Nigeria’s GDP per capita to hit $1,120 in five years – IMF

The International Monetary Fund has predicted that Nigeria’s Gross Domestic Product per capita will reach $1,120.67 by 2029.

This is according to the Washington-based IMF analysis of Nigeria’s Gross Domestic Product per capita data since 2014.

The 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.

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.

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

Earlier, the IMF had forecasted that Nigeria’s economy will grow from $1.36 trillion in 2023 to $1.85 trillion by 2029 in Purchasing Power Parity terms.

Recall that the National Bureau of Statistics’ recent data showed 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.

Meanwhile, irrespective of the GDP growth, Nigeria has continued to suffer from a soaring inflation rate which rose to 33.69 percent in April 2024.

This comes as the ripple effect of the twin policy of fuel subsidy removal and Naira devaluation in June last year had continued to affect the prices of goods, services and the purchasing power of Nigerians.