A report published by PricewaterhouseCoopers (PwC) projects that the Nigerian economy could rise to a top 10 world ranking in 2050. With a projected GDP of US$6.4 trillion, it may surpass Germany, the United Kingdom, France and Saudi Arabia. This is great news for the country considering the present state of the economy in the country that economists have blamed on the persistent low oil price. The report titled “Nigeria: Looking Beyond Oil” specifies that to achieve this great economic position and compete with Western world powers that have held historic strong world rankings, the economy must move beyond dependency on oil.
“To achieve this however, diversification from the economic over dependence on crude oil is required. Nigeria’s intrinsic potential lies beyond oil; harnessing this potential has become an imperative given the expectations of lower for longer oil prices.”
The report identifies Agriculture, Petroleum (Petrochemical and Refining), Retail, and ICT as the leading sectors that trigger growth in the overall economy. According to the report, while shifting from an oil-based economy to a non-oil economy to diversify will lead to a more sustainable economic outcome, the task is challenging, especially due to factors such as corruption, inadequate infrastructure, low skill levels, and macroeconomic uncertainty that have been identified as the greatest challenge that plaque business environment in Nigeria.