Nigeria Set To Reach $1.85 Trillion Economy By 2029, According To IMF

Nigeria Set To Reach $1.85 Trillion Economy By 2029, According To IMF....KINDLY READ THE FULL STORY HERE▶

The International Monetary Fund has projected Nigeria’s economy to achieve $1.85 trillion by 2029 in Purchasing Power Parity (PPP) terms, indicating substantial growth ahead for the nation. According to IMF data reported by PUNCH Online, Nigeria’s GDP in PPP terms has displayed consistent growth, rising from $1.36 trillion in 2023 to an estimated $1.852 trillion by 2029.

GDP serves as a key metric for measuring a country’s economic activity, while PPP facilitates accurate international economic comparisons by adjusting for price level differences between countries.

The forecast highlights an expected 5.5% increase in 2029, contributing to Nigeria’s share of global GDP based on PPP climbing from 0.77% in 2023 to 0.78% in 2029. This incremental rise underscores Nigeria’s steady economic expansion trajectory.

Despite challenges such as the 2020 recession and fluctuations in oil prices, Nigeria’s efforts to diversify its economy, enhance infrastructure, and attract foreign investment are seen as pivotal factors driving this positive outlook.

Economist Shadrach Israel emphasized, “The IMF’s assessments reflect the impact of governmental reforms and initiatives in bolstering economic growth.” Recent years have witnessed Nigeria’s GDP (PPP) rising progressively: from $1.44 trillion in 2024 to $1.759 trillion in 2028, reinforcing optimism for sustained economic recovery and advancement.

Israel further noted, “The IMF’s forecast signals promising prospects for Nigeria’s economic future, suggesting potential for increased prosperity and development.”