Economy Ranking: Nigeria To Overtake UK, Germany, Egypt, India

Can you imagine Nigeria overtaking advanced countries like the United Kingdom, Germany, Egypt and India in largest economy ranking?

But that is the projection from a globally renowned economic rating agency, Goldman Sachs.

Though several economists and development agencies have regularly usually picked out Nigeria for a mention when referring to economies of promise, the idea of outpacing giants like her colonial master, Britain, Germany and Egypt for that matter, have seemed far-fetched until this time.

While asserting same more pointedly, Goldman Sachs adds however that it would take the leading African economy 2075 to achieve the feat, a report accessed from The Nation has said, quoting the agency

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The economy ranking referred to Nigeria’s Gross Domestic Product (GDP) of $13.1 trillion, young and vibrant population, as well as rapid growth of key sectors like agriculture, energy, and technology, as main drivers of the enviable economic rise that the country would achieve.

According to the report, “25 Largest Economies in the World by 2075,” the current administration of President Bola Tinubu’s focus on such areas as education, skills development, and infrastructure upgrades has laid a solid foundation for sustainable economic growth.

It also mentioned “Sound policies”, that have led to the inflow of investment, establishment of consumer credit, and implementing sound monetary and fiscal measures were also propelling Nigeria towards economic growth.

Globally however, it is China that the report picked for the number slot in economy ranking.

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Beijing is projected to outpace the United States of America (USA) becoming the world’s leading economy by 2050, expected to maintain the position until 2075.

India, which like China is also in the BRICS economic block, India,is projected to the second spot, followed closely by the United States and Indonesia in third and fourth place respectively.