The International Monetary Fund (IMF) has forecasted Nigeria’s economy to grow by 5.5% in 2029 to $1.85trillion in Purchasing Power Parity terms.
Nigeria Gross Domestic Product in Purchasing Power Parity terms has been steadily increasing by 0.77 percent from $1.36 trillion in 2023 to $1.852 trillion in 2029.
The forecast indicate a significant growth in Nigeria economy over the next five years.
The Fund also predicted Nigeria’s share of global GDP based on PPP to reach 0.78 per cent by 2029.
GDP is the most commonly used single measure of a country’s overall economic activity.
PPP is a theory that relates changes in exchange rates to changes in price levels between countries, allowing for more accurate international comparisons of economic data.
“The data suggests that Nigeria’s economy is gradually expanding, albeit slowly, and is expected to continue this trend over the next five years. The country’s share of global GDP has remained relatively stable, fluctuating between 0.775 per cent and 0.778 per cent from 2024 to 2028.”
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