Nigeria’s Economy Now Valued at ₦372.8 Trillion in 2024 After GDP Update
Nigeria’s Economy Now Valued at ₦372.8 Trillion in 2024 After GDP Update
Nigeria’s economy has been re-evaluated and is now considered larger than earlier estimates, following a recent rebasing of the country’s Gross Domestic Product (GDP) by the national statistics office. The update includes additional data from previously underreported sectors, especially from the informal economy.
With this revision, Nigeria’s nominal GDP increased from ₦314.02 trillion in 2023 to ₦372.8 trillion in 2024.
Historical data was also adjusted as follows: ₦205.09 trillion in 2019, ₦213.63 trillion in 2020, ₦243.30 trillion in 2021, and ₦274.23 trillion in 2022. This latest update reflects a 41.7% rise in nominal GDP compared to previous figures, although still lower than the 59.7% increase seen during the 2010 rebasing.
On the real GDP side, the economy contracted by -6.96% in 2020, but saw a recovery in subsequent years—rising to 0.95% in 2021, 4.32% in 2022, 3.04% in 2023, and 3.38% in 2024.
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