The International Monetary Fund predicts that Nigeria’s GDP will be worth $1.85 trillion in Purchasing Power Parity by 2029.
The projections imply that the country’s economy will rise significantly during the next five years.
According to IMF estimates, Nigeria’s GDP in PPP terms has consistently increased, from $1.36 trillion in 2023 to $1.852 trillion in 2029.
GDP is the most widely used metric of a country’s overall economic activity. PPP is a theory that links changes in exchange rates to changes in price levels between countries, allowing for more precise international comparisons of economic data.
The data reveals a constant growth tendency, with a 5.5% increase projected by 2029.
The Fund also estimated that Nigeria’s proportion of global GDP based on PPP would reach 0.78 per cent by 2029.
This is a tiny increase from 0.77 per cent in 2023, demonstrating a consistent growth trajectory for the country’s economy.
The figures show that Nigeria’s economy is steadily rising, albeit slowly, and that this trend is anticipated to continue over the next five years.
From 2024 to 2028, the country’s proportion of global GDP remained relatively steady, ranging between 0.75 and 0.78 per cent.
Nigeria, Africa’s largest economy, has faced considerable hurdles in recent years, including a 2020 recession triggered by the COVID-19 pandemic and a drop in oil prices.
