IMF Forecasts Economic Growth for Nigeria in the Next Five Years

The International Monetary Fund (IMF) has projected that Nigeria’s economy will undergo substantial growth in the coming five years, with a Gross Domestic Product (GDP) of $1.85 trillion in Purchasing Power Parity (PPP) terms by 2029. This forecast indicates a consistent rise in the country’s economic activity, with a notable growth rate of 5.5% anticipated in 2029.

IMF data reveals that Nigeria’s GDP in PPP terms has consistently increased, starting from $1.36 trillion in 2023 and reaching $1.852 trillion in 2029.

Furthermore, it is emphasized that the environment plays a crucial role in driving productivity, as stated by Wike. Consequently, the FCT Administration, with the approval of the President, has allocated the necessary resources to complete the project.

Wike stated, “When we assumed office on August 21st, the area was completely undeveloped. I approached the President and expressed my concern about the deplorable state of the Vice President’s residence. Criminals…”

Additionally, Nigeria’s share of global GDP based on PPP is expected to rise, reaching 0.78% by 2029, compared to 0.77% in 2023.

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

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