The IMF predicts that Nigeria’s economy will reach $1.85 trillion by 2029 in terms of Purchasing Power Parity.
The International Monetary Fund, headquartered in Washington, projected this in recent figures concerning Nigeria’s Gross Domestic Product in PPP terms.
The IMF data anticipates that the GDP in PPP terms for the country will grow from $1.36 trillion in 2023 to $1.852tn in 2029. The statistics display a consistent upward trend, with a significant 5.5 percent increase projected for 2029, and also forecasted Nigeria’s share of global GDP based on PPP to rise to 0.78 percent by 2029.
It was noted that this demonstrates a slight upturn from 0.77 percent in 2023, indicating a steady progression for the country’s economy. As per the information, Nigeria’s economy is steadily expanding, albeit at a gradual pace, and is likely to maintain this momentum over the subsequent five years, highlighting that the country’s share of global GDP has remained relatively unchanged, fluctuating between 0.775 percent and 0.778 percent from 2024 to 2028.
According to economic analysts, they believe that the optimistic forecast reflects the country’s initiative to broaden its economy, invest in infrastructure, and attract foreign investments. Describing Nigeria as Africa’s largest economy, the data clarified that the nation has encountered significant obstacles in recent times, including a recession in 2020 triggered by the COVID-19 pandemic and a decrease in oil prices.
The recent figures from the National Bureau of Statistics displayed that Nigeria’s GDP expanded by 2.98 percent in real terms in the initial quarter of 2024. Similarly, the country’s GDP grew by 3.46 percent in the final quarter of 2023. Despite the growth in GDP, Nigeria continues to grapple with a soaring inflation rate, which spiked to 33.69 percent in April 2024.
This is a result of the consequences of the simultaneous implementation of the Fuel Subsidy removal and Naira floatation policies in June the previous year that have had a lasting impact on the prices of commodities, services, and the purchasing ability of Nigerians.
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