Wednesday , June 12 2024

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 analysed by The PUNCH 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.

About Bukola Olanrewaju

Check Also

Fitch Upgrades Fidelity Bank’s Rating to ‘Positive’

Fitch Upgrades Fidelity Bank’s Rating to ‘Positive’

Fitch Ratings has revised the outlook on Fidelity Bank PLC’s LongTerm Issuer Default Rating (IDR) …

Leave a Reply

Your email address will not be published. Required fields are marked *