Nigeria’s GDP to Soar to $1.85tn in 2029, IMF Projects

The International Monetary Fund (IMF) has projected that the country’s Gross Domestic Product (GDP) will reach $1.85 trillion by 2029 in Purchasing Power Parity (PPP) terms.

This forecast shows a significant growth trajectory for Africa’s largest economy over the next five years and offers a glimpse of optimism amid ongoing challenges and uncertainties.

The data reveals a steady and consistent increase in Nigeria’s GDP in PPP terms, from $1.36 trillion in 2023 to the projected $1.85 trillion in 2029.

This growth trajectory signifies a positive momentum for Nigeria’s economic development, reflecting the resilience and potential of the nation’s economy.

According to the IMF, Nigeria’s share of the global GDP based on PPP is expected to rise to 0.78 percent by 2029, indicating a slight increase from 0.77 percent recorded in 2023.

Economists interpret this projection as a testament to Nigeria’s ongoing efforts to diversify its economy, invest in critical infrastructure, and promote foreign investment.

Despite facing significant challenges in recent years, including a recession triggered by the COVID-19 pandemic and fluctuations in oil prices, Nigeria remains resilient in its pursuit of economic growth and stability.

Shadrach Israel, an economist, said “The IMF reports indicated that the government’s reforms and initiatives have contributed to the country’s economic growth.”

The projected GDP growth in PPP reflects a steady recovery and expansion of Nigeria’s economy in recent years.

From $1.44 trillion in 2024 to $1.759 trillion in 2028, the upward trend signifies a gradual but consistent path towards economic prosperity and development.

“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.”

As Nigeria looks ahead to the next decade, the IMF’s optimistic projection serves as a beacon of hope and encouragement for policymakers, investors, and citizens alike.

With strategic planning, prudent policies, and continued investment in key sectors, Nigeria stands poised to realize its full economic potential and chart a course towards sustainable growth and prosperity for all.