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.

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.