Nigeria to move up to 14th in world economies ranking 2050

Nigeria, alongside with Vietnam and Philippines could make the greatest moves up the world economies ranking in 2050 according to Temitope Oshikoya, CEO of Nextnomics.

According to him, Nigeria is expected to move up eight places to 14th ranking in 2050 from 22nd in 2016. Vietnam is to move up 12 places to 20th ranking in 2050 from 32nd in 2016, while Philippines will rise nine places to 19th in 2050 from 28th in 2016.

Oshikoya said this while delivering a keynote speech on ‘The new world Economic order: Imperative of a National Policy Rethink’, at the Bankers Nite organised by the Chartered Institute of Bankers of Nigeria (CIBN), Lagos Branch.

To achieve this height in 20150, he said Nigeria needs stable polity, demography, productivity, investment, industrial value chain, and trade with emerging economies.

Welcoming the guests who gathered at the Bankers Nite, Kola Abdul, CIBN Lagos branch chairman, said with signs coming from developed countries, protectionism is gradually replacing globalization. Nigeria must not be left in the lurch.

“We must reduce to the barest minimum our dependence on developed world and design strategies to make us grow from within”, Abdul said.

Segun Ajibola, President/Chairman of Council, CIBN, said “Today our world is undergoing an even more dramatic transition due to the confluence of four fundamental disruptive forces – urbanization, accelerating technological change, aging world and greater global connections. Any of these would rank among the greatest changes the global economy has ever seen. The authors estimated that this change is happening ten times faster than the Industrial Revolution and at 300 times the scale, or roughly 3,000 times the impact”.

Ajibola said a rethink of the mechanisms for national policies development and implementation is therefore critical for achieving Nigerias aspiration for sustained inclusive growth as enshrined in the country’s Growth Plan.

Speaking at the event, Victoria Haastrup, and the executive Vice Chairman, ENL Consortium Limited, said Nigeria needs to invest in research and development.

 

HOPE MOSES-ASHIKE