Mary Eyo
The International Monetary Fund (IMF) has projected that Nigeria’s economy will expand significantly, reaching $1.85 trillion by 2029 in Purchasing Power Parity (PPP) terms.
This forecast underscores a robust growth trajectory for the country over the next five years.
According to the IMF data, Nigeria’s Gross Domestic Product (GDP) in PPP terms has been on a steady rise, climbing from $1.36 trillion in 2023 to an anticipated $1.85 trillion by 2029.
PPP is a measure that accounts for differences in price levels between countries, allowing for more accurate international economic comparisons.
“The projected growth suggests a positive economic outlook for Nigeria, driven by various macroeconomic factors and reforms,” an IMF spokesperson noted.
“This consistent increase reflects the country’s potential to enhance its economic standing on the global stage.”
The IMF data indicates a notable annual growth rate, with a 5.5% increase expected in 2029.
Additionally, Nigeria’s share of global GDP, based on PPP, is forecasted to reach 0.78% by 2029, a slight rise from 0.77% in 2023.
“This gradual expansion in Nigeria’s share of the global economy is a testament to its ongoing efforts to diversify and strengthen its economic base,” the spokesperson added.
“The stability in its global GDP share, fluctuating marginally between 0.775% and 0.778% from 2024 to 2028, highlights the steady nature of this growth.”
Economists attribute this optimistic outlook to Nigeria’s strategic initiatives aimed at diversifying the economy, enhancing infrastructure, and attracting foreign investment.
The IMF’s prediction provides a reassuring perspective on Nigeria’s economic future, emphasizing the importance of continued reforms and strategic investments to maintain this growth trajectory.