These projections are just a joke.Some of those countries should not be on that list,especially Nigeria. It is a country crippled by poor governance and rampant corruption.Nigerias economy is heavily reliant on crude oil with nothing else of note in terms of production or export. This is while countries in the first world are now starting to ditch fossil fuels for renewable energy, with mass production of electric cars.
It will require a miracle for Nigeria to overtake developed economies such as France,UK or S. korea.
That miracle is called the internet. Unlike in the past when information was hard to find, if Nigeria’s internet penetration reaches significant levels and the cost goes down, the sky is the limit. Right now, you have the same access to information as a person in the USA. 30 years is a long time. A little information goes a long way.
Any country that rely on oil as the primary source of income is surely ferked by 2050. In fact by 2030, most cars will be totally green. For large industries, definitely nuclear. Ata mimi in 10yrs time siwezi drive takataka ya fossils.
Nigeria is a true and certified Shithole. they have the 2nd highest mobile penetration just behind Kenya. Their budget is about $30 billion for a country with a GDP of $400 billion just the same as our own. They are a net food importer for a country of 180 million people. When cars start becoming electric, Nigeria might experience another civil war.
Go back 30yrs and replace the word “Nigeria” with “China”. Nigeria may have bad governance and corruption but so did china back then. And china is also still quite corrupt today. Also, forget about bad governance. The chinese were using a system of government that we now know is unworkable i.e communism. Who would have dreamed that a nation of poor communist peasant farmers who had just been through some terrible famines would be able to have an economy second to the united states today and on course to overtake them?
Also, remember that these advanced economies I.e uk, japan, germany have a serious demographic problem in that they are aging too fast while Nigeria’s population is much younger. And then we are in the digital age which is an age that allows a large proportion of people to better compete in the global economy because of the instant availability of communication. Also, notice the biggest economies by then will be china and india, two countries with very large populations. Nigeria is the most populous country in Africa.
China went through three bloody revolutions to get to where it is right now.
And even in that time it was led by visionaries- Mao Tse Tung and Den Xiaoping who weren’t interested in the sort of megalomania that every Nigerian leader that followed Nnamdi Azikiwe has engaged in.
The only similarity Nigeria has to China is a massive population relative to country. In every other aspect it is in the Stone age and by 2050 may have ceased to exist once the world stops reliance on fossil fuel
The only way Nigeria can achieve those projected economic numbers is through smart governance. Leaders make or break a country.The future for Nigeria is not so rosy going by their choice of leaders. If they continue recycling washed up political figures like Buhari they will continue sitting on potential without any real progress.
When they coined the phrase “communism with chinese characteristics”.
China is communist only in name. Infact, it has been acused of practicing state capitalism.
When Deng came to power, he was part of a political clique within the communist party that believed major changes were needed to the country as communism seemed unable to cope with the countries poverty. He famously said “It doesnt matter whether a cat is black or white, as long as it catches mice”. Meaning it doesnt matter whether you are communist or capitalist, as long as you create wealth for the people.