The International Monetary Fund (IMF) has forecasted that Nigeria’s economy will experience significant growth, reaching $1.85tn by 2029 in Purchasing Power Parity (PPP) terms. This projection suggests a steady growth trajectory for the country’s economy over the next five years.
According to IMF data, Nigeria’s Gross Domestic Product (GDP) in PPP terms has consistently increased, from $1.36tn in 2023 to a projected $1.852tn in 2029. This growth indicates a 5.5% increase in 2029 alone. Additionally, the IMF predicts 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 positive outlook is attributed to Nigeria’s efforts to diversify its economy, invest in infrastructure, and promote foreign investment. Despite facing significant challenges in recent years, including a recession in 2020 caused by the COVID-19 pandemic and a decline in oil prices, Nigeria’s economy is gradually expanding.
As Africa’s largest economy, Nigeria’s growth is expected to continue over the next five years, with a relatively stable share of global GDP fluctuating between 0.775% and 0.778% from 2024 to 2028. Economists believe that this growth trajectory is a testament to the country’s efforts to strengthen its economy.
