Source: RipplesNigeria

Nigeria, yesterday, rebased its Gross Domestic Product (GDP) from N80 trillion to N372 trillion; however, despite this rebasing, the country remains the fourth biggest economy in Africa.

In its ‘Rebasing of Gross Domestic Product (GDP)’ report released on Monday, July 21, 2025, the National Bureau of Statistics (NBS) said the nominal GDP for Nigeria is much larger than previously estimated.

As a result, the NBS disclosed that Nigeria’s nominal GDP is now N372.82 trillion as of 2024 following the rebasing exercise.

GDP rebasing is the process of updating the base year used to calculate the Gross Domestic Product (GDP) to reflect changes in the structure and composition of an economy.

This involves using a more recent base year to accurately reflect modern economic activities, consumption patterns, and sectoral contributions.

In the report, NBS noted that “The rebased estimates with the new base year of 2019 indicate that the nominal GDP for Nigeria is much larger than previously estimated.

Nigeria, yesterday, rebased its Gross Domestic Product (GDP) from N80 trillion to N372 trillion; however, despite this rebasing, the country remains the fourth biggest economy in Africa.

In its ‘Rebasing of Gross Domestic Product (GDP)’ report released on Monday, July 21, 2025, the National Bureau of Statistics (NBS) said the nominal GDP for Nigeria is much larger than previously estimated.

As a result, the NBS disclosed that Nigeria’s nominal GDP is now N372.82 trillion as of 2024 following the rebasing exercise.

GDP rebasing is the process of updating the base year used to calculate the Gross Domestic Product (GDP) to reflect changes in the structure and composition of an economy.

This involves using a more recent base year to accurately reflect modern economic activities, consumption patterns, and sectoral contributions.

In the report, NBS noted that “The rebased estimates with the new base year of 2019 indicate that the nominal GDP for Nigeria is much larger than previously estimated.

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“In 2019, the rebased nominal GDP at market prices stood at N205.09 trillion, N213.64 trillion in 2020, N243.30 trillion in 2021, N274.23 trillion in 2022, N314.02 trillion in 2023, and N372.82 trillion in 2024.”

However, despite the rebasing which increased Nigeria’s GDP from N80tr to N372tr, Nigeria still remained fourth biggest economy in Africa behind South Africa, Egypt, and Algeria.

Before the rebasing exercise, the World Bank reported that Nigeria, with a GDP of $187.75 billion, is the fourth biggest economy in Africa in 2024, behind South Africa ($400,26 billion), Egypt ($389,05 billion), and Algeria ($263,61 billion), while Morocco ($154.43 billion) completed the top five list.

With Nigeria’s rebased GDP now at N372.82 trillion, the conversion to US currency is $242.64 billion, using the Central Bank of Nigeria (CBN) exchange rate of N1,536.50 per dollar as at December 31, 2024.

This shows that the value of Nigeria’s economy increased when compared to the figure reported by the World Bank in April; however, the country still falls behind South Africa, Egypt, and Algeria.