Lagos, June 10, 2024 – Nigeria’s Gross Domestic Product (GDP) per capita will grow to $1,120.67 by 2029, the International Monetary Fund has predicted.
It said data had revealed a fluctuating trend in Nigeria’s GDP per capita since 2014, with a high of $3,222.69 in 2014 and a low of $1,087.89 in 2024.
It showed that GDP per capita declined steadily from 2014 to 2017, before experiencing a slight recovery in 2018 and 2019.
However, the COVID-19 pandemic and other economic challenges led to a significant decline in 2020 and 2021.
The IMF said it foresaw a steady increase in Nigeria’s GDP per capita from 2022 to 2029, with a growth rate of 3.5 percent expected in 2029 in spite of the economic challenges facing the country.
It had earlier predicted that Nigeria’s economy would grow from $1.36 trillion in 2023 to $1.85 trillion by 2029 in Purchasing Power Parity terms.
Nigeria’s National Bureau of Statistics had also reported that Nigeria’s GDP grew to 2.98 percent and 3.46 percent in real terms in the first quarter of 2024 and Q4 2023. (GBN)
