The National Bureau of Statistics, NBS, has announced that Nigeria’s Gross Domestic Product, GDP, stood at N372.8 trillion in 2024.
This follows the shift of the base year for GDP calculation to 2019, which had initially placed the economy at N205 trillion.
The latest figure represents approximately $243 billion, based on the prevailing exchange rate of N1,530 to $1 as of July 2025.
The nation’s Statistician-General disclosed this in a statement released on Monday.
The NBS stated that real GDP growth stood at 3.38 per cent in 2024.
“In nominal terms, the rebased GDP for 2019 stood at N205.09 trillion, N213.63 trillion in 2020, N243.30 trillion in 2021, N274.23 trillion in 2022, N314.02 trillion in 2023, and N372.82 trillion in 2024,” NBS said.
According to the report, the revision represents a 41.7 per cent increase in nominal estimates, compared to a 59.7 per cent revision recorded during the 2010 rebasing exercise.
“The increase in the size of the economy is said to be against the new way the GDP is calculated, with the addition of more informal sectors.”
Real GDP growth in 2020 stood at -6.96 per cent and improved to 0.95 per cent in 2021. Higher growth rates were recorded in 2022 and 2023, at 4.32 per cent and 3.04 per cent, respectively.
Media Talk Africa recalls that NBS had announced plans to rebase the country’s GDP in July 2025.
