The International Monetary Fund has predicted that Nigeria\u2019s economy will reach $1.85tn by 2029, in Purchasing Power Parity terms.<\/p>\n
This forecast suggests a significant growth trajectory for the country\u2019s economy over the next five years.<\/p>\n
According to the IMF data obtained by PUNCH Online, Nigeria\u2019s Gross Domestic Product in PPP terms has been steadily increasing, from $1.36tn in 2023 to $1.852tn in 2029.<\/p>\n
GDP is the most commonly used single measure of a country\u2019s 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.<\/p>\n
The data shows a consistent growth trend, with a notable increase of 5.5 per cent expected in 2029.<\/p>\n
The Fund also predicted Nigeria\u2019s share of global GDP based on PPP to reach 0.78 per cent by 2029.<\/p>\n
This represents a slight increase from 0.77 per cent in 2023, indicating a steady growth trajectory for the country\u2019s economy.<\/p>\n
The data suggests that Nigeria\u2019s economy is gradually expanding, albeit slowly, and is expected to continue this trend over the next five years.<\/p>\n
The country\u2019s share of global GDP has remained relatively stable, fluctuating between 0.775 per cent and 0.778 per cent from 2024 to 2028.<\/p>\n
Economists believe that this positive outlook is a testament to the country\u2019s efforts to diversify its economy, invest in infrastructure, and promote foreign investment.<\/p>\n
Nigeria, Africa\u2019s 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.<\/p>\n
Economist Shadrach Israel in an interview with our correspondent stated, \u201cThe IMF reports indicated that the government\u2019s reforms and initiatives have contributed to the country\u2019s economic growth.\u201d<\/p>\n
The trend of Nigeria\u2019s GDP in PPP terms over the past few years indicates a steady recovery and growth. In 2024, the country\u2019s 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.<\/p>\n
\u201cThe IMF\u2019s prediction of Nigeria\u2019s economic growth is a positive sign for the country\u2019s future, indicating a potential for increased economic prosperity and development,\u201d Israel noted.<\/p>\n","protected":false},"excerpt":{"rendered":"
The International Monetary Fund has predicted that Nigeria\u2019s economy will reach $1.85tn by 2029, in Purchasing Power Parity terms. This forecast suggests a significant growth trajectory for the country\u2019s economy over the next five years. According to the IMF data obtained by PUNCH Online, Nigeria\u2019s Gross Domestic Product in PPP terms has been steadily increasing, […]<\/p>\n","protected":false},"author":7,"featured_media":34119,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[173,185],"tags":[],"class_list":["post-34115","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-interview"],"aioseo_notices":[],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/34115","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/comments?post=34115"}],"version-history":[{"count":1,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/34115\/revisions"}],"predecessor-version":[{"id":34120,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/34115\/revisions\/34120"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media\/34119"}],"wp:attachment":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media?parent=34115"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/categories?post=34115"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/tags?post=34115"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}