By Tolúlopé Olátúnjí
The International Monetary Fund (IMF) has projected that Nigeria’s economy will grow to $1.85tn by 2029 in terms of Purchasing Power Parity (PPP). This forecast indicates a significant upward trajectory for Nigeria’s economy over the next five years.
According to the global monetary body, the country’s Gross Domestic Product (GDP) in PPP terms has been steadily increasing, rising from $1.36 trillion in 2023 to an expected $1.85 trillion in 2029.
GDP is a primary measure of a country’s economic activity, while PPP allows for more accurate international comparisons by accounting for differences in price levels between countries.
The IMF data highlights a consistent growth trend, with a notable 5.5% increase expected in 2029. Additionally, Nigeria’s share of global GDP based on PPP is predicted to reach 0.78% by 2029, up from 0.77% in 2023, indicating steady economic growth.
This positive outlook is attributed to Nigeria’s ongoing efforts to diversify its economy, invest in infrastructure, and attract foreign investment.
Despite facing significant challenges, including a recession in 2020 due to the COVID-19 pandemic and fluctuating oil prices, Nigeria has shown resilience and recovery.
Economists, like Shadrach Israel, commented on the IMF’s findings, stating, “The IMF reports indicate that the government’s reforms and initiatives have contributed to the country’s economic growth.”
The trend of Nigeria’s GDP in PPP terms over recent years supports this positive outlook. In 2024, the GDP stood at $1.44tn, increasing to $1.51tn in 2025, $1.587tn in 2026, $1.67tn in 2027, and $1.759tn in 2028.
“The IMF’s prediction of Nigeria’s economic growth is a positive sign for the country’s future, indicating potential for increased economic prosperity and development,” Israel noted in an interview with The Punch.
As Africa’s largest economy, Nigeria’s steady growth trajectory suggests a promising future, driven by strategic economic reforms and a focus on sustainable development.
