Nigeria’s economy to hit $1.85tn in five years –  IMF

Nigeria’s economy to hit $1.85tn in five years –  IMF

The International Monetary Fund expected Nigeria’s economy to reach $1.85tn by 2029.

Its latest data showed that Nigeria’s Gross Domestic Product had been steadily increasing, from $1.36tn in 2023 and could hit $1.852tn by 2029 in Purchasing Power Parity terms.

The 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 indicated 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.

Nigeria’s share of global GDP has remained relatively stable, fluctuating between 0.775 per cent and 0.778 per cent from 2024 to 2028.

Nigeria, Africa’s largest economy, has faced challenges in recent years.