Nigeria Seen by McKinsey in World’s Top 20 Economies by 2030

Nigeria has the potential to be one of the world’s top 20 economies by 2030 with a consumer base exceeding the current populations of France and Germany, according to McKinsey & Co.

Africa’s biggest economy may expand about 7.1 percent a year through 2030, boosting gross domestic product to $1.6 trillion, possibly pushing it above Netherlands, Thailand and Malaysia, the New York-based company said in a report today. About 60 percent of Nigeria’s estimated population of 273 million by then may live in households earning more than $7,500 a year, fueling a consumer boom, McKinsey said.

“Nigeria has a very positive outlook,” Acha Leke, co-author of the report, said in an interview with BloombergTV Africa in Johannesburg. “The most important thing that needs to be done to get it there is execution” of government policies.

As Africa’s largest oil producer with a population of about 170 million, Nigeria has consistently posted annual growth rates in excess of 4 percent over the past decade. That’s spurred foreign investors such as Unilever Plc (ULVR), Nestle SA (NESN) and Shoprite Holdings Ltd. (SHP) to expand operations.

Based on McKinsey’s growth estimates for the economy, annual sales in consumer goods could more than triple to $1.4 trillion by 2030 from $388 billion currently, it said.


PUBLISHED BY BLOOMBERG NIGERIA

jbhworldwide: Nigeria Seen by McKinsey in World’s Top 20 Economies by 2030

Nigeria has the potential to be one of the world’s top 20 economies by 2030 with a consumer base exceeding the current populations of France and Germany, according to McKinsey & Co.

Africa’s biggest economy may expand about 7.1 percent a year through 2030, boosting gross domestic product to $1.6 trillion, possibly pushing it above Netherlands, Thailand and Malaysia, the New York-based company said in a report today. About 60 percent of Nigeria’s estimated population of 273 million by then may live in households earning more than $7,500 a year, fueling a consumer boom, McKinsey said.

“Nigeria has a very positive outlook,” Acha Leke, co-author of the report, said in an interview with BloombergTV Africa in Johannesburg. “The most important thing that needs to be done to get it there is execution” of government policies.

As Africa’s largest oil producer with a population of about 170 million, Nigeria has consistently posted annual growth rates in excess of 4 percent over the past decade. That’s spurred foreign investors such as Unilever Plc (ULVR), Nestle SA (NESN) and Shoprite Holdings Ltd. (SHP) to expand operations.

Based on McKinsey’s growth estimates for the economy, annual sales in consumer goods could more than triple to $1.4 trillion by 2030 from $388 billion currently, it said.


PUBLISHED BY BLOOMBERG NIGERIA

NIGERIA-AMERICA BUSINESS INVESTMENT SUMMIT
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