Nigeria could emerge as one of the five largest economies globally by the year 2075, according to a long-term economic projection.
The forecast, based on findings from a Goldman Sachs report titled “The Path to 2075—Slower Global Growth, but Convergence Remains Intact,” was highlighted by The Spectator Index in a social media post on Friday.
The report anticipates Nigeria’s economy will expand significantly over the next five decades, reaching an estimated value of $13.1 trillion by 2075.
In the global ranking, Nigeria is projected to follow behind China ($57 trillion), India ($52.5 trillion), the United States ($51.5 trillion), and Indonesia ($13.7 trillion).
According to the National Bureau of Statistics, Nigeria’s Gross Domestic Product saw a 3.84 percent growth in the fourth quarter of 2024. For the full year, the economy is expected to close at around $568 billion in real GDP terms, with projections for 2025 placing it at approximately $585.9 billion.
The projection comes amid President Bola Tinubu’s administration’s goal of growing the economy to $1 trillion by 2030.
However, some financial analysts have raised concerns about the feasibility of that target, noting that, “when the country’s projected GDP growth rate is 3.2 percent,” achieving such a milestone may be challenging