Nigeria has the potential to expand its economy by roughly 7.1 percent per year through 2030, raising GDP to more than $1.6 trillion, says research and consultancy firm McKinsey, in a new report released today.
This could make Nigeria a top-20 global economy—with higher GDP than the Netherlands, Thailand, or Malaysia in 2030.
There is a large consuming class developing in Nigeria, with potentially as many as 160 million members by 2030, more than the current populations of France and Germany combined.
Based on an expanding consumer class in Nigeria, McKinsey projects that consumption could more than triple, rising from $388 billion a year today to $1.4 trillion a year in 2030, an annual increase of about 8 percent.
(See full report in today’s edition of BusinessDay).
PATRRICK ATUANYA & ODINAKA ANUDU
