By Gilbert Alasa.
For those who seem to have given up on the fate of Nigerian economy, recent insights show there could be more to cheer about. The nation’s economy has been projected to rise to $6.4 trillion by 2050 to the ninth position among the world’s leading economies with policies and programmes aimed at diversifying the economy from over-dependence on crude oil, PriceWaterhouseCoopers has revealed.
PwC’s report showed that the country’s economy could possibly surpass that of UK, Germany, Saudi Arabia and France before 2050.
In the report, the global audit firm noted that Nigeria’s total agriculture exports could take-off at a rate similar to Brazil’s, with about $59 billion in export revenues by 2030.
“Nigeria’s intrinsic potential lies beyond oil and harnessing this potential has become an imperative given the expectations of lower for longer oil prices and heightened competition in the oil market,” the firm stated.
“Forward linkages to agro-processing and other services such as logistics as well as backward integration to input supply sectors could improve farm incomes, increase employment and improve domestic food security,” the report noted.
Country and Regional Senior Partner for PwC Nigeria, Uyi Akpata, added that consumer spending remained the largest driver of the economy, which accounts for a whopping 70 per cent of gross domestic product.
This, Uyi says, is expected to drive the retail sector growth, more so as Nigeria’s population continues to witness sustained growth, with household consumption expenditure projected to reach $1.1 trillion by 2030, from $317billion in 2014, about compound annual growth rate, CAGR of nine per cent through 2030.
Nigeria’s economy is currently on a decline following the global oil glut and a falling currency that, despite the barrage of administrative and fiscal policies introduced by the Central Bank of Nigeria to stabilise the exchange rate has yet to find its path to recovery.
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