Nigeria’s economy is expected to develop significantly during the next five years, according to the International Monetary Fund (IMF), and reach a GDP of $1.85 trillion in Purchasing Power Parity (PPP) values by 2029.
The country’s economic activity is predicted to grow steadily through 2029, with a noteworthy growth rate of 5.5% anticipated. Nigeria’s GDP increased steadily in PPP terms, from $1.36 trillion in 2023 to $1.852 trillion in 2029, according to figures from the IMF.
According to PPP, the nation’s percentage of the world GDP is likewise anticipated to rise, from 0.77% in 2023 to 0.78% in 2029.
This optimistic forecast implies that efforts to diversify the economy, make infrastructure investments, and attract foreign investment are propelling Nigeria’s economy toward a slow but steady expansion. In spite of obstacles like the COVID-19 pandemic and falling oil prices, Nigeria’s economy—the largest in Africa—is anticipated to continue growing steadily over the next five years.
