The National Bureau of Statistics (NBS) has revealed that following Nigeria’s GDP rebasing exercise, the country’s GDP soared to N372.8 trillion ($243 billion) in 2024.
The NBS reported that this marks a 41.7% increase in nominal terms compared to previous estimates.
According to the NBS, the development came after a shift in the base year for GDP calculations from 2010 to 2019, incorporating new sectors and improved methodologies to better reflect the nation’s economic landscape.
The agency added that Nigeria’s GDP rebasing highlights the country’s evolving economy, driven by growth in services, agriculture, and emerging industries.
It was also gathered that the country’s GDP rose to N372.8 trillion in 2024 from N314.02 trillion in 2023.
In nominal terms, the rebased GDP for 2019 stood at N205.09trillion, N213.63 trillion in 2020, N243.30 trillion in 2021, N274.23 trillion in 2022, N314.02 trillion in 2023, and N372.82 trillion in 2024.
Also, the rebasing exercise, which updates the reference year to capture structural changes in the economy, showed a GDP growth rate of 3.38% in 2024, a recovery from the -6.96% recorded during the 2020 COVID-19 pandemic.
Key sectors like crop production (17.58%), trade (17.42%), and real estate (10.78%) led the charge, while the services sector contributed 53.09% to GDP in 2019.
This is according to the Statistician General of the Federation, Mr Adeyemi Adeniran, who is also the head of the NBS.
Adeniran said on Monday that “This rebasing exercise… not only involves the change in the base year, which moved from 2010 to 2019 but also includes methodological updates.
“The increase in the size of the economy is said to be against the new way the GDP is calculated, with the addition of more informal sectors.
“Following the benchmarking of the estimates, the performance of the GDP in Q1 of 2025 was driven mainly by the service sector, which recorded a growth rate of 4.33 per cent and contributed 57.15 per cent to the aggregate GDP.”
