Nigeria's GDP rises after rebase, but not enough to reclaim title of Africa's richest country
Nigeria's GDP was revised, incorporating informal sectors, resulting in improved statistical representation.
The country experienced 3.13% GDP growth year-on-year in Q1 2025, up from 2.27% the previous year.
Using the 2019 base year, Nigeria's GDP at current prices reached 372.8 trillion naira in 2024.
Nigeria's economy has been revised upward following changes in how gross domestic product (GDP) is calculated, with more informal sectors now included in the official data.
According to the latest data from the NBS, Nigeria's GDP grew by 3.13% year-on-year in real terms in the first quarter of 2025, a notable improvement from the 2.27% growth recorded in the same period last year.
As a result of the new methodology, GDP at current prices reached 372.8 trillion naira ($243 billion) in 2024, up from 314 trillion naira in 2023.
The adjustment is based on a change in the base year to 2019, which the NBS says was necessary to present a more accurate and updated picture of the economy's structure.
The services sector remained the dominant driver of growth, expanding by 4.33% year-on-year and contributing 57.5% to real GDP.
Meanwhile, agriculture, which continues to employ a significant share of the population, grew marginally by 0.07%, a recovery from the -1.79% contraction recorded in Q1 2024.
Fourth-largest African economy
Despite the upward revision, Nigeria now ranks as the fourth-largest economy in Africa, trailing behind South Africa ($410.3 billion), Egypt ($347.3 billion), and Algeria ($268.9 billion), according to current estimates.
The country has faced significant economic challenges in recent years, including surging inflation and a sharp currency devaluation that have weighed heavily on consumer purchasing power and investor sentiment.
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