By 2029, Nigeria’s GDP per person should have increased to $1,120.67, according to the International Monetary Fund.
Nigeria’s GDP per capita has been trending downward since 2014, with a low of $1,087.89 in 2024 and a peak of $3,222.69 in 2014, according to the IMF data that was analyzed.
A common measure of a nation’s economic health and standard of living is GDP per capita. The nation’s GDP per capita has varied over time, showing both its growth potential and its economic difficulties.
From 2014 to 2017, the figure fell significantly before making a little comeback in 2018 and 2019. However, in 2020 and 2021, there was a notable fall as a result of the COVID-19 epidemic and other economic difficulties.
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 percent 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.
