PricewaterhouseCoopers (PwC) has identified and ranked the 32 countries in 2050 that will be the locomotives of the global economy in its latest report on the global economy. According to this ranking, by 2050 Nigeria will be the 14th most powerful economy in the world. It will be followed by Egypt (15th). South Africa will be the 3rd African country of this leading group, in 27th place.
The report titled “The long view: how will the global economic order change by 2050?” Classifies countries according to their gross domestic product at parity of power. (PPA). The PPP is a currency conversion rate that expresses in a common unit the purchasing power of the different currencies. It determines the amount of money needed in different countries to obtain the same type of goods or services.
The PwC paper therefore shows that Nigeria has the potential to become the most dynamic African economy and to move from 22nd place to 14th in 2050 with an annual growth rate of 4 per cent in the long term. However, this will only be possible if the country succeeds in improving its tax collection, diversifying its economy, reducing corruption, creating an enabling business environment and increasing productivity. The growth of the country will be mainly driven by its demographic growth and hence its labor force.