Nigeria’s economy’ll hit $1.85tn by 2029, IMF predicts

According to IMF projections, Nigeria's GDP will grow to $1.85 trillion in Purchasing Power Parity by 2029.

The country's economy is expected to develop significantly during the next five years, according to this estimate.
Nigeria's Gross Domestic Product (GDP) increased steadily from $1.36 trillion in 2023 to $1.852 trillion in 2029, according to IMF data.

The most often used metric for assessing a nation's total economic activity is its GDP. PPP is a theory that makes it possible to compare economic data across international borders more precisely by connecting changes in exchange rates to variations in price levels between nations.

The data indicates a steady growth tendency, with a noteworthy 5.5% increase predicted in 2029.

The Fund also projected that by 2029, Nigeria's PPP-based GDP share of the world economy will be 0.78 percent.

This is a minor increase from 0.77 percent in 2023, suggesting that the economy of the nation is growing steadily.
According to the data, Nigeria's economy is growing—albeit slowly—and is predicted to keep growing in the next five years.

The nation's GDP contribution to the world has stayed comparatively constant, ranging from 0.775% to 0.778% between 2024 and 2028.

This promising future, according to economists, is a result of the nation's initiatives to encourage foreign investment, invest in infrastructure, and diversify its economy.

Nigeria, the biggest economy in Africa, has had a lot going on lately, including a recession in 2020 caused by the COVID-19 pandemic and a decline in oil prices.
In an interview with our correspondent, economist Shadrach Israel said, "The government's reforms and initiatives have contributed to the country's economic growth," according to IMF data.

Over the previous five years, Nigeria's GDP has trended upward and steadily in PPP terms. The GDP of the nation was $1.44 trillion in PPP terms in 2024, $1.51 trillion in 2025, and $1.587 trillion in 2026. 2027 saw the expansion continue, with a GDP (PPP) of $1.67 trillion and $1.759 trillion in 2028.

Israel stated, "The IMF's forecast of Nigeria's economic growth is encouraging for the nation's future, suggesting a potential for increased economic prosperity and development."