IMF predicts Nigeria’s economy will hit $1.85tn by 2029
The International Monetary Fund (IMF) has projected that Nigeria’s economy will experience significant growth over the next few years, reaching $1.85 trillion by 2029 in Purchasing Power Parity (PPP) terms. This forecast demonstrates a positive trajectory for the country’s economic development.
PPP terms allow for more accurate international comparisons of economic data by relating changes in exchange rates to changes in price levels between countries. According to IMF data, Nigeria’s GDP in PPP terms has been steadily increasing from $1.36 trillion in 2023 to the projected $1.852 trillion in 2029, indicating consistent growth.
The predicted growth trend includes a notable increase of 5.5 percent expected in 2029. Additionally, Nigeria’s share of global GDP based on PPP is forecasted to reach 0.78 percent by 2029, showing a slight but steady increase from 0.77 percent in 2023.
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Despite facing challenges such as a recession in 2020 due to the COVID-19 pandemic and declining oil prices, Nigeria’s economy has shown resilience. Economist Shadrach Israel attributes this positive outlook to the government’s reforms and initiatives aimed at diversifying the economy, investing in infrastructure, and attracting foreign investment.
The trend of Nigeria’s GDP in PPP terms over recent years indicates steady recovery and growth, with GDP reaching $1.759 trillion in 2028. Israel sees the IMF’s prediction as a positive indicator for Nigeria’s economic future, suggesting potential for increased prosperity and development in the country.
