The International Monetary Fund has predicted that Nigeria’s economy will reach $1.85tn by 2029, in Purchasing Power Parity terms.
This forecast suggests a significant growth trajectory for the country’s economy over the next five years.
According to the IMF data, Nigeria’s Gross Domestic Product in PPP terms has been steadily increasing, from $1.36tn in 2023 to an estimated $1.852tn in 2029.
GDP is the most commonly used single measure of a country’s overall economic activity. PPP is a theory that relates changes in exchange rates to changes in price levels between countries, allowing for more accurate international comparisons of economic data.
The data suggests that Nigeria’s economy is gradually expanding, albeit 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 percent and 0.778 percent from 2024 to 2028.
Economists believe that this positive outlook is a testament to the country’s efforts to diversify its economy, invest in infrastructure, and promote foreign investment.
Nigeria, Africa’s largest economy, has faced significant challenges in recent years, including a recession in 2020 caused by the COVID-19 pandemic and a decline in oil prices.
The trend of Nigeria’s GDP in PPP terms over the past few years indicates a steady recovery and growth. In 2024, the country’s GDP in PPP terms stood at $1.44tn, predicted to increase to $1.51tn in 2025, and $1.587tn in 2026. The growth is expected to continue in 2027, with a GDP (PPP) of $1.67tn, and $1.759tn in 2028.
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