JUST IN: NIGERIA’S REBASED GDP NOW N372.8TR
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By ‘Leke Yusuf
The National Bureau of Statistics (NBS) has published the rebased Gross Domestic Product (GDP) figures, using a base year of 2019.
In nominal terms, the rebased GDP for 2019 stood at N205.09trillion, N213.63 trillion in 2020, N243.30 trillion in 2021, N274.23 trillion in 2022, N314.02 trillion in 2023, and N372.82 trillion ($243bn) in 2024.
This revision represents a 41.7% increase in nominal estimates compared to a 59.7% revision in the 2010 rebasing exercise. Real GDP growth in 2020 stood at -6.96% and improved to 0.95% in 2021.
Higher growth rates were recorded in 2022 and 2023, at 4.32% and 3.04%, respectively. While 2024 recorded a real GDP growth rate of 3.38%.
Nigeria’s GDP has been rebased for the second time in 10 years (the last exercise was in 2014)
Nigeria’s Gross Domestic Product (GDP) grew by 3.13% in real terms year-on-year in the first quarter of 2025, according to the National Bureau of Statistics (NBS).
The figure reflects an improvement compared to the 2.27% posted in Q1 2024.
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