Nigeria’s GDP Rebased to ₦205 Trillion, Reflecting 41.7% Growth

Nigeria’s Gross Domestic Product (GDP) has been officially rebased to ₦205 trillion, up from the previous estimate of ₦80 trillion.

The new figure reflects a 41.7% increase compared to the last rebasing exercise conducted in 2014.

The announcement was made by the Statistician General of the Federation and CEO of the National Bureau of Statistics (NBS), Adeyemi Adeniran, during a press briefing held in Abuja.

According to Adeniran, the latest rebasing exercise covers the period between 2019 and 2023, with 2019 adopted as the new base year.

This replaces the 2010 base year used during the last rebasing exercise over a decade ago.

He explained that the rebasing process was necessary to accurately reflect the current structure and performance of Nigeria’s economy. The 41.7% growth, he noted, highlights the country’s expanding economic activities and sectoral diversification.

Adeniran identified five sectors as the top contributors to the rebased GDP which are crop production, trade, real Estate,telecommunications, Oil and Gas etc.

“These sectors continue to play a dominant role in shaping the Nigerian economy,” he said, adding that the revised data provides a clearer and more comprehensive understanding of the country’s economic landscape.

GDP rebasing is a standard global practice that helps countries update the methodology and structure used in calculating national output. It ensures that economic data remains relevant by capturing new and emerging sectors, updated prices, and structural changes in the economy.

The Statistician General emphasized that the rebased GDP figures will serve as a vital tool for policymakers, investors, and development partners in assessing Nigeria’s economic performance and planning for future growth.

“This rebasing exercise provides a more accurate measurement of Nigeria’s economy and better aligns us with international statistical standards,” he added.