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Nigeria Set to Reclaim Top Spot as Africa’s Largest Economy with New GDP Rebasing

Published by admin on July 8th, 2025.

Nigeria Set to Reclaim Top Spot as Africa’s Largest Economy with New GDP Rebasing

The National Bureau of Statistics (NBS) is expected to unveil Nigeria’s newly rebased Gross Domestic Product (GDP) figures this week, potentially restoring the country’s position as Africa’s biggest economy, Daily Trust has gathered.

Sources familiar with the development revealed that the updated GDP figures will use 2024 as the new reference year, offering a more current snapshot of Nigeria’s economic structure and performance.

This marks the first GDP rebasing since 2014, which at the time elevated Nigeria above South Africa as the continent’s largest economy. The upcoming update is anticipated to capture a broader range of economic activities—particularly those in the informal sector that have historically been overlooked.

The rebasing exercise, conducted in line with global statistical standards, aims to reflect changes in the economy more accurately. It introduces a modernized methodology and gives greater weight to sectors previously underrepresented in national accounts.

A source close to the process emphasized that the revised figures will better reflect Nigeria’s true economic scale and dynamism. “With the expanded coverage, especially in informal activities, the updated data will likely place Nigeria once again at the top of Africa’s economic ranking,” the source noted.

Earlier this year, the NBS had postponed the release due to resistance from various quarters. However, Statistician-General of the Federation, Prince Adeyemi Adeniran, explained that the Bureau has since engaged in extensive consultations and technical workshops with stakeholders, including data analysts, policymakers, and development partners.

These sessions were aimed at building understanding of the rebasing process and ensuring confidence in the resulting data.

Beyond simply recalculating the GDP, the exercise is expected to offer deeper insights into Nigeria’s economic makeup, informing both policy decisions and investment strategies. Analysts believe the revised figures could reshape discussions around economic growth, development planning, and the reliability of Nigeria’s macroeconomic data.

The forthcoming release is poised to generate renewed attention to Nigeria’s evolving economy and its future trajectory within the African continent.