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Nigeria’s economy to hit $1.85trn by 2029, says IMF

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Nigeria’s economy is expected to rise to at least $1.852 trillion in Purchasing Power Parity terms by 2029, according to data from the International Monetary Fund.

This represents a significant growth trajectory for the country’s economy over the next five years.

The country’s GDP in PPP terms has been increasing, projected to rise from $1.36 trillion in 2023 to $1.852 trillion in 2029, showing a consistent growth trend.

The data indicates a notable increase of 5.5 percent expected in 2029.

The IMF also forecasts Nigeria’s share of global GDP based on PPP to reach 0.78 percent by 2029, a slight increase from 0.77 percent in 2023.

Despite facing significant challenges in recent years, including a recession in 2020 caused by the COVID-19 pandemic and a decline in oil prices, Nigeria’s economy is gradually expanding and expected to continue growing over the next five years.

The country’s share of global GDP has remained relatively stable, fluctuating between 0.775 percent and 0.778 percent from 2024 to 2028.

With this trend, Nigeria could regain its position as Africa’s largest economy, overtaking South Africa.

Bismarck Rewane, CEO of Financial Derivatives Company, projects that Nigeria can regain its top place as Africa’s biggest economy by 2028 if it follows its reforms correctly.


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