The International Monetary Fund, IMF has predicted Nigeria’s economy to grow to $1.85 trillion by 2029 in Purchasing Power Parity PPP terms, up from $1.36 trillion in 2023.
This forecast indicates a consistent growth trend, with an expected 5.5% increase in 2029. Nigeria’s share of global GDP based on PPP is projected to reach 0.78% by 2029, slightly up from 0.77% in 2023.
Economists attribute this positive outlook to Nigeria’s efforts in diversifying its economy, investing in infrastructure, and promoting foreign investment.
Similarly, recent data from the National Bureau of Statistics indicates Nigeria’s GDP grew by 2.98% in real terms in the first quarter of 2024 and by 3.46% in Q4 of 2023.