After making headlines for overtaking South Africa to become the largest economy in Africa, Nigeria is expected to make another global economic impact in the coming decades.
Global financial rating firm Moody's has predicted that Nigeria's current GDP of $510 billion will experience a surge of exponential growth.
“With a population of 170 million and oil reserves estimated at around 37.2 trillion barrels (or roughly 28 percent of total African reserves), Nigeria is likely to number among the world’s 15 largest economies by 2050 when GDP is projected to exceed $4.5 trillion in purchasing power parity terms,” said Aurelien Mali, VP-senior analyst, Moody’s.
“From a credit standpoint, the revised GDP estimates allow a better understanding of the Nigerian economy and its underlying resilience.”
Recent growth has already placed Nigeria's ranking among global economies from 36th place to 28th place. Currently, the West African country, which is Africa's largest oil producer and most populous country, has an economy almost as large as that of Netherlands.
According to Ventures Africa, the latest GDP reveals greater diversity with the economy, featuring major contributions form a variety of sectors including entertainment and telecommunication, which were previously marginal factors to the GDP.
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(Photo: Akintunde Akinleye / Reuters)