Pathways for achieving a US$4 trillion economy in Nigeria

Abstract

Nigeria is at a crossroads, brimming with potential yet grappling with the complexities of its historical socioeconomic performance. Endowed with abundant human capital and vast economic resources, Nigeria's current position on critical socioeconomic indicators has not been impressive, compelling it to chart a transformative course towards a brighter future. This article paints a vivid picture of Nigeria's transformed and inclusive future. By 2035, Nigeria's economy is poised to rank among the top 15 global economies, boasting a Gross Domestic Product (GDP) of US$4 trillion and a per capita income of US$14,041.5, thereby propelling the country into the high-income category. To this end, the current paper presents three pathways for Nigeria to achieve economic transformation: economic diversification and sophistication, innovation and digital transformation, and sub-national economic integration strategies.