Nigeria Projected Among Top 20 Economies In The World By 2050 - BBC - 9jaflaver





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Nigeria Projected Among Top 20 Economies In The World By 2050 – BBC



Brexit, coronavirus, and trade tiffs may be making economic headwinds, but despite immediate challenges, the world economy is projected to keep growing at a rapid pace over the next few decades. In fact, by 2050, the global market is projected to double its current size, even as the UN forecasts the world’s population will only grow by a modest 26%.

Though it can be challenging to predict exactly how the future will unfold, most economists agree on one thing: today’s developing markets will be tomorrow’s economic superpowers.

According to The World in 2050 report by international professional services firm PwC, in 30 years, six of the seven of the world’s largest economies will be today’s emerging economies, surpassing the US (dropping from 2nd to 3rd), Japan (dropping from 4th to 8th) and Germany (dropping from 5th to 9th). Even relatively smaller economies like Vietnam, the Philippines and Nigeria will see huge leaps in their respective rankings over the next three decades, according to the report.

We spoke to residents living in five countries with hyper-growth potential to find out how they’re navigating the rapid changes already occurring, what benefits come with living in these places and the challenges they face as their countries climb the rankings.

Nigeria

One of Africa’s largest economies, Nigeria is poised to grow by leaps and bounds by 2050, at an average of 4.2% year-on-year, rising eight places from 22nd to 14thin the rankings. While the government has struggled with corruption, residents have an entrepreneurial attitude that keeps pushing the country forward. According to Global Entrepreneurship Monitor data, more than 30% of Nigerian residents are new entrepreneurs or the owner-manager of a new business, among the highest rate in the world.

“There is a ‘hustle and bustle’ culture in the air,” said Nigerian native Colette Otusheso, CEO of Accelerate TV, who lives in Lagos. “Nigerians are hard workers and it almost comes naturally for us to be working on several things at once, which means there is always something going on.”

Even the country’s challenges, like minimal public transportation, have segued into business opportunities. “We now have an app very similar to Uber for okadas (motorbike transport), which is the most used form of transport in Nigeria but in the past has not been very reliable,” said Otusheso. “Now we can track okada drivers and locations just as you do for transport and deliveries with Uber.”

Residents mostly feel positive about the county’s future but are wary of government corruption and foreign investment. “We need to be careful what country we take money from, who we allow to help us improve our infrastructure and what strings are attached to it,” said Nigerian native Chizoba Anyaoha, Founder of TravSolo, noting their history of other nations taking advantage of their natural resources and raw materials.

Newcomers should settle in Lagos or Abuja, both big cities with good schools and great nightlife and food. Just like any big city, street smarts are key. “The best way to acclimate here is to know someone currently living here you trust,” said Anyaoha. “It is quite easy to identify expats, making them easy targets. Keep a low profile, take precautions, always be aware of your surroundings and the people in it.”








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