Nigeria’s economy is expected to rise to at least $1.852 trillion in Purchasing Power Parity terms by 2029; data from the International Monetary Fund has shown.

The Washington-based Fund’s prediction suggests a significant growth trajectory for the country’s economy over the next five years.

Nigeria’s Gross Domestic Product in PPP terms has been on the increase, projected to rise from $1.36 trillion in 2023 to $1.852 trillion in 2029.

The data shows a consistent growth trend, with a notable increase of 5.5 per cent expected in 2029.

IMF also forecast Nigeria’s share of global GDP based on PPP to reach 0.78 per cent by 2029, indicating a slight increase from 0.77 per cent in 2023.

Nigeria, the fourth largest economy in Africa, has faced significant challenges in recent years, including a recession in 2020 caused by the COVID-19 pandemic and a decline in oil prices.

However, the data suggests that Nigeria’s economy is gradually expanding, though slowly, and is expected to continue this trend over the next five years.

In 2024, the country’s GDP in PPP terms stood at $1.44tn, increasing to $1.51tn in 2025, and $1.587tn in 2026. The growth continued in 2027, with a GDP (PPP) of $1.67tn, and $1.759tn in 2028.

With this trend, Nigeria could regain its position as Africa’s largest economy, overtaking South Africa.