Nigeria’s Gross Domestic Product (GDP) has been officially rebased to ₦205.09 trillion for the year 2019, marking a 41.1% increase compared to figures from the previous 2014 rebasing exercise.
This was disclosed by the Statistician-General of the Federation, Adeyemi Adeniran, during a presentation on the outcome of the GDP rebasing, which now uses 2019 as the new base year, replacing 2010.
According to Adeniran, the rebasing exercise, which covers data from 2019 to 2023, offers a more accurate reflection of the structure and size of the Nigerian economy.
He noted that GDP at current prices reached ₦372.82 trillion ($243 billion) in 2024. Annual nominal output was ₦213.64 trillion in 2020, ₦243.30 trillion in 2021, ₦274.23 trillion in 2022, and ₦314.02 trillion in 2023.
In real terms, Nigeria’s economy contracted by -6.96% in 2020 but recorded positive growth rates of 0.95% in 2021, 4.32% in 2022, 3.04% in 2023, and 3.38% in 2024.
The top five sectors contributing to GDP under the new base year are crop production (17.58%), trade (17.42%), real estate (10.78%), telecommunications (6.78%), and crude petroleum and natural gas (5.85%). Notably, real estate overtook oil and gas due to improved data coverage of informal sector activities.
Broadly, the services sector accounted for the largest share of GDP in 2019 at 53.09%, followed by agriculture at 25.83%, and industries at 21.08%.
The informal sector’s contribution was estimated at ₦86.85 trillion or 42.5% of total GDP—significantly higher than the ₦39 trillion previously estimated in 2015.
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