According to the U.S. Department of Agriculture, Nigeria is projected to have the largest economy at more than $1 trillion by 2030. See what other African nations are expected to make the top 10 list, reports CNN.
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With Nigeria just celebrating a peaceful hand over of power between President Goodluck Jonathan and the newly elected Muhammadu Buhari, Islamic militant group Boko Haram seemingly losing its claimed territory by the day, and already the largest GDP in Africa, the most-populous nation’s future looks especially bright.
Now the U.S. Department of Agriculture is saying that, according to their projections, in the next 15 years, Nigeria will continue its lead as the largest economy in Africa.
Between now and 2030, experts predict annual growth rates as high as 7.92 percent resulting in a GDP of $1.05 trillion.
Agriculture, which already makes up 24 percent of the nation’s GDP, is expected to lead Nigeria’s growth.
Global Chief Economist Charles Robertson explains, “A lot of Nigeria’s growth will come from agriculture and services are huge in Nigeria. Banking, retail, telecoms, and Nollywood has been an explosive growth story in past couple of years.”
Here is the full list of African nations– and their projected values — that are expected to share the distinction as the continent’s biggest economies by 2030:
1. Nigeria, $1.05 trillion
2. South Africa, $810.6 billion
3. Egypt, $471.5 billion
4. Algeria, $330.7 billion
5. Angola, $226 billion
6. Morocco, $184 billion
7. Libya, $128.2 billion
8. Ethiopia, $122.3 billion
9. Kenya, $107.5 billion
10. Ghana, $101.4 billion