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.
TRENDING SONGS
Four Dead, Four Injured in Lagos Lekki–Epe Expressway Collision
Iran’s Revolutionary Guards Threaten to Kill Netanyahu as Conflict With Israel Deepens
Lagos Security Operatives Nab Suspected Burglar, Recover Locally Made Gun in Ikorodu
Trump Rejects Immediate Peace Deal With Iran as War Escalates, Israel Launches Fresh Strikes
Pope Leo XIV Urges Immediate Ceasefire, Renewed Dialogue in Middle East
NDLEA Nabs 74-Year-Old With 11kg Cocaine Hidden in Pepper at Abuja Airport
“Things Haven’t Been Easy” – ‘Papa Ajasco’ Actor Opens Up on Life After Fame
Surge in Boko Haram, ISWAP Attacks Targets Military Bases, Civilians in North-East
PDP Reconciliation: Wike, Governors’ Camps Set for Monday Talks
D’Tigress Storm Back to Beat Philippines 101-84 in FIBA Qualifiers
Share this post with your friends on 
