The International Monetary Fund (IMF) has projected that Nigeria's economy will reach $1.85 trillion by 2029 in Purchasing Power Parity (PPP) terms. This forecast indicates a significant growth trajectory for the country's economy over the next five years.
According to the IMF data, Nigeria's Gross Domestic Product (GDP) in PPP terms has been steadily increasing, from $1.36 trillion in 2023 to $1.852 trillion in 2029. The data shows a consistent growth trend, with a notable increase of 5.5% expected in 2029.
The IMF also predicted that Nigeria's share of global GDP based on PPP will reach 0.78% by 2029, a slight increase from 0.77% in 2023. This represents 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. The country's share of global GDP has remained relatively stable, fluctuating between 0.775% and 0.778% 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.
Economist Shadrach Israel noted that the IMF reports indicated that the government's reforms and initiatives have contributed to the country's economic growth. He added that the trend of Nigeria's GDP in PPP terms over the past few years indicates a steady recovery and growth.
"The IMF's prediction of Nigeria's economic growth is a positive sign for the country's future, indicating a potential for increased economic prosperity and development," Israel said.
