IMF predicts Nigeria’s economy will grow in five years

The International Monetary Fund (IMF) has forecast that Nigeria’s economy will experience significant growth over the next five years, reaching a Gross Domestic Product (GDP) of $1.85 trillion in Purchasing Power Parity (PPP) terms by 2029.

This projection indicates a steady increase in the country’s economic activity, with a notable growth rate of 5.5% expected in 2029.

According to IMF data, Nigeria’s GDP in PPP terms has consistently risen, from $1.36 trillion in 2023 to $1.852 trillion in 2029.

The country’s share of global GDP based on PPP is also expected to increase, reaching 0.78% by 2029, up from 0.77% in 2023.

This positive outlook suggests that Nigeria’s economy is gradually expanding, driven by efforts to diversify the economy, invest in infrastructure, and promote foreign investment.

Despite facing challenges such as the COVID-19 pandemic and declining oil prices, Nigeria, Africa’s largest economy, is expected to maintain a steady growth trajectory over the next five years.

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