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IMF Predicts Nigeria’s Economy to Reach $1.85tn by 2029

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IMF
IMF Predicts Nigeria's Economy to Reach $1.85tn by 2029

The International Monetary Fund (IMF) has projected a robust growth trajectory for Nigeria’s economy, anticipating it will reach $1.85 trillion in Purchasing Power Parity (PPP) terms by 2029. This forecast highlights a significant upward trend for the country’s economic development over the next five years.

According to data obtained by PUNCH Online, Nigeria’s Gross Domestic Product (GDP) in PPP terms has been steadily increasing, from $1.36 trillion in 2023 to a projected $1.852 trillion in 2029. This consistent growth trend, with an expected 5.5 percent increase in 2029, underscores the country’s economic resilience and potential.

Moreover, Nigeria’s share of global GDP based on PPP is predicted to reach 0.78 percent by 2029, a slight rise from 0.77 percent in 2023. This stable growth indicates a positive outlook for the nation’s economic prospects.

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Economists attribute this positive forecast to Nigeria’s ongoing efforts to diversify its economy, invest in infrastructure, and attract foreign investment. Despite past challenges, including a recession in 2020 and fluctuating oil prices, these strategic initiatives are driving economic recovery and expansion.

In an interview, economist Shadrach Israel emphasized that the government’s reforms and initiatives have significantly contributed to this growth. The trend of Nigeria’s GDP in PPP terms reflects a steady increase, from $1.44 trillion in 2024 to $1.759 trillion in 2028, showcasing a continuous upward trajectory.

The IMF’s prediction is a promising sign for Nigeria’s future, indicating potential for increased economic prosperity and development. As Africa’s largest economy, Nigeria’s efforts to strengthen its economic foundation are paving the way for a brighter economic outlook.

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Iceland Demands Supermarket Rivals Stop Selling Prawn Rings

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Iceland Demands Supermarket Rivals Stop Selling Prawn Rings

Supermarket chain Iceland has filed a trademark application for its well-known “King Prawn Rings,” urging rival supermarkets to stop selling similar products. Iceland, headquartered in Flintshire, claims it has faced increasing imitation since introducing its prawn rings in 1991.

In a bold open letter shared on social media platform X (formerly Twitter), Iceland called out major competitors Aldi, Tesco, Lidl, and Asda, accusing them of selling “copy crustaceans.” The letter cheekily asserted, “The King Prawn Ring is ours, and we won’t be letting you off the hook.”

Lidl humorously responded, “Here was us thinking it was a classic 1970s party dish.”

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Iceland’s letter, signed by “Iceland Foods,” warned other retailers to cease selling prawn rings, especially ahead of Christmas. The chain emphasized its intent to pursue legal action if competitors don’t comply, declaring, “Our lawyers are more than ready to dive into legal waters.”

The prawn ring battle has sparked social media buzz, with consumers eagerly watching how rival supermarkets will respond to Iceland’s trademark claim.

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Boeing Workers Reject Latest Pay Offer Despite 30% Rise, Union Says

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Boeing Workers Reject Latest Pay Offer Despite 30% Rise, Union Says

The union representing striking Boeing workers has stated that its members are not interested in the company’s latest pay proposal, which includes a 30% raise over four years. According to the International Association of Machinists and Aerospace Workers (IAM), a survey revealed overwhelming dissatisfaction with the offer, labeling it as “inadequate.”

This rejection follows Boeing’s new “best and final” offer, which also included a performance bonus reinstatement, improved retirement benefits, and a one-time $6,000 signing bonus. The company set a deadline for the deal to be ratified by union members by midnight on September 27.

However, IAM criticized Boeing for sending the offer directly to workers and the media without consulting union leaders and stated that the time frame was insufficient to organize a proper vote. Boeing has denied the union’s claims and said it would allow more time and provide support to facilitate the vote.

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China Unveils Bold Measures to Revive Economy Amid Growth Concerns

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China Unveils Bold Measures to Revive Economy Amid Growth Concerns

China’s central bank, the People’s Bank of China (PBOC), has launched a significant package of measures aimed at revitalizing its struggling economy. PBOC Governor Pan Gongsheng announced plans to lower borrowing costs and allow banks to expand lending to stimulate economic activity.

With recent economic data raising concerns that China may miss its 5% growth target this year, the central bank will cut the reserve requirement ratio (RRR)—the amount of cash banks must hold in reserve—by half a percentage point, releasing around 1 trillion yuan ($142 billion) into the economy. Additional cuts may follow later in the year.

The package also addresses China’s property market crisis by cutting interest rates for existing mortgages and reducing minimum down payments for all homes to 15%.

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Asian stock markets responded positively to the news, seeing a boost after Mr. Pan’s announcement, which came during a rare joint press conference with officials from two other financial regulators.

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