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."


http://edition.cnn.com/2015/04/27/business/nigeria-gdp-1-trillion-2030/index.html

Why 2030 nah? Why not next year?

US only work on statistics and figure giving to them. All these figures are newspapers and media house figures. If u want real figure, do underground check and see for ursef the real figures u need to work with.
This govt has lied enough for us to believe in their cook up.
Source: PwC published NNPC Report.
hehehehehehehehe!

OK

We must gather chop dis money together niiiiiii

I don tire everyday our GDP dey grow na so poor people dey plenty for naija


Make baba GOD save us in the hand of APC&PDP so me self go chop inside dis money one day

good news but how does that translate to money in our pockets

...And they keep on misrepresenting figures. When will the west get it into their heads that Nigeria's GDP is $510 billion, not $469 bilion

satelliteDISH:
Why 2030 nah? Why not next year?

Your moniker says it all.

Someone made that happen. Now, if We could fixed our Electricity Problem, imagine what our GDP and employment rate will be. We are still grapling with Epileptic Power supply and we are Africa No1 Economy, just see what Nigeria will be if we are having 24/7 UNINTERRUPTED LIGHT.

Nigeria is destined for Greatness.
No wonder they called us Giant of Africa. But the Giant is just waking from her slumber. Imagine how dreadful the giant when she's FULLY awake and standing on its feet...