The International Monetary Fund (IMF) predicts that Nigeria’s economy will experience significant growth, reaching $1.85 trillion in purchasing power parity (PPP) terms by 2029.
Gatekeepers News reports that this projection suggests a steady increase from $1.44 trillion in 2024, with a notable 5.5% rise expected in 2029.
The IMF also forecasts Nigeria’s share of global GDP based on PPP to reach 0.78% by 2029, a slight increase from 0.77% in 2023.
Despite this positive outlook, Nigeria faces challenges such as a high cost of living and soaring inflation, which have led to a decline in purchasing power.
The inflation rate has risen from 22.41% in May 2023 to 33.69% in April 2024, while food inflation has increased from 24.82% to 40.53% during the same period.
