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

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The International Monetary Fund (IMF) has projected that Nigeria’s economy will reach $1.85 trillion by 2029 in Purchasing Power Parity (PPP) terms. This forecast indicates a significant growth trajectory for the country’s economy over the next five years.

According to IMF 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 an anticipated $1.85 trillion in 2029.

GDP is the most commonly used measure of a country’s overall economic activity, while PPP adjusts for price level differences across countries, providing a more accurate comparison of economic data internationally.

The data shows a consistent growth trend, with an expected increase of 5.5 percent in 2029. The IMF also predicts that Nigeria’s share of global GDP based on PPP will reach 0.78 percent by 2029, up slightly from 0.77 percent in 2023.

This steady growth trajectory suggests that Nigeria’s economy is gradually expanding and is expected to continue doing so over the next five years. The country’s share of global GDP has remained relatively stable, fluctuating between 0.775 percent and 0.778 percent from 2024 to 2028.

Economists attribute this positive outlook to Nigeria’s efforts to diversify its economy, invest in infrastructure, and promote foreign investment. Despite significant challenges, including a recession in 2020 caused by the COVID-19 pandemic and a decline in oil prices, Nigeria, Africa’s largest economy, is showing signs of recovery and growth.

Economist Shadrach Israel, in an interview with PUNCH, noted, “The IMF reports indicate that the government’s reforms and initiatives have contributed to the country’s economic growth.”

Nigeria’s GDP in PPP terms has shown a steady increase over the past few years: $1.44 trillion in 2024, $1.51 trillion in 2025, $1.59 trillion in 2026, $1.67 trillion in 2027, and $1.76 trillion in 2028.

“The IMF’s prediction of Nigeria’s economic growth is a positive sign for the country’s future, indicating potential for increased economic prosperity and development,” Israel added.

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