Nigeria’s GDP per capita is predicted to reach $1,120.67 by 2029, according to the International Monetary Fund.
The IMF data analysed shows a fluctuating trend in Nigeria’s GDP per capita since 2014, with a high of $3,222.69 in 2014 and a low of $1,087.89 in 2024, according to The Punch.
GDP per capita is a common measure of a country’s standard of living and economic well-being.
The country’s GDP per capita has fluctuated over a period, indicating its economic issues and potential opportunities.
The figure nosedived gradually from 2014 to 2017, with a minor recovery in 2018 and 2019. Meanwhile, the COVID-19 pandemic and other economic issues caused a major fall in 2020 and 2021.
However, despite the current economic struggles, the IMF has projected that Nigeria’s GDP per capita would rise steadily from 2022 to 2029, with a growth rate of 3.5% in 2029.
This growth is ascribed to the country’s economic diversification efforts, infrastructural development, and a recovery in the oil sector.
A financial analyst, Mary Ogundokun stated, “The predicted growth in GDP per capita is a welcome development for Nigeria, which has been working to recover from economic instability and reduce poverty.
“The government’s efforts to promote economic growth and development are expected to continue, with a focus on sustainable and inclusive growth.”
According to Ogundokun, the IMF’s forecast of a continuous increase in GDP per capita between 2022 and 2029 is a good omen for the country’s economic future.
Over the years, Nigeria has been grappling with economic challenges such as a high inflation rate, the current foreign exchange crises, and the food insecurity problem.
