Politics

IMF: Nigeria’s Economy To Hit $1.85 Trillion By 2029

The International Monetary Fund (IMF) has projected Nigeria’s economy will rise to at least $1.85 trillion in purchasing power parity terms by 2029.

PPP is a metric used to compare the value of different currencies and their ability to buy the same things. It is used for comparing economic productivity and standards of living between countries.

Advertisement

The prediction by the Washington-based institution suggests a significant growth trajectory for Nigeria’s economy over the next five years.

According to data compiled by the IMF, Nigeria’s gross domestic product in PPP terms has been on the increase and is projected to rise from $1.44 trillion in 2024 to $1.85 trillion in 2029.

Advertisement

In 2025, the country’s gross domestic product (GDP) in PPP terms is projected to stand at $1.52 trillion and increase to $1.58 trillion in 2026.

IMF projected the growth will continue in 2027 to $1.67 trillion, and $1.75 trillion in 2028.

Advertisement

The data shows a consistent growth trend, with a notable increase of 5.5 percent expected in 2029.

IMF also forecasted Nigeria’s share of global GDP based on PPP to reach 0.78 percent by 2029.

Advertisement

This represents a slight increase from 0.77 percent in 2023, indicating a steady growth trajectory for the country’s economy.

Nigeria’s purchasing power has declined due to the high cost of living and soaring inflation.

Advertisement

The inflation rate has been on an upward trend rising from 22.41 percent in May 2023 to 33.69 percent in April 2024, while food inflation has climbed to 40.53 percent from 24.82 percent within the same period.

In the past one year, the GDP growth rate has experienced fluctuations.

Advertisement

In the second quarter (Q2) of 2023, GDP was 2.51 percent (year-on-year) in real terms, falling below the 3.54 percent reported in the same quarter the previous year.

In Q3 last year, the GDP grew by 2.54 percent (year-on-year) in real terms, higher than the 2.25 percent recorded in the third quarter of 2022.

Advertisement

However, in Q4 2023, the GDP growth rate stood at 3.46 percent (year-on-year) in real terms, compared to the 3.52 percent recorded in the corresponding period in 2022.

The fluctuation in growth movement continued in Q1 2024, as the GDP growth rate was 2.98 percent (year-on-year) in real terms, relative to the 2.31 percent recorded in the first quarter of 2023.

Advertisement
citynews

Recent Posts

Why Nigerians are in pain, difficulties amid Tinubu’s reforms – Edun

Minister of Finance, Wale Edun, has said that non-implementation of economic reforms by past administrations…

58 seconds ago

Naira Depreciates To ₦‎1,750/$ In Parallel Market

The Naira on Friday depreciated to N1,750 per dollar in the parallel market from N1,745…

4 minutes ago

Why Seyi Tinubu Can’t Be Lagos Governor- Igbokwe

A member of the All Progressives Congress (APC), Joe Igbokwe, has said Seyi Tinubu, son…

18 hours ago

Simon Ekpa Not Our Member, Should Not Be Associated With Us- IPOB

IPOB PRESS RELEASE 22/11/2024 SIMON EKPA IS NOT AN IPOB MEMBER AND MUST NOT BE…

20 hours ago

NEWSPAPER HEADLINES FOR FRIDAY 22ND NOVEMBER 2024

NEWSPAPER HEADLINES FOR FRIDAY 22ND NOVEMBER 2024. *PUNCH* Gombe begins N28bn Assembly, high court complexes…

22 hours ago

My husband assaulted me, ruined my career – Olajumoke Onibread

Former bread seller turned model, Olajumoke Orisaguna, popularly known as Olajumoke Onibread, has opened up…

1 day ago