Nigeria will be 15th largest economy by 2050, says economist

Abuja – Mr Jim O'Neill, a former
Chairman, Goldman Sachs Asset
Management, a consulting firm, said
Nigeria could be the world's15th largest
economy if its large population actively
participated in economic development.
O'Neill made the prediction at the
ongoing 20th Nigerian Economic Summit
in Abuja on Thursday.
The theme of the summit is
"Transforming Education through
Partnerships for Global Competitiveness".
He said that events in Brazil, India, Russia
and China known as "Bricks Nations" had
shown that with their large populations,
they could engage the world.

Some of the made in Nigeria goods
He said that economic growth was driven
over a long term by population and
productivity.
O'Neill said that with all available indices,
Nigeria had already been listed among
the expected 15 largest economies by
2050.
"What you are seeing today is the list of
the 15 largest economies by 2050 and
Nigeria is there. This means that Nigeria
can be the 15th largest economy by
2050.
"You have one ingredient in a very
substantial way; you have a large and
young population that is outstanding
significantly," he said.
According to him, if the population is
properly harnessed, Nigeria will make it
to be the 15th largest economy by 2050.
The management consultant, therefore,
urged the Federal Government to ensure
that all the strategies it had put in place
to drive the economy were implemented.
He said that the Growth Environment
Score (GES) had indicated that the largest
economies in the world also had large
population growth.
He noted that the countries that formed
11 largest economies in the world
contributed 70 per cent of the world
population.
"So, if the 15 countries can do the right
things and improve productivity, the
world will be diversified and be better.
"There are various variables to help them
and education is one of them,'' he said.
O'Neill also charged the government to
strive to improve power supply in the
country, adding that the country should
emulate South Korea, which shared
similar indicators with it.
"Today, South Korea has the wealth of a
level which is very similar to the so-called
G-7 developed nations.
"They are the only large population which
has made that change in my life time.
"So, where they did well, you can
emulate, harness and develop your
society along those lines and you will get
to be where they are today," he said.
He said that the Korean situation was
possible in Nigeria because the country
had more than two times Korea's
population, adding that by 2050 Nigeria
would be six times more and wealthier
than South Korea.
He noted that no fewer than 45 million
people in South Korea had access to
modern technology which they used in
helping the growth of the country's
economy.
"If 170 million population of Nigeria is
given that tradition, especially the young
people, it is a huge change influence, and
the second aspect is power.''
O'Neill called for more trade among
neighboring countries in Africa in order to
improve economic activities in the region.
According to him, if Nigeria can trade with
other African nation, it will be more self-
fulfilling.
He added that "everything else is
education; get all your young people into
proper education to give them chance to
develop their skills to contribute to
growth and development of the economy.
"This may determine if you will be the
15th largest economy in the world by
2050.'' (NAN)