Economic growth is a central objective for governments worldwide, with gross domestic product (GDP) serving as a key indicator of national economic performance. Sustainable growth, alongside the management of inflation and interest rates, is critical for shaping a country’s overall development trajectory. GDP at purchaser’s prices, which represents the sum of gross value added by all resident producers plus product taxes and minus subsidies, provides a comprehensive measure of economic activity without accounting for depreciation or resource depletion. This study employs time series forecasting techniques to analyze Nigeria’s GDP dynamics from 1960 to 2015, aiming to understand historical trends and predict future economic performance. By examining long-term patterns and fluctuations in GDP, the research highlights the relationship between macroeconomic policies, economic growth, and structural changes in the Nigerian economy. The findings provide insights into how policymakers and economic planners can leverage historical GDP data to formulate strategies that enhance growth, stabilize macroeconomic variables, and support sustainable development. The study underscores the importance of accurate GDP forecasting as a tool for informed decision-making, economic planning, and assessment of national progress. Understanding past GDP patterns and projecting future growth trajectories is essential for ensuring that economic policies are responsive to emerging challenges and opportunities, thereby contributing to the long-term prosperity of Nigeria.
Adebayo et al. (Fri,) studied this question.