Nigeria’s economy is bigger than previously estimated, after statistics authorities changed the way they calculate gross domestic product and started adding more informal sectors to its calculations.
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.
This revision represents a 41.7% increase in nominal estimates compared to a 59.7% revision in the 2010 rebasing exercise.
Real GDP growth in 2020 stood at -6.96% and improved to 0.95% 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%.