The International Monetary Fund (IMF) has predicted that Nigeria’s economy will reach $1.85 trillion by 2029 in terms of purchasing power parity (PPP).
The 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 (GDP) in PPP terms has been steadily increasing from $1.36 trillion in 2023 to the projected $1.85 trillion in 2029.
GDP is the most commonly used single measure of a country’s overall economic activity. PPP relates to changes in exchange rates and price levels between countries, allowing for more accurate international comparisons of economic data.
The data shows consistent growth trends, with a notable increase of 5.5 percent expectation in 2029.
The Fund also predicted Nigeria’s share of global GDP based on PPP to reach 0.78 percent by 2029. This represents a slight increase from 0.77 percent, indicating a steady growth trajectory for Nigeria’s economy.