₦airaland Forum

by Bunmi Aduloju


The National Bureau of Statistics (NBS) says Nigeria’s nominal gross domestic product (GDP) is N372.82 trillion as of 2024 following the rebasing exercise.

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

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

According to NBS, the revision represents a 41.7 percent increase in nominal estimates as against a 59.7 percent revision in the 2010 rebasing exercise.

NBS said real GDP growth in 2020 stood at -6.96 percent, and increased to 0.95 percent in 2021.

“Higher growth rates were recorded in 2022 and 2023, at 4.32% and 3.04%, respectively. While 2024 recorded a real GDP growth rate of 3.38%,” the data bureau said.

“Crop production at 17.58% ranked highest among the top five economic activities using the 2019 base year. This was followed by trade (17.42%), real estate (10.78%), telecommunications (6.78%), and crude petroleum and natural gas (5.85%).

“Real estate ranked third, displacing crude oil and natural gas to the fifth position due to improved coverage of informal economic activities during the exercise.”

Using broad sector classification, NBS said the services sector remained the largest contributor to GDP at 53.09 percent in 2019 compared to 52.60 percent in the previously published 2019 estimate.

According to the agency, this was followed by agriculture, which contributed 25.83 percent, and the industrial sector at 21.08 percent.


NIGERIA REMAINS FOURTH-BIGGEST GDP IN AFRICA DESPITE REBASING

Nigeria retained its position as the fourth-largest economy in Africa, despite the rebasing of the GDP, which led to the addition of activities in several areas, such as digital economic activities, informal economic activities, creative industries, and fintech.

Before NBS rebased the GDP, 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 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 compared to the figure reported by the World Bank in April, however, the country still falls behind South Africa, Egypt, and Algeria.

https://www.thecable.ng/nbs-says-gdp-now-n372trn-but-nigeria-still-fourth-biggest-economy-in-africa/

Nlfpmod

You can't eat your cake and have it. Tinubu government have destroyed Nigeria economy. Even if they like, let them rebase Nigeria GDP x1000, it won't undo the calamity he unleashed on Nigeria on May 29th 2025!

Bsssss:
You can't eat your cake and have it. Tinubu government have destroyed Nigeria economy. Even if they like, let them rebase Nigeria GDP x1000, it won't undo the calamity he unleashed on Nigeria on May 29th 2025!

destroyed it how, is it because of Tinubu that u have not been able to add value to your existence.

U that cannot help yourself, is waiting for Tinubu to come & rescue u?

What have u contributed to the economy?

LegendHero you were claiming that it was rebasing that GEJ used to make Nigeria the biggest economy in Africa. How far, why didn’t Nigeria go back to #1 after Tinubu’s rebasing?

I see you have deleted those your posts. It’s Interesting you were able to remove your post even on the ones I quoted. Only mods can do that

LegendHero:
This is exactly what Jonathan did that suddenly turned Nigeria to the highest GDP in Africa then.

givedemwotowoto:
Misleading information (Propaganda) Alert!‼️

Governments of OBJ, Yar’adua, and GEJ significantly grew certain sectors of the Nigerian economy and GEJ’s government captured these sectors which were not previously captured in our GDP. The sectors they added include Telecom and ICT, Entertainment and Media (including content creators), E-commerce, Real Estate and Construction, Financial Services like Banking and insurance, Hospitality and Tourism (Hotels, restaurants, tourism), Transportation (including Air travel).

TPain hasn’t done anything new except make people poorer so what they’re trying to do is spend a lot of tax payers’ money to rebase the economy and include activities like street hawking, artisans like tailors, domestic work like house cleaning etc.

No be juju be that?

Hmm.... what are they debasing?
How do they come about that?
The government should situp and make the economy works 💪.

Their zombies here were lying as usual that when Nigeria economy is rebased. Now all the Wale Edun/,Cardoso magic has been done, but Nigeria is still not seating as the topgun economy in Africa. You can win by lies and propaganda but can rule by same.

Bsssss:
Tinubu government have destroyed Nigeria economy. Even if they like, let them rebase Nigeria GDP x1000, it won't undo the calamity he unleashed on Nigeria on May 29th 2025!

The truth is that, the. Solemn truth is always bitter to swallow, but it does not changes it from being truth.

“Higher growth rates were recorded in 2022 and 2023, at 4.32% and 3.04%, respectively. While 2024 recorded a real GDP growth rate of 3.38%,” the data bureau said.

With president Tinubu, Nigeria is in the right hand

Nigeria was the biggest economy in Africa before Tinubu came. Tinubu's incompetence has dropped us to the 4th position. In 2027 we will use our votes to disgrace Tinubu out of Asso rock

LegendHero:
This is exactly what Jonathan did that suddenly turned Nigeria to the highest GDP in Africa then.

So why can your first class CSU certificate forging accountant and drug running hero do same? Jonathan's records was the 3RD FASTEST GROWING ECONOMY IN THE WORLD

However, dunceheads - Buhari and Tinubu that insulted Jonathan as utterly clueless and brainless have collectively taken it to the struggling 4th ECONOMY IN AFRICA.

Now your god who is nothing but all shade of criminality, have not only downgraded the nation's economic reputation but leagued work his economic disaster mentor to destroyed the economy beyond redemption. You have be shamelessly incredible to defend Tinubu.

Racoon:
So why can your first class CSU certificate forging accountant and drug running hero do same?

Jonathan's records was the 3RD FASTEST GROWING ECONOMY IN THE WORLD Buhari and Tinubu have taken it to the struggling 4th ECONOMY IN AFRICA.

Now your god who is nothing but all shade of criminality, have not only downgraded the nation's economic reputation but leagued work his economic disaster mentor to destroyed the economy beyond redemption. You have be shamelessly incredible to defend Tinubu.

But there is improvement with our GDP. Why are you chronically bitter about this development news?

helinues:
But there is improvement with our GDP. Why are you chronically bitter about this development news?

Improved GDP that automatically translates to a worsening cost of living, biting poverty, galloping inflation, loss of investors confidence, economic stagnation and free fall in the value of the naira?

What is the use of the improved GDP if the statistics indices does not show any effect on the lives of the citizens?

LegendHero why did you hide my posts? Hiding yours wasn’t enough?

I asked you a simple question. You claimed on the other thread that it was rebasing that GEJ used to become the largest economy in Africa. So why is Nigeria not the largest country in Africa after Tinubu rebased the economy?

Bobloco MadPolitician mrvitalis I’m sure you remember this thread: https://www.nairaland.com/8269013/federal-government-rebase-gross-domestic#132907960

Go see what LegendHero did there. Not only was he able to hide his own posts, he was also able to edit any post where he was quoted and either hide the entire post or remove his quoted comment from the post

And has this translated to better socio-economic conditions for the masses?

Has the purchasing power improved?

Are living conditions better?

Has poverty reduced?

The per capita income in 2014 was over $3,000. Today, it is about $800...

Bat needs to start addressing what really matters and stop the propaganda.

Governance should not be for the rich alone, but it should impact positively on the masses.

Racoon:
Improved GDP that automatically translates to a worsening cost of living, biting poverty, galloping inflation, loss of investors confidence, economic stagnation and free fall in the value of the naira?

What is the use of the improved GDP if the statistics indices does not show any effect on the lives of the citizens?

So what would decrease GDP would have done!

See, you guys can't be doing because you want to sound vindicated about president Tinubu and refused to be happy with Nigeria's progress