Nigeria has significantly updated its Gross Domestic Product (GDP) estimates, rebasing the nominal value from N80 trillion to ₦372.82 trillion as of 2024.
However, despite the upward revision, the country still ranks as the fourth-largest economy in Africa, according to a new report released on Monday, July 21, 2025, by the National Bureau of Statistics (NBS).
The GDP rebasing exercise, which uses 2019 as the new base year, was designed to better capture structural changes and modern dynamics in the Nigerian economy. This marks the first time in over a decade that the country’s economic metrics have been recalibrated to reflect current realities.
According to the NBS, the revised GDP figures using the 2019 base year are as follows: 2019: ₦205.09 trillion; 2020: ₦213.64 trillion; 2021: ₦243.30 trillion; 2022: ₦274.23 trillion; 2023: ₦314.02 trillion; 2024: ₦372.82 trillion.
This rebasing shows a massive jump from the previously reported GDP figures, which hovered around ₦80 trillion before the update.
GDP rebasing involves changing the base year used for national accounts to better reflect shifts in consumption patterns, sectoral activity, and emerging industries such as fintech, digital services, and informal enterprises.
The NBS explained that the rebasing is critical for improving data accuracy, policymaking, and investment decisions.
“The rebased estimates with the new base year of 2019 indicate that the nominal GDP for Nigeria is much larger than previously estimated,” the bureau stated in its report.
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Despite the surge in nominal value, the rebased GDP does not push Nigeria up in the continental rankings.
Based on World Bank data published earlier in 2024, Nigeria’s economy was valued at $187.75 billion, ranking it fourth behind: South Africa – $400.26 billion; Egypt – $389.05 billion; Algeria – $263.61 billion and Nigeria – $187.75 billion and Morocco – $154.43 billion.
Using the Central Bank of Nigeria’s official exchange rate of N1,536.50 to $1 (as of December 31, 2024), the rebased GDP of N372.82 trillion now translates to approximately $242.64 billion.
While this represents a notable rise from earlier dollar estimates, it still falls short of Algeria’s $263.61 billion and leaves Nigeria at number four in Africa’s economic hierarchy.
The rebasing exercise offers a more realistic picture of the size and structure of Nigeria’s economy, capturing activities in previously underrepresented sectors such as modular refineries, quarrying, digital platforms, and social welfare-related services.
However, experts caution that while rebasing improves statistical accuracy, it does not automatically translate to increased income, job creation, or poverty reduction.
The new figures provide a better tool for macroeconomic planning and investment strategy, but the country must still address deep-rooted structural issues to unlock real growth.
In conclusion, Nigeria’s rebasing marks a positive step toward modernizing economic measurement and aligning with international statistical standards. Yet, the data reveal that the country has more work to do if it hopes to reclaim its position as Africa’s largest economy.