The National Bureau of Statistics (NBS) says Nigeria’s nominal gross domestic product (GDP) is N372.82 trillion as of 2024 following the rebasing exercise.
In its ‘Rebasing of Gross Domestic Product (GDP)’ report on Monday, NBS said the nominal GDP for Nigeria is much larger than previously estimated.
“The rebased estimates with the new base year of 2019 indicate that the nominal GDP for Nigeria is much larger than previously estimated. In 2019, the rebased nominal GDP at market prices stood at N205.09 trillion, N213.64 trillion in 2020, N243.30 trillion in 2021, N274.23 trillion in 2022, N314.02 trillion in 2023, and N372.82 trillion in 2024.”
According to NBS, the revision represents a 41.7 percent increase in nominal estimates as against a 59.7 percent revision in the 2010 rebasing exercise.
NBS said real GDP growth in 2020 stood at -6.96 percent, and increased to 0.95 percent in 2021.
“Higher growth rates were recorded in 2022 and 2023, at 4.32% and 3.04%, respectively. While 2024 recorded a real GDP growth rate of 3.38%,” the data bureau said.
“Crop production at 17.58% ranked highest among the top five economic activities using the 2019 base year. This was followed by trade (17.42%), real estate (10.78%), telecommunications (6.78%), and crude petroleum and natural gas (5.85%).
“Real estate ranked third, displacing crude oil and natural gas to the fifth position due to improved coverage of informal economic activities during the exercise.”
Using broad sector classification, NBS said the services sector remained the largest contributor to GDP at 53.09 percent in 2019 compared to 52.60 percent in the previously published 2019 estimate.
According to the agency, this was followed by agriculture, which contributed 25.83 percent, and the industrial sector at 21.08 percent.
Nigeria retained its position as the fourth-largest economy in Africa, despite the rebasing of the GDP, which led to the addition of activities in several areas, such as digital economic activities, informal economic activities, creative industries, and fintech.
Before NBS rebased the GDP, the World Bank reported that Nigeria, with a GDP of $187.75 billion, is the fourth biggest economy in Africa in 2024, behind South Africa ($400,26 billion), Egypt ($389,05 billion), and Algeria ($263,61 billion), while Morocco ($154.43 billion) completed the top five list.
With Nigeria’s rebased GDP at N372.82 trillion, the conversion to US currency is $242.64 billion, using the Central Bank of Nigeria (CBN) exchange rate of N1,536.50 per dollar as at December 31, 2024.
This shows that the value of Nigeria’s economy increased compared to the figure reported by the World Bank in April, however, the country still falls behind South Africa, Egypt, and Algeria.
