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

Date:

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.

Source: The Punch

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Share post:

Subscribe

Popular

Latest Updates

More like this
Related

Throne, others destroyed as fire guts Emir Sanusi’s palace

A fire outbreak has reportedly occurred at the palace...

LG Autonomy: CTC chairmen ineligible for FAAC funds, says Ozekhome

A Senior Advocate of Nigeria (SAN) Mike Ozekhome, has...

CBN to slow down rate hikes soon – Cardoso

The Governor of the Central Bank of Nigeria,  Dr...

Nigeria’s FX reserves hit $34.7bn

Nigeria’s foreign exchange reserves have reached a high of...
bitcoin
Bitcoin (BTC) $ 58,680.72 1.82%
ethereum
Ethereum (ETH) $ 3,164.31 1.49%
tether
Tether (USDT) $ 1.00 0.03%
bnb
BNB (BNB) $ 529.19 0.35%
solana
Solana (SOL) $ 140.03 1.39%
usd-coin
USDC (USDC) $ 1.00 0.04%
staked-ether
Lido Staked Ether (STETH) $ 3,168.14 1.66%
xrp
XRP (XRP) $ 0.536495 14.11%
the-open-network
Toncoin (TON) $ 7.30 0.11%
dogecoin
Dogecoin (DOGE) $ 0.111453 4.10%