Nigeria’s GDP Rebased to ₦205.09 Trillion, Reflecting a 41.1% Increase and Structural Economic Shift

Babatunji Wusu –

• Nigeria’s Gross Domestic Product (GDP) for 2019 has been rebased to ₦205.09 trillion, marking a 41.1% increase over previous 2014 rebasing figures.

• The rebasing exercise, using 2019 as the new base year (replacing 2010), spans data from 2019 to 2023 and provides a more accurate picture of Nigeria’s economy.

• In nominal terms, GDP rose to ₦372.82 trillion ($243 billion) in 2024, with real GDP growth bouncing back from -6.96% in 2020 to over 3% by 2024.

• Key economic sectors under the new base include crop production (17.58%), trade (17.42%), real estate (10.78%), telecommunications (6.78%), and crude petroleum and natural gas (5.85%). Real estate overtook oil and gas due to better valuation of informal activities.

• The services sector dominates with a 53.09% contribution, followed by agriculture (25.83%) and industry (21.08%). The informal sector’s share nearly doubled to 42.5%, highlighting its growing importance.

Nigeria’s economy has undergone a comprehensive rebasing, revising its 2019 GDP to ₦205.09 trillion, a significant 41.1% upward adjustment that better reflects the true size and structure of the economy. This rebasing, which shifts the base year from 2010 to 2019, incorporates updated methodologies and improved data, particularly capturing informal sector growth and new economic activities.

The country’s nominal GDP increased steadily, reaching ₦372.82 trillion (approximately $243 billion) in 2024. After contracting by nearly 7% in 2020 due to the pandemic, Nigeria’s economy returned to positive real growth, a trend sustained through 2024 with rates above 3%.

Sectorally, the rebasing reveals crop production and trade as the largest individual GDP contributors, with real estate notably surpassing oil and gas, reflecting an expanded valuation of informal and real estate activities. The services sector now accounts for more than half of Nigeria’s GDP, underscoring its central role in economic output. The informal economy’s importance is reemphasized, contributing 42.5% of GDP, nearly double earlier estimates.

This rebasing offers a clearer economic portrait that will better inform policy-making and investment, while confirming Nigeria’s standing as the fourth-largest African economy by nominal GDP despite global and regional competition.