Nigeria’s GDP hits ₦372.8 trillion in 2024 after rebasing

|By Adejumo Adekunle

…New base year expands economy by over 40%
…Real growth stands at 3.38% despite economic shocks

Nigeria’s Gross Domestic Product (GDP) has surged to ₦372.8 trillion in 2024 following the official rebasing of the country’s economic data, the National Bureau of Statistics (NBS) announced Monday.

The rebasing exercise, which shifts the GDP base year from 2010 to 2019, revised the size of the economy upward by 41.7% in nominal terms. This move places Nigeria’s 2024 GDP at approximately $243 billion, using the current exchange rate of ₦1,530 to $1 as of July 2025.

According to the NBS, real GDP growth for 2024 stood at 3.38%, indicating a steady recovery from previous downturns. The Statistician-General, who issued the statement, noted that the revision was necessary to reflect structural changes and emerging sectors in Nigeria’s economy.

“In nominal terms, the rebased GDP for 2019 was ₦205.09 trillion, rising progressively to ₦213.63 trillion in 2020, ₦243.30 trillion in 2021, ₦274.23 trillion in 2022, ₦314.02 trillion in 2023, and ₦372.82 trillion in 2024,” the Bureau reported.

The update marks Nigeria’s second major GDP rebasing in over a decade. The last was conducted in 2014, using 2010 as the reference year. That exercise had resulted in a 59.7% increase in the nominal value of GDP, placing Nigeria as the largest economy in Africa at the time.

However, this latest rebasing reflects a more modest expansion of 41.7%, attributed to a more conservative methodology and the inclusion of informal sectors not previously captured.

Real GDP growth also showed notable improvement in recent years. After a contraction of -6.96% in 2020, growth rebounded to 0.95% in 2021, and accelerated to 4.32% in 2022 and 3.04% in 2023.

The NBS had earlier signaled its intention to rebase Nigeria’s GDP in July 2025, in line with global best practices that recommend updates every five years.