The International Monetary Fund has predicted that Nigeria’s economy will reach $1.85tn by 2029, in Purchasing Power Parity terms.
This forecast suggests a significant growth trajectory for
the country’s economy over the next five years.
According to the IMF data obtained by BrandIconImage Online,
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.
Economist Shadrach Israel in an interview with our
correspondent stated, “The IMF reports indicated that the government’s reforms
and initiatives have contributed to the country’s economic growth.”
The trend of Nigeria’s GDP in PPP terms over the past few
years indicates a steady recovery and growth. In 2024, the country’s GDP in PPP
terms stood at $1.44tn, increasing to $1.51tn in 2025, and $1.587tn in 2026.
The growth continued in 2027, with a GDP (PPP) of $1.67tn, and $1.759tn in
2028.
“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 noted.