The International Monetary Fund (IMF) has projected that Nigeria’s economy will hit $1.85 trillion by 2029 in terms of Purchasing Power Parity (PPP).
This forecast indicates a substantial growth path for the nation’s economy in the coming years.
According to IMF data, Nigeria’s Gross Domestic Product (GDP) in PPP terms has been steadily rising, from $1.36 trillion in 2023 to an estimated $1.852 trillion by 2029.
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GDP serves as the primary measure of a country’s overall economic activity, while PPP theory facilitates accurate international comparisons of economic data by relating changes in exchange rates to changes in price levels between countries.
The data indicates a gradual expansion of Nigeria’s economy, albeit at a slow pace, with expectations of sustaining this trend over the next five years.
The country’s share of global GDP has remained consistent.
