According to a World Bank, Goldman Sachs study, carried out by PwC audit group, Nigeria’s economy will move up from its current 39th placing in the world to 13th in 2050, if projections go as expected.
According to report, Nigeria, under President Godluck Jonathan’s administration has a Gross Domestic Product (GDP) growth rate of about 4.5 to 5.5% and at that rate would overtake the UK (2.3 to 1.8%), Malaysia (4%) and China (3.5%).
PwC’s chief economist, John Hawksworth said: “Europe needs to up its game if it’s not to be left behind by this historic shift of global economic power, which is moving us back to the kind of Asian-led world economy last seen before the Industrial Revolution. The US may hold up better, provided it can remain at the global technological frontier, and the UK could also perform well by G7 standards if it remains open to trade, investment, people and ideas.”
