Business

Nigeria’s Economy’ll Hit $1.85tn By 2029, IMF Predicts

Published

1 year ago

June 7, 2024

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 obtained by PUNCH Online, Nigeria’s Gross Domestic Product in PPP terms has been steadily increasing, from $1.36tn in 2023 to $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 shows a consistent growth trend, with a notable increase of 5.5 per cent expected in 2029.

The Fund also predicted Nigeria’s share of global GDP based on PPP to reach 0.78 per cent by 2029.

This represents a slight increase from 0.77 per cent in 2023, indicating a steady growth trajectory for the country’s economy.

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 per cent and 0.778 per cent 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.

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

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, increasing to $1.51tn in 2025, and $1.587tn in 2026. The growth continued in 2027, with a GDP (PPP) of $1.67tn, and $1.759tn in 2028.

“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,” Israel noted.

Business

OPEC+ Output Dips as Nigeria, Libya, Venezuela Miss Targets

Published

2 days ago

November 5, 2025

By Onyeanya Ebere Immaculata

Crude oil production in Nigeria, Libya, and Venezuela fell in October, slowing overall OPEC+ output and undermining the group’s monthly targets.

Reuters reported that OPEC+ added only 30,000 barrels per day (bpd), in October, down sharply from September’s 330,000 bpd increase. Nigeria’s output, which briefly reached 1.5 million bpd in July, slipped back to 1.3 million bpd in September.

NNPCL CEO Bayo Ojulari attributed the decline to industrial disputes involving Dangote Refinery and petroleum unions NUPENG and PENGASSAN.

Oil prices fell amid global market weakness and a stronger U.S. dollar. Brent crude dropped 6 cents to $64.38 per barrel, WTI lost 10 cents to $60.46, and the OPEC Basket fell 0.26 cents to $66.72.

Analysts noted that rising U.S. crude inventories and negative risk sentiment pressured the market.

OPEC+ plans to raise output by 137,000 bpd in December but will pause increases in early 2026, a move analysts say is unlikely to boost prices in the near term.

Business

Onafowokan Unveils Africa’s Largest Fibre-Optic Cable Plant in Ogun

Published

3 days ago

November 4, 2025

By Samson Adeyanju

Chairman of Coleman Technical Industries, Asiwaju Solomon Onafowokan, has inaugurated Africa’s largest fibre-optic cable factory in Sagamu, Ogun State, to boost Nigeria’s digital infrastructure and reduce reliance on imports.

The launch, which marked Coleman’s 50th anniversary, drew senior government officials and telecom executives.

The 350,000-square-metre facility can produce 9 million kilometres of fibre-optic cable yearly, alongside smelting units for aluminium and copper.

Onafowokan said the project reinforces Coleman’s commitment to local manufacturing and supports the government’s digital economy agenda, targeting ₦15 trillion in domestic and export revenue.

President Bola Tinubu, represented at the event, lauded the project as a milestone for industrial diversification and broadband expansion.

The Minister of Communications, Dr. Bosun Tijani, also announced a $500 million World Bank-backed partnership to deploy 90,000 kilometres of fibre nationwide.

Business

Private Sector Key to Africa’s Growth Under AfCFTA -Randle

Published

1 week ago

October 29, 2025

By Omoniyi David

Chairman of the NEPAD Business Group Nigeria (NBGN), Bashorun J. K. Randle, has emphasized the vital role of the private sector in driving Africa’s economic growth under the African Continental Free Trade Area (AfCFTA).

Randle made the remark ahead of a high-level business forum scheduled for October 30, 2025, at Eko Hotels & Suites, Lagos, themed “Mobilising Africa’s Private Sector for AfCFTA towards Africa’s Economic Development Amid Global Uncertainty.”

He said Africa’s economic transformation depends on the active participation of private enterprises, noting that the forum seeks to develop strategies to boost intra-African trade, industrial competitiveness, and inclusive prosperity.

According to NBGN, the event will promote partnerships and dialogue on policy alignment, trade facilitation, investment promotion, and value-chain development among African economies.

Participants are expected from government agencies, financial institutions, business associations, and regional economic communities across the continent.