Africa: Nigeria Ranks Africa's Fourth Largest Economy Despite Rebasing

GDP Rankings: Real estate overtakes oil sector with new rebasing format

Nigeria’s Gross Domestic Product (GDP) grew by 3.13 per cent year-on-year in real terms in the first quarter of 2025, according to a fresh report by the National Bureau of Statistics (NBS). This marks a significant leap from the 2.27 per cent growth recorded during the same period in 2024. The NBS, in its Q1 2025 GDP report released Monday, July 21, attributed the growth to robust performances in the services and industrial sectors. “This growth…

Nigeria’s crisis-hit economy expands 3% in Q2

Nigeria’s GDP grew more than 3% in the second quarter compared with the same period last year, suggesting its economy may be recovering after the biggest crisis in a generation. The positive figures came as the country’s central bank is due to decide whether to maintain its eyewatering 27.5% interest rate, one of the world’s highest. Inflation peaked at 34% after the government cut a costly fuel subsidy in 2023 a move economists say was needed d…

Africa: Nigeria Ranks Africa's Fourth Largest Economy Despite Rebasing

Despite the rebasing of Nigeria's Gross Domestic Production (GDP), the country still retains its position as the fourth largest economy in terms of Nominal terms.

Nigeria's rebased GDP rose to N372.8trn in 2024

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…

UPDATED: Nigeria’s rebased GDP rises to N372 trillion in 2024

“This revision represents a 41.7% increase in nominal estimates compared to a 59.7% revision in the 2010 rebasing exercise.”

NBS: Nigeria's GDP grew by 3.13% in Q1 2025

Following the rebasing of Nigeria’s Gross Domestic (GDP) report, the National Bureau of Statistics (NBS) has stated that Nigeria’s economy grew by 3.13 percent in the first quarter of 2025 from the 2.27 percent recorded in the same period in 2024.  Briefing newsmen in Abuja on Monday, the Statistician General of the Federation, Prince Adeyemi Adeniran, said the economy was rebased from 2010 base year to 2019. He said in nominal terms, the econom…