Checkout Magazine has learnt that data from the International Monetary Fund has shown Nigeria’s economy is expected to rise to at least $1.852 trillion in Purchasing Power Parity terms by 2029.
The IMF’s prediction shows a noteworthy growth path for the country’s economy over the next five years.
The country’s GDP in PPP terms has been on the increase, projected to rise from $1.36 trillion in 2023 to $1.852 trillion in 2029.
The data shows a consistent growth trend, with a notable increase of 5.5 per cent expected in 2029.
IMF also forecast Nigeria’s share of global GDP based on PPP to reach 0.78 per cent by 2029, indicating a slight increase from 0.77 per cent in 2023.
The steady growth in Nigeria’s PPP brings a glimmer of hope that the country’s economic trajectory is on the path of growth.
Nigeria, the fourth largest economy in Africa, has faced significant challenges in recent years, including a recession in 2020 caused by the COVID-19 pandemic and a decline in oil prices.
However, the data suggests that Nigeria’s economy is gradually expanding, though 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 per cent and 0.778 per cent from 2024 to 2028.
GDP is the most commonly used single measure of a country’s overall economic activity.
