Afrexim Bank projects that Nigeria’s real GDP will reach $552 billion by 2031.
This was disclosed in the 2024 Africa Trade Report published by Afrexim Bank.
According to the World Bank, Nigeria’s predicted 2031 GDP is around the country’s 2014 GDP of $574 billion, reflecting the recent drop.
The report’s GDP forecasts for African countries in 2031 are based on the International Monetary Fund’s published country-level growth estimates.
Researchers used the Global Trade Analysis Project (GTAP) Adjust software tool, produced by the Center for Policy Studies, to update the database with these projected GDP figures.
According to the report, Nigeria will still trail Egypt as the continent’s largest economy, with the North African country expected to have a GDP of $612 billion in 2031.
The GDP prediction for 2031 falls short of President Tinubu’s goal of achieving a $1 trillion economy by 2026 and expanding it to $3 trillion by the end of the current decade, which he stated at the 2023 NESG summit.
According to the World Bank, Nigeria’s GDP in 2023 was $362 billion, somewhat lower than the $366 billion recorded in 2010.
A number of variables have been identified as contributing to the country’s GDP drop. The sharp devaluation of the Naira is mostly responsible for Nigeria’s drop to third position, trailing only Egypt with a GDP of $394 billion and South Africa with a GDP of $378 billion.
By 2024, continued devaluation of both the Nigerian Naira and the Egyptian Pound is predicted to lower Nigeria and Egypt’s economic status, allowing South Africa to emerge as Africa’s largest economy.
