"A British foremost financial institution, Standard Chartered Plc, has joined other international organisations that have predicted that Nigeria will become Africa’s biggest economy by 2023.

According to the Regional Head of Research for Africa, Standard Chartered Bank, Razia Khan, “assuming South Africa grows by four per cent and Nigeria by seven  per cent, Nigeria will become the larger economy in 2023.”

According to her, Nigeria has a population of more than 150 million, three times as many as South Africa.

Moreover, about 42 per cent of that population is under the age of 14, compared with 31 per cent in South Africa. She stressed that the size of Nigeria’s domestic market, its oil and gas reserves and sales of bank stakes had been attracting investors, including banks such as Standard Chartered and Africa’s largest, Standard Bank Group Ltd, to the country."

http://www.tribune.com.ng/index.php/news/6569-nigeria-ll-be-africas-biggest-economy-by-2023


'No wonder' they don't seem too excited about giving Nigerians visas to go and watch the world cup .

is Standard Chartered Bank a british financial institution?

and ADint, a lot of Nigerians are going to South for this World cup. I mean a lot

@tkb417

I know, I was refering to a thread on the SA refusing Nigerians visa.

Standard Chartered Bank is a British financial institution, 'Standard Bank' though is South African (they have some past history together but are now operating seperately).

ADint:

^^^ I know, I was refering to a thread on the SA refusing Nigerians visa.

Standard Chartered Bank is a British financial institution, 'Standard Bank' though is South African (they have some past history together but are now operating seperately).

Seen!!!
i dont know why ive always tot they were south african ish. I think i got it mixed with standard bank

i actually have stuffs going with the energy desk in UK and its a shame i didnt know that bit

shame on me

What are we supposed to do with this information?

2023, are we supposed to be happy about that ? I'll be old by then and probably will be asleep when people are clubbing by then. Besides all the girls i'm supposed to be frolicking with would be grand mothers and using walking sticks too by then.
2023 indeed

Someone also said we will have steady power supply by 2010. Anyone remember vision 2010. When it comes to predicting the future with Nigeria, its risky business.

Nigeria's GDP (PPP) is at $357.2 billion dollars, and $167.4 billion (nominal). South Africa's GDP is $495.1 billion (PPP) and $280.6 billion (nominal), and they're saying it's going to take Nigeria another 13 years to catch up?!

The differences between GDP really isn't that huge, and assuming Nigeria grows at a 7% rate then $357.2x1.07^10 = $702 billion dollars by 2020, and if SA grows at 4% then $495.1 x 1.04^10 = $732.86 billion, which would mean Nigeria Purchasing Power Parity wise would be straight on SA's tail. Note this is just my easy way to calculate GDP growth, and I'm positive Nigeria will see growth above 7% before at least 2014 (4 years away just in case it takes that long to get reforms started). This would give Nigeria 6 years of growth higher than 7%, possible in the double digits, to catch SA, and it will happen. Nigeria has the potential to get GDP above $900 billion, possible over $1 trillion, by 2020 if reforms are made soon. Nevertheless I expect it to overtake SA sometime between 2015-2018 if growth is higher than 7%.

^^^ Good analysis.

I do actually expect Nigeria's GDP (Nominal not just PPP) to surpass South Africa's before 2023, most definitely by 2020. The Nigerian economy still grew by about 7% last year; this is without electricity, good roads, rampant corruption e.t.c. The power issue should improve dramatically over the next 2 years, we should also see more due diligence and protection for investors and then we would begin to see mid-teens (13 - 17) double digit growth!

In Nigeria almost everyone is a potential 'entrepreneur' with a huge market to swallow up whatever is produced internally. The opportunities are boundless - Agriculture, Agro-processing, manufacturing, light industry, transport just name it. If we even only focus on import-substitution and processing of our raw materials before export this alone would have a huge significant impact on the GDP, not to talk about developing the potential available in other sectors that have been virtually untouched.

The next 2-5 years would be particularly interesting times for Nigeria.

It won't take up to 3 yrs for Nigeria to overtake South Africa as the biggest economy in Africa, if only the federal government can put Six basic things in place: I have listed them in an order of priority.

1. Constant supply of electricity

2. Adequate security

3. Attractive Business policies and environment (A pre-requisite for FDI and Domestic business growth)

4. Good and innovative Credit facilities (Especially for Entrepreneurial Nigerians with innovative business ideas and big Foreign investors)

5. Provision of efficient basic infrastructural facilities (Road, water, transportation system etc)

6. Proper monitoring of Government agencies to checkmate anti-investment activities (Bribery, deliberate maltreatment etc)

Until We do these, We are not getting anywhere close to South Africa in terms of real economic growth and development.

We have everything to overtake South Africa. The problem is the attitude of deliberate foot dragging by Nigeria's government when it comes to putting these basic things in place.

We have the potential to be an economic giant in the world. There is a;

High Domestic consumption potential

Abundant natural resources

Huge availability of intellectuals

Hospitality is enshrined in our culture

60% + of our population are youths (Abundance of labor)

Most of all We have a big manufacturing and service potential.

These are what most countries wish to have.

It can actually take us less than 10 yrs to get to the level of most developed nations. This is because we don't need to invent anything new in the world to be a world's economic power. We need to study, acquire and properly utilize things that has already been invented to meet our goals and experience what even the countries that invented those things may not be experiencing. This requires a focused, Passionate and sensible leadership. That was the Secret of the growth of Singapore under Lee Kuan Yew.

Seun didn't invent the Internet. He used the internet to create this forum which is being patronized by Nigerians and foreigners, and can be a good alternative to other forums around the world. He actually used a foreign invention properly to reach his goal of creating wealth and making an impact. This was what I meant when I said that Nigerians don't need to invent.

If our government does one of the factors that I mentioned above, without the others, then we can never reach our full economic potential in Nigeria.

That even if Nigeria makes it past 2015. . .

Exactly thats my point If our government is serious with light,electricity,security and education
Infact i can guess by 2016 we can Overtake them

lol no big deal its number two now and people are still suffering lmfao

sjeezy8:

lol no big deal its number two now and people are still suffering lmfao

People are going to suffer no matter what. People still suffer in developing countries. The thing about development is that it takes time for majority of benefits to trickle down to majority of the population. Yes China was Asia's #2 economy years back and it still has hundreds of milions still in poverty, and now although it's the largest there are still millions in poverty but it has gotten better. You don't see the bright side about Nigeria becoming Africa's largest economy.

EzeUche:

That even if Nigeria makes it past 2015. . .

If the Nigerian people had attitudes like that then I don't think Nigeria would even make it past 2010 

laugh go kill me die, na so these government officials de commot for public tok say we will best the country by 2030 when they don't even have plans and a system to implement the so called statement that they make, who do u think we are, d aborigines?? abeg next time make una think before una come de disturb us with your so called visions wey no go ever materialize,

Typical!!

In everything positive, Nigeria will be blablabla....

In everything negative, Nigeria is blablabla.....

Story of my country. Smh.

Nigeria the Power house of Africa

Nigeria remains the giant of Africa.

We want an economy that we can live comfortable in. Not big economy filled with hopelessness.