David O. Kuranga, Ph.D.
The author is the Managing Director and Principal of Kuranga and Associates Global Consultancy, a political and economic risk management firm that specializes in Africa. He is also the author of The Power of Interdependence with Palgrave Macmillan Press.
Nigeria is currently on record as Africa’s second-largest economy, and one of the fastest growing economies on the continent and in the world. However, it is only a matter of a year or two before Nigeria becomes Africa’s largest economy. Presently it is roughly equal to South Africa. Nigeria is expected to rebase its economy in 2012 in order to provide an accurate measure of its actual size. When neighbouring Ghana rebased its economy in 2010 it was found to be 60% larger than had previously estimated jumping from USD 18 to USD 31 billion. Nigeria is expected to have a similar jump once the rebase is completed this year. Rebasing adds different weighting on sectors that have changed over the last 30 years. In Nigeria the telecommunications industry, banking industry, and real estate and infrastructure sectors will receive different weights due to the growth in these sectors over the last few decades. According to Renaissance Capital, Nigeria could eclipse South Africa by 2014 and is presently likely to be roughly equal in size already at over USD 400 billion. According to projections by Price Waterhouse Coopers, Nigeria not only will be the largest African Economy in the next few years but will also eclipse major European Economies like Italy and Spain by 2050 and become one of the top 20 largest economies in the world.
Kuranga and Associates Global Consultancy is a political and economic risk management firm with a principle practice area of Africa. To learn more about Kuranga and Associates go to www.kaglobal.net. © Copyright 2012 David Kuranga. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
David O. Kuranga; Ph.D.
Managing Director
Kuranga & Associates Global Consultancy
Phone: 212.363.0936
david.kuranga@kaglobal.net
https://kurangaandassociates.wordpress.com/ http://us.macmillan.com/thepowerofinterdependence/DavidOladipupoKuranga
kaglobal.net 