Nigeria Will Be Among Top 3 World Economies By 2050 —Britain

Britain has predicted that Nigeria may turn out to be one of the three biggest economies of the world by 2050.

The British High Commissioner in Nigeria, Mr. Paul Arkwright, made this disclosure on Monday in Lagos as part of activities to commemorate the 40th anniversary of the Nigerian British Chamber of Commerce, NBCC.

Speaking on the topic, “Nigeria-British Relations: The Next 100 Years”, Arkwright said the UK government was happy with the economic outlook of Nigeria.

He added that by virtue of the policies and investment habits of the current government of Nigeria, it was glaring that the country would no longer be dependent on aid to develop.

Arkwright said, “By 2050, Nigeria will be the third biggest country in the world as it will overtake the USA to join China and India as the three biggest countries.

“Second, Lagos, Africa’s fifth largest economy in 2016, will become more important in the coming years as African example of how to break down barriers to doing business and bring in foreign investment.”

Speaking further, Arkwright also predicted that in a few years, Lagos would become a major global economic centre, while Nigeria would emerge one of the three biggest countries in the world.

He also disclosed that the British Embassy had started special services.

According to him, visa applicants could get their visa on the same day or within five days of application.

The embassy also reduced the maximum turnaround time for all classes of visa application to 15 days.

“We have introduced a same day visa service – at a cost – for visas in Nigeria. We have also introduced a service that means you get a visa within five days, at a lower cost than the same day process.

‘’Our turnaround time for all other visas is 15 days. The key thing, however, is that all visitors to the UK, whether they are from Nigeria or anywhere else, must respect the law and the length of time their visa says they can stay in the UK,” the High Commissioner said.

“In 2016, around 140,000 Nigerians applied for visas to the UK. Of those that applied for student visas, 90 percent were successful.

‘’For those that applied for other visas, around 70 percent were successful. There are as many as 250,000 Nigerian nationals or dual Nigerian-British nationals living in the UK at the moment.

‘’Some claim the total Nigerian diaspora in the UK is well over a million. We want Nigerians to come to the UK. They come to do business, to study, to see family and to invest in our economy,’’ he added.