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Nigerian Economy to Reach $1.85 Trillion by 2029, Inflation Declines to 14% Despite Current Hurdles

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In spite of the many challenges facing the Nigerian economy, the International Monetary Fund (IMF), in a recent report, says the country’s economy will climb to $1.85 trillion in 2029, with inflation decelerating to 14 percent.

According to the IMF data, the inflation rate is anticipated to gradually decrease from 23 percent in 2025 to 16 percent in 2026, 15.4 percent in 2027, and then stabilize at 14 percent in 2028 and 2029.”

This planned stabilization is a positive development for the Nigerian economy, which has been grappling with rising inflation and interest rates.

Meanwhile, the Central Bank of Nigeria (CBN) has implemented various measures to tackle these challenges, including raising interest rates during the 295th MPC meeting in May 2024.

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