THE International Monetary Fund, or IMF, has predicted that Nigeria’s economy will reach $1.85 trillion by 2029 in terms of purchasing power parity.
This forecast suggests a significant growth trajectory for the country’s economy over the next five years.
According to the IMF data, Nigeria’s gross domestic product in PPP terms has been steadily increasing, from $1.36 trillion in 2023 to $1.852 trillion 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 percent expected in 2029.
The Fund also predicted Nigeria’s share of global GDP based on PPP to reach 0.78 percent by 2029.
This represents a slight increase from 0.77 percent 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 percent and 0.778 percent 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 stated in an interview with our correspondent, “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 $1.44 trillion, increasing to $1.51 trillion in 2025 and $1.587 trillion in 2026. The growth continued in 2027, with a GDP (PPP) of $1.67 trillion and $1.759 trillion 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.
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