According to forecasts made by the International Monetary Fund, Nigeria’s GDP per person is expected to reach $1,120.67 by 2029.
This is based on an examination of Nigeria’s GDP per capita data conducted by the Washington-based IMF from 2014.
Nigeria’s GDP per capita has been trending downward from 2014, with a low of $1,087.89 in 2024 and a high of $3,222.69 in 2014.
The data indicated a consistent downward trend in GDP per capita between 2014 and 2017, followed by a minor uptick in 2018 and 2019.
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However, in 2020 and 2021, there was a notable fall as a result of the COVID-19 epidemic and other economic difficulties.
The IMF predicted that Nigeria’s GDP per capita would rise steadily from 2022 to 2029 despite the country’s economic difficulties, with a growth rate of 3.5 percent anticipated in 2029.
Prior to this, the IMF had predicted that, in terms of purchasing power parity, Nigeria’s economy would expand from $1.36 trillion in 2023 to $1.85 trillion by 2029.
Remember that in real terms, Nigeria’s GDP increased to 2.98 percent in the first quarter of 2024 and 3.46 percent in Q4 2023, according to data released by the National Bureau of Statistics.
In the meantime, Nigeria has seen persistently high inflation, reaching 33.69 percent in April 2024, despite the country’s GDP growth.
This occurs as a result of the twin policies of eliminating gasoline subsidies and devaluing the Naira in June of last year, which have continued to have an impact on the cost of products and services as well as the purchasing power of Nigerians.
