Nigeria is on track to become one of the five largest economies in the world by 2075, according to a new long-term forecast from global investment bank Goldman Sachs.
The projection, published in a report titled “The Path to 2075—Slower Global Growth, But Convergence Remains Intact”, was highlighted on Friday by The Spectator Index. The report places Nigeria in fifth position globally by economic size, with an estimated Gross Domestic Product (GDP) of $13.1 trillion.
Only China ($57 trillion), India ($52.5 trillion), the United States ($51.5 trillion), and Indonesia ($13.7 trillion) are projected to have larger economies by that year.
Currently, Nigeria’s economy is valued at approximately $568 billion, based on National Bureau of Statistics (NBS) data for the end of 2024. The fourth quarter of the year saw a real GDP growth of 3.84 percent, with projections placing 2025 GDP at around $585.9 billion.
The Goldman Sachs report suggests that, despite Nigeria’s current economic constraints, long-term convergence trends—particularly population growth, urbanisation, and increased productivity—could drive the country into the global economic elite by the end of the century.
The ambitious projection comes as President Bola Tinubu’s administration targets a $1 trillion economy by 2030. However, several financial analysts have expressed skepticism about this short-term goal, citing Nigeria’s modest growth rate, currently projected at 3.2 percent annually.
Nonetheless, the long-term outlook remains bullish. Nigeria, as Africa’s most populous nation, holds significant potential in terms of demographic strength, natural resources, and untapped sectors—factors likely considered in Goldman Sachs’ far-reaching forecast.
While 2075 is still five decades away, the new data reinforces the importance of sustained policy reforms, infrastructure development, and private-sector investment to translate potential into lasting economic dominance.
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