Nigeria has been projected to be among the top five biggest economies in the world by 2075.

The Spectator Index disclosed in a post on Friday, quoting a Goldman Sachs’ document titled ‘The Path to 2075—Slower global growth, but convergence remains intact’.

According to the news platform, Nigeria’s economy is estimated to reach $13.1 trillion by 2075.

The report showed that Nigeria followed China ($57 trillion), India ($52.5 trillion), the United States of America ($51.5 trillion), and Indonesia ($13.7 trillion) in projected world’s biggest economies by 2075.

Data from the National Bureau of Statistics showed that Nigeria’s Gross Domestic Product grew by 3.84 percent in the fourth quarter of 2024. The country’s GDP is estimated to be $568 billion at the end of 2024 in real GDP terms.

Africa’s most populous nation is expected to reach a GDP estimate that could be $585.9 billion.

The development comes as the President Bola Tinubu administration projects a $1 trillion economy by 2030.

Meanwhile, financial analysts had expressed doubts over the possibility of Nigeria achieving a $1 trillion economy by 2030 when the country’s projected GDP growth rate is 3.2 percent.

Oando, Dangote Sugar and other stocks have propelled Nigerian Exchange Limited, known as the Nigerian Stock Market, to a significant N1.185 trillion single-day gain.

Accordingly, NGX market capitalisation increased by 1.57 percent to reach N76.761 trillion, up from N75.576 trillion recorded on Tuesday.

Similarly, the All-Share Index (ASI) rose by 1,466.87 points, or 1.22 percent, settling at 121,257.69 from its previous close of 119,790.82.

Other stocks that fueled the bullish run on Wednesday are Cileasing, Champion Breweries, and 59 other stocks.

Consequently, Ekwutosblog reports that market breadth closed positive, with 63 gainers and 17 losers.

On the gainers’ table, Dangote Sugar rose by 10 percent, closing at N48.40, while Oando Plc also increased by 10 percent, settling at N68.75 per share. Then, Cileasing grew by 9.98 percent, finishing at N5.18, and Champion Breweries soared by 9.98 percent, ending the session at N10.91 per share.

Also, Computer Warehouse Group gained by 9.95 percent, closing at N11.60 per share.

Meanwhile, conversely, University Press dropped by 6.25 percent, finishing at N6.00, while RT Briscoe fell by 6.12 percent, closing at N2.30 per share.

Multiverse Mining declined by 4.89 percent, settling at N8.75, and Meyer shed 4.69 percent, ending the session at N9.15 per share.

In another level of analysis, a total of 861.67 million shares worth N26.18 billion were exchanged across 22,896 transactions.

This is compared to 868.68 million shares worth N23.71 billion that were traded across 22,207 transactions earlier.

Market data showed that transactions in the shares of Fidelity Bank topped the activity chart with 82.98 million shares worth N1.66 billion. Accordingly, Caverton Offshore Support Group followed with 64.18 million shares valued at N319.69 million, while Zenith Bank transacted 60.62 million shares worth N3.45 billion.

Also, Ja Paul Gold traded 56.26 million shares valued at N115.35 million, and Access Corporation sold 48.59 million shares worth N1.12 billion.

The naira continued depreciation against the dollar at the official foreign exchange market on Wednesday.

The Central Bank of Nigeria exchange rate data on Wednesday showed that the Naira weakened slightly to N1,549.26 on Wednesday from N1,549.04.

This means that the Naira marginally dropped by N0.22 against the dollar on Wednesday.

Ekwutosblog reports that this is the third time Naira has recorded depreciation against the dollar this week.

Meanwhile, at the Naira black market, the Naira gained N5 on Wednesday to close at N1,590 per dollar, up from N1,595 the previous day.

This showed that the naira ended Wednesday with sentiments at both foreign exchange markets.

Recall that on Monday and Tuesday this week, the Naira depreciated at the official market but has remained relatively stable at the black market.