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Nigeria Set To Become First African Economy With $1tr by BigBelleControl(m): 4:44pm On Apr 27, 2015 |
(CNN)— 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." edition.cnn.com/2015/04/27/business/nigeria-gdp-1-trillion-2030/index.html |
Re: Nigeria Set To Become First African Economy With $1tr by sammyj: 4:52pm On Apr 27, 2015 |
Story for the gods, biggest consuming economy and not biggest producing economy like china and US. We are not fools and can not be fooled by this current administration again !!! 1 Like |
Re: Nigeria Set To Become First African Economy With $1tr by BigBelleControl(m): 4:59pm On Apr 27, 2015 |
sammyj:The current administration has done well in the area of agricultural development. The incoming government need to consolidate on it, diversify the economy, reduce corruption, improve electricity supply and start refining our crude oil locally. If these are done, we will even surpass the above projections in no time. |
Re: Nigeria Set To Become First African Economy With $1tr by Trut(m): 5:02pm On Apr 27, 2015 |
That's the good work of GEJ, he transformed Nigeria economy. |
Re: Nigeria Set To Become First African Economy With $1tr by Sweetguy25: 5:22pm On Apr 27, 2015 |
Won't happen under Buhari. |
Re: Nigeria Set To Become First African Economy With $1tr by socialmediaman: 5:22pm On Apr 27, 2015 |
Actually, those growth statistics will be adjusted by the end of 2015, I see Nigeria growing more than 10 to 12% under the incoming government of GMB especially when leaks are sealed at the oil industry, FIRS and Customs, plus with higher investment in the Agric, transport and construction industries. 1 Like |
Re: Nigeria Set To Become First African Economy With $1tr by SLIDEwaxie(m): 6:13pm On Apr 27, 2015 |
Standard of living..... 0% Masses.....poor Economy..... Large It is an incoherent factor that is coherently nonsensical |
Re: Nigeria Set To Become First African Economy With $1tr by SkyBlue1: 6:16pm On Apr 27, 2015 |
Once power and security are fixed that figure can easily be beaten. |
Re: Nigeria Set To Become First African Economy With $1tr by Sweetguy25: 6:17pm On Apr 27, 2015 |
Nigerians and delusion. Some countries have power and security but with a GDP of less than 500 billion dollars. |
Re: Nigeria Set To Become First African Economy With $1tr by SkyBlue1: 6:21pm On Apr 27, 2015 |
Sweetguy25: And those are the ones you would want to compare yourself with, what a retrogressive bunch you lot are. State the population of those countries and the sort of resources they have, then tell us why we should be using them as the benchmark and not countries like Brazil or Indonesia or Singapore? Elections have come and gone and progress is here to stay, get over it already, what a child . . . |
Re: Nigeria Set To Become First African Economy With $1tr by Nobody: 6:36pm On Apr 27, 2015 |
I pity Nigerians if buhari enter our economy will fall...... The feeling that a cattle rearer will be ruling Nigeria when there are many educated nd qualified people for the job |
Re: Nigeria Set To Become First African Economy With $1tr by Sweetguy25: 6:42pm On Apr 27, 2015 |
SkyBlue1: You should compare yourself with your mates and not with countries more advanced than you by every standard. Population doesn't mean shIt if almost half of the population are illiterates with poor standards of living and human development. I never said progress won't be made. We will make progress but it will be so slow that it will seem negligible. |
Re: Nigeria Set To Become First African Economy With $1tr by Nobody: 6:56pm On Apr 27, 2015 |
Ok remove the missing 20bn dollars from this amount...980bn dollars |
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