₦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

Report says it's number 1. Nigeria I number last in the world.

Worst than Somalia

Imagine under Tinubu Nigerians are begging for visa to move Somalia of all places in the world.

God forbid Bat-Thing

APC is trying everything possible to push the narrative that they are doing their might, , they are nothing but jesters big one for that matter.

While the reports are reporting, Nigerians are suffering what they brought to us by 2027 everybody must have gotten sense of which some people are already seeing, confessing and regretting their mistakes.

I had to repost this cos don't know why the topic by islie=nbs-says-gdp-now-n372trn-but-nigeria-still-fourth-biggest-economy-in-africa was locked by Mynd44 when it's clear that it's not the same with the one in front page, this one provides the context of comparison with other economies in Africa, of what use is your telling me that our economy has increased when I can't compare it with other economies to know how far we've come or stagnated rather.

This is nothing but an attempt to squash information by the mod who locked that thread, we need full information cos half information is as bad as disinformation.

We was no1 in Africa during Jonathan and 3rd in the world, but somehow some people from the west were spreading false news through their lagos ibadan Express media, complaining of corruption, high cost of living, unemployment, hunger and starvation to oust him from office. Today all what they protested against is happening right before their very eyes and they are cool with the hunger, insecurities, corruption, high cost of living and poverty. Lagos ibadan Express media is no longer functional.

NB: They always call some people enemies of the country, the same country their both candidates plunged into multidimensional poverty.
Now ask yourself who are the real enemies of the nation

Fourth largest economy even after the rebasing, and with the huge population is an embarrassment.

But some Nigerians are fooools. They will still vote for incompetence even with the glaring retrogression.

Nigeria is the second

Haydens:
APC is trying everything possible to push the narrative that they are doing their might, , they are nothing but jesters big one for that matter.

While the reports are reporting, Nigerians are suffering what they brought to us by 2027 everybody must have gotten sense of which some people are already seeing, confessing and regretting their mistakes.

Sometimes,I wonder where most of your schooled

Why would you run propaganda with a news that involves data and metrics that involves World Economy, something that can be easily verified an can't be cited without reliable sources?

But sure you even know what "propaganda" means

fuckingAyaya:
We was no1 in Africa during Jonathan and 3rd in the world, but somehow some people from the west were spreading false news through their lagos ibadan Express media, complaining of corruption, high cost of living, unemployment, hunger and starvation to oust him from office. Today all what they protested against is happening right before their very eyes and they are cool with the hunger, insecurities, corruption, high cost of living and poverty. Lagos ibadan Express media is no longer functional.

NB: They always call some people enemies of the country, the same country their both candidates plunged into multidimensional poverty.
Now ask yourself who are the real enemies of the nation

Rest, Tinubu didnt take over from GEJ and also,he's barely two years in


Long Epistle with no statistical content

Zhtq:
Report says it's number 1. Nigeria I number last in the world.

Worst than Somalia

Imagine under Tinubu Nigerians are begging for visa to move Somalia of all places in the world.

God forbid Bat-Thing

I don't have friends or family members moving to Somalia

I can bet Peter Obi's balls that you do not know anyone who begged to go to Somalia cause. it's unthinkable

I can also bet that you would never go to Somalia even if begged to come live over there


Its 2025. Learn to troll with logically sound comment. Not some kiddies rhetorics

Cant Mamoud rig this? Let him deploy his rigging apparatchik to catapult us to number 1. There is supreme court to help legalize it.

EvilMerodack:
Rest, Tinubu didnt take over from GEJ and also,he's barely two years in


Long Epistle with no statistical content

but he deceived and imposed this one on the sophisticated people.