The International Monetary Fund has predicted that Nigeria’s economy will reach $1.85tn by 2029, in Purchasing Power Parity terms.
The projection suggests a significant growth trajectory for the country’s economy over the next five years.
According to the IMF data, Nigeria’s Gross Domestic Product in PPP terms has been steadily increasing, from $1.36tn in 2023 to $1.852tn in 2029.
GDP is the most commonly used single measure of a country’s overall economic activity. PPP is a theory that relates changes in exchange rates to changes in price levels between countries, allowing for more accurate international comparisons of economic data.
The data shows a consistent growth trend, with a notable increase of 5.5 per cent expected in 2029.
The Fund also predicted Nigeria’s share of global GDP based on PPP to reach 0.78 per cent by 2029.
This represents a slight increase from 0.77 per cent in 2023, indicating a steady growth trajectory for the country’s economy.
The data suggests that Nigeria’s economy is gradually expanding, albeit slowly, and is expected to continue this trend over the next five years.
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The country’s share of global GDP has remained relatively stable, fluctuating between 0.775 per cent and 0.778 per cent from 2024 to 2028.
Economists believe that this positive outlook is a testament to the country’s efforts to diversify its economy, invest in infrastructure, and promote foreign investment.
Nigeria, Africa’s largest economy, has faced significant challenges in recent years, including a recession in 2020 caused by the COVID-19 pandemic and a decline in oil prices.
