EU ambassador forecasts that Nigeria will become the world's third largest economy by 2050

NIGERIA is poised to become the world's third largest economy by 2050 according to the European Union's (EU) ambassador to the Economic Community of West African States (Ecowas) Michel Arrion.

Speaking during a working visit to the Nigerian Chamber of Commerce, Industry, Mines and Agriculture (Naccima) secretariat in Lagos, Mr Arrion said that Nigeria remained one of the biggest markets in the world with the potential for exports. Accompanied on the visit by Filipo Amato, the head of the EU's trade and economic section, Mr Arrion added that Nigeria, however, needs to engage in business partnerships to achieve this goal.

Mr Arrion said: “Nigeria is paradoxical and it is one of the richest markets in the world. Because private sector contributes a bulk to income generation and distribution, Nigeria will be the third largest world economy in 2050.

"The country has the potentials to attract foreign investment and the private sector provides the jobs. We are here in Nigeria for joint actions in various domains, like advocacy in form of partnership agreement and coordination in policy engagement and integration.

"We are also here in Nigeria to work on regional integration process, both political and economy. Nigeria is the diplomatic hub of Africa. So, if Nigeria is committed ECOWAS will succeed.”

In her own welcome address, the Naccima president Alaba Lawson, commended the efforts of the EU for promoting regional integration. She added that this was done across West Africa in collaboration with the World Bank and the Ecowas Commission to improve the business and investment climate across the sub-region.

Ms Lawson added: “Your visit to our secretariat today is strategic, considering the resolve of the association to transform our country’s trading processes through the issuance of Electronic Certificate of Origin, which is aimed at facilitating the delivery of goods from Nigeria. We believe your visit today would help to provide more insight into how we can improve upon our services in this regards to further promote and protect trade.”

Earlier this year, Paul Arkwright, the British high commissioner to Nigeria made the same prediction,  pointing out that by 2050, Nigeria will overtake the USA to join China and India as the three biggest economies in the world. He added that Lagos, Africa’s fifth largest economy, will become more important in the coming years as an African example of how to break down barriers to doing business and bring in foreign investment.