bla.

can you read at all?
are you illeterate like Buhari?
they say it will reach 1 trillions in 2030!
no be now.
but if mahdi buhari enter,
he will dabaru everything.

by 2050 naija fit never reach that kain money.
even with inflation.

thanks GEJ for getting us there.

VoteOutPDPJona:


May your days be long and fruitful!

That's the fact, let the government concentrate all efforts to power. Power is dulling Nigeria