Nigeria’s economic size has seen a notable expansion following a revision of the country’s gross domestic product (GDP) methodology by the National Bureau of Statistics (NBS).
The updated framework now includes more components of the informal sector, resulting in a broader and more comprehensive estimate of national output.
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According to the revised figures, Nigeria’s GDP for 2024 increased to ₦372.8 trillion, a substantial rise from ₦314.02 trillion recorded in 2023.
The rebased nominal GDP series shows the following progression: ₦205.09 trillion in 2019, ₦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.
Compared to the previous rebasing exercise carried out in 2010, which resulted in a 59.7% increase, the latest update reflects a 41.7% rise in nominal GDP.
In terms of real GDP growth, the economy contracted by 6.96% in 2020 but returned to positive growth of 0.95% in 2021.
This recovery gained momentum in subsequent years, with growth rates of 4.32% in 2022 and 3.04% in 2023. For 2024, the real GDP growth rate was recorded at 3.38%.
 methodology by the National Bureau of Statistics (NBS).){kind=link}