Business Nigeria Among Top 20 Economies by 2030- Report

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LequteMan

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A new report released yesterday by the #McKinsey Global Institute MGI projected #Nigeria’s economy to expand by about 7.1 percent annually through 2030 making it one of top 20 economies of the world.

The business and economics research arm of McKinsey & Company titled the report, “Nigeria’s renewal: Delivering inclusive growth in Africa’s largest economy”.

It said potentially, Nigeria’s GDP could increase to more than $1.6 trillion, making it a top-20 global economy with higher GDP than the Netherlands, Thailand, or Malaysia in 2030 adding that the country’s consumer class could number 160 million people by 2030, and 70 million citizens could be lifted out of poverty.

MGI said that Nigeria being Africa’s most populous country and the largest economy, it is mostly misunderstood outside the region and its rapid economic development been overshadowed by global coverage of recent terrorism incidents but with the right reforms and investments, Nigeria can become one of the world’s leading economies by 2030.

In a statement by the director and location manager of McKinsey’s Nigeria office, Reinaldo Fiorini, said that “Nigeria has extraordinary advantages for future growth, including a large consumer market, a strategic geographic location, and a young and highly entrepreneurial population.”
 
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