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.
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.