The International Monetary Fund (IMF) has projected an optimistic future for Nigeria’s economy, anticipating it to soar to a staggering $1.85 trillion by the year 2029, measured in terms of Purchasing Power Parity (PPP).
This forecast points to a robust upward trend for Nigeria’s economic performance in the coming years. IMF data reveals a consistent rise in Nigeria’s Gross Domestic Product (GDP) in PPP terms, climbing from $1.36 trillion in 2023 to an expected $1.852 trillion in 2029.
GDP, the most widely recognized metric for gauging a nation’s economic health, together with PPP—a concept that adjusts for price level differences across countries—provides a more precise comparison of economic output internationally.
The IMF’s data indicates a steady ascent in Nigeria’s economic growth, with a significant 5.5 percent increase projected for 2029.
Moreover, the IMF forecasts that Nigeria will claim 0.78 percent of the global GDP based on PPP by 2029, a slight uptick from the 0.77 percent share in 2023.
This suggests a consistent and gradual expansion of Nigeria’s economy.
Over the next half-decade, Nigeria’s proportion of the global GDP is expected to hover between 0.775 percent and 0.778 percent, reflecting a stable growth pattern.
Economic experts suggest that this positive trajectory is reflective of Nigeria’s strategic moves to diversify its economic base, enhance infrastructure, and attract foreign investments.
Despite facing formidable challenges such as the 2020 recession triggered by the COVID-19 pandemic and fluctuations in oil prices, Nigeria—Africa’s largest economy—shows promising signs of economic resilience and potential for continued growth.
