The Chief Executive Officer of Financial Derivatives Company, Bismarck Rewane, has projected that Nigeria’s economy could expand to $600bn by 2030, driven by increased private-sector investment and the multiplier effect of large industrial projects such as the Dangote Petroleum Refinery.
Rewane said the refinery could serve as a major growth pole for the economy, stimulating investment, manufacturing and exports while strengthening the naira and improving Nigeria’s foreign exchange reserves.
He spoke in Abuja during an investor roadshow ahead of the planned initial public offering of the 700,000-barrel-per-day Dangote Refinery and Petrochemicals.
According to a presentation by the economist, Nigeria’s nominal Gross Domestic Product could rise from a 2025 baseline of $278bn to $600bn by 2030, while annual real GDP growth could accelerate from four per cent to between seven and eight per cent.
The projection assumes inflation moderates from 15 per cent to between eight and 10 per cent, non-oil GDP growth rises from between four and five per cent to between seven and eight per cent, and oil production increases from 1.5 million barrels per day to 2.2 million bpd.
