In
another prediction of good fortunes and betters days for Nigerian, PriceWaterhouseCoopers
(PWC) said Nigerian economy will experience substantial growth come 2030. PWC
in a forecast document released recently predicted that Nigerian economy will enjoy robust growth that
will make it outgrow France and United Kingdom by 2030.
“The emerging economies of Nigeria, Indonesia
and Mexico could push the UK and France out of the top ten ranking of economies
by 2030” The renowned accounting consultancy firm predicted.
Philippines,
Vietnam and Malaysia were also tipped in the report for notable growth while
Poland and Columbia will have better growth prospects than Brazil.
These
good fortunes for Nigeria and others are contained in a report titled: The
World in 2050: Will the Shift in Global Economy Power Continue?
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Buttressing
the facts in the economic forecast document, Andrew Nevin, the PWC Chief
Economist for Nigeria and Co-author of the report warned that there are hurdles
to be crossed by the countries to meet the prediction targets.
The firm hinged economic growth in
Nigeria and other countries mentioned in the report to the building of world
class (standards) institutions, diversify their economies and sustained
growth-friendly policies.
While focusing on Nigeria’s potentials
for substantial growth, Nevin highlighted that Nigeria’s potential advantages
for future growth include; a large consumer market, a strategic geographical
location and a young as well as highly enterprising population.
He warned that drop in oil price
can thwart this possibility resulting in pressure on fiscal policy
difficulties. Nigeria, he said, “will need to manage effectively the drop in
oil price at all levels of governance as well as create a sustainable platform that
engender and promote sectoral diversification within Nigerian economy.
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