Nigeria has formally rebased its Gross Domestic Product (GDP), setting the 2019 base 12 months at ₦205.09 trillion—a 41.1% improve in comparison with the final rebasing in 2014.
The announcement was made by the Statistician-General of the Federation, Adeyemi Adeniran, throughout a press briefing in Abuja. The rebasing train, which coated knowledge from 2019 to 2023, now replaces the earlier base 12 months of 2010.
According to Adeniran, “In nominal terms, Nigeria’s economy was estimated at ₦205.09 trillion in 2019, up from the old series, which had the economy at ₦145.8 trillion. This rebasing provides a more accurate reflection of the country’s economic structure.”
He famous that 5 sectors dominated Nigeria’s economic system within the new sequence:
Crop manufacturing (17.58%)
Trade (17.42%)
Real property (10.78%)
Telecommunications (6.78%)
Crude petroleum and pure gasoline (5.85%)
Real property notably overtook crude oil and gasoline, reflecting higher measurement of the casual actual property market.
Growth Trends and Sector Contributions
Adeniran said that GDP at present costs has risen from ₦205.09 trillion in 2019 to ₦372.82 trillion ($243 billion) in 2024.
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Real GDP progress, nonetheless, tells a combined story:
2020: –6.96% (COVID-19 affect)
2021: +0.95%
2022: +4.32%
2023: +3.04%
2024: +3.38%
The Services sector continues to dominate, contributing 53.09% to GDP, adopted by Agriculture (25.83%) and Industry (21.08%).
The dimension of Nigeria’s casual sector was additionally reassessed, now valued at ₦86.85 trillion in 2019—about 42.5% of GDP—considerably increased than ₦39 trillion estimated in 2015.
Implications for Policy and Investment
Analysts say the rebasing enhances Nigeria’s skill to draw international funding, safe worldwide loans, and higher align coverage with {economic} realities.
Adeniran concluded that the rebasing improves statistical protection, particularly in under-reported sectors like tech and actual property, and offers a stronger basis for nationwide planning and funds forecasting.
