The International Monetary Fund has projected that by 2029, Nigeria’s Purchasing-Power-Parity-based GDP share of the world economy will be 0.78 per cent.
This is a minimal increase from 0.77 per cent in 2023, suggesting that the economy of the nation is growing steadily, according to The Punch.
In addition, the Fund projected that Nigeria’s economy will grow to $1.85tn by 2029, in PPP terms.
The country’s economy is expected to develop significantly during the next five years, according to IMF data.
In the IMF report,
Nigeria’s Gross Domestic Product in PPP terms has been steadily increasing, from $1.36tn in 2023.
The data indicates a steady growth tendency, with a noteworthy 5.5% increase predicted in 2029.
According to the data, Nigeria’s economy is growing however slowly and is predicted to keep growing in the next five years.
The nation’s GDP contribution to the world has stayed comparatively constant, ranging from 0.775% to 0.778% between 2024 and 2028.
This promising future, according to economists, is a result of the nation’s initiatives to encourage foreign investment, invest in infrastructure, and diversify its economy.
Economist Shadrach Israel said, “The IMF reports indicated that the government’s reforms and initiatives have contributed to the country’s economic growth.
“The IMF’s prediction of Nigeria’s economic growth is a positive sign for the country’s future, indicating a potential for increased economic prosperity and development.”
