IMF Predicts Strong Growth for Nigeria’s Economy in Five Years

• The IMF forecasts Nigeria’s GDP in PPP terms to reach $1.85 trillion by 2029, indicating significant economic growth
• Nigeria’s share of global GDP in PPP will rise to 0.78% by 2029, showing gradual economic expansion and diversification

The International Monetary Fund (IMF) forecasts significant growth for Nigeria’s economy over the next five years. By 2029, Nigeria’s Gross Domestic Product (GDP) in Purchasing Power Parity (PPP) terms is expected to reach $1.85 trillion.

This projection shows steady economic activity, with a notable 5.5% growth rate anticipated in 2029. According to IMF data, Nigeria’s GDP in PPP terms will increase from $1.36 trillion in 2023 to $1.85 trillion in 2029.

Nigeria’s share of global GDP based on PPP will also rise, reaching 0.78% by 2029, up from 0.77% in 2023. This positive outlook indicates gradual economic expansion, driven by efforts to diversify the economy, invest in infrastructure, and attract foreign investment.

Despite challenges like the COVID-19 pandemic and declining oil prices, Nigeria, Africa’s largest economy, is expected to maintain steady growth over the next five years.