Nigeria’s Economy To Hït Closé To $2trn – IMF

The International Monetary Fund has hinted that Nigeria’s economy may hit $1.85 trillion by year 2029 based on Purchasing Power Parity PPP terms.

According to the IMF data, Nigeria’s Gross Domestic Product in PPP terms has been steadily increasing, from $1.36 trillion in 2023 to $1.852 trillion in 2029.

The prediction, analysts insist, portend a milestone for Africa’s biggest economy in terns of Gross Domestic Product, GDP.

The Bretton wood-based, United States of America, USA organization assertion is also coming on the heels of the plans by the Bola Ahmed Tinubu’s administration to raise the nation’s economy to the $1 trillion mark by the end of 2026.

President Tinubu made the promise to grow Africa’s economic powerhouse to $1 trillion from the current less than $500 billion mark.

Nigeria’s GDP currently trumps that of South Africa, and Egypt in second and third positions, according to global economic ratings.

The IMF data shows a consistent growth trend in Nigeria’s economy, with a notable increase of 5.5 per cent expected in 2029.

The Fund also predicted Nigeria’s share of global GDP based on PPP to reach 0.78 per cent by 2029.

This represents a slight increase from 0.77 per cent in 2023, indicating a steady growth trajectory for the country’s economy, the fund stated ion the report.

The data suggests that Nigeria’s economy is gradually expanding, albeit slowly, and is expected to continue this trend over the next five years.