By Chioma Obinagwam
The National Bureau of Statistics (NBS) has released rebased Gross Domestic Product (GDP) figures for Nigeria, using 2019 as the base year, leading to a growth of N372.82 trillion in 2024.
Confiance News reports that the updated data provides a clearer picture of the country’s economic performance from 2019 to 2024.
In nominal terms, Nigeria’s GDP was N205.09 trillion in 2019, rising to 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. This reflects a 41.7% increase in nominal GDP estimates compared to the 59.7% revision during the 2010 rebasing exercise.
In real terms, GDP growth faced challenges in 2020, contracting by 6.96% due to global economic disruptions. Recovery began in 2021 with a modest growth rate of 0.95%. Stronger performance followed, with real GDP growth reaching 4.32% in 2022 and 3.04% in 2023. By 2024, real GDP growth stood at 3.38%, indicating sustained economic expansion.
Confiance News gathered that the rebased figures highlight Nigeria’s economic trajectory, showing steady nominal growth despite fluctuations in real terms. The 41.7% nominal increase underscores a larger economic base, driven by sectors like agriculture, trade, and services.
However, the lower real growth rates reflect persistent challenges, such as inflation and external shocks, impacting purchasing power and living standards. For the broader economy, the data signals resilience, with consistent growth post-2020 supporting job creation and investment. Policymakers can leverage these insights to target interventions, such as subsidies or infrastructure development, to sustain momentum and address structural issues like unemployment and cost-of-living pressures.
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