Industry & Money

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.

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