Nigeria’s GDP per capita to hit $1,120.67 by 2029 — IMF

Nigeria’s Gross Domestic Product per capita is expected to reach $1,120.67 by 2029, according to the International Monetary Fund.

The IMF data 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.

GDP per capita is a widely used indicator of a country’s standard of living and economic well-being.

The country’s GDP per capita has been fluctuating over the years, reflecting its economic challenges and growth prospects.

The figure 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.

Despite the challenges, the IMF predicted a steady increase in Nigeria’s GDP per capita from 2022 to 2029, with a growth rate of 3.5 per cent expected in 2029.

The growth is attributed to the country’s economic diversification efforts, investments in infrastructure, and a rebound in the oil sector.

A financial expert, Mary Ogundokun noted, “The predicted growth in GDP per capita is a welcome development for Nigeria, which has been working to recover from economic instability and reduce poverty.

“The government’s efforts to promote economic growth and development are expected to continue, with a focus on sustainable and inclusive growth.”

According to Ogundokun, the IMF’s prediction of a steady increase in GDP per capita from 2022 to 2029 is a positive sign for the country’s economic future.

Nigeria, Africa’s largest economy, has faced significant economic challenges in recent years, including a decline in oil prices, currency fluctuations, and a recession in 2020.