Nigeria has the potential to be the fastest growing large African economy, with a projected annual GDP growth rate of 4.2% in the period 2016-2050. This will push it up the GDP rankings to become the 14th largest economy in the world by 2050, according to IMF and PwC estimates.
The population, currently around 189 million, is expected to double over the next 30 years, at a population growth rate averaging around 2.3% a year. For what has been a young country, Nigeria is now entering a period of strong growth in the working age population.
Economists believe that by diversifying from the oil sector, Nigeria is set to see growth in a large consumer market.