Nigeria’s economy has seen a sharp adjustment following the latest Gross Domestic Product (GDP) rebasing, which now values the country’s economy at N372.82 trillion—up from N80 trillion—NaijNaira can report. Despite the increase, Nigeria still holds the fourth spot among Africa’s largest economies.
According to the National Bureau of Statistics (NBS), which published the updated figures on Monday, July 21, 2025, the recalculated nominal GDP better reflects current economic dynamics. The NBS used 2019 as the new base year to capture structural changes in the economy more accurately.
The updated data shows a significant jump in nominal GDP figures across several years: N205.09 trillion in 2019, N213.64 trillion in 2020, N243.30 trillion in 2021, N274.23 trillion in 2022, N314.02 trillion in 2023, and N372.82 trillion for 2024.
“The rebased estimates indicate that Nigeria’s economy is larger than earlier reported,” the NBS stated.
Despite this recalibration, Nigeria still ranks behind South Africa, Egypt, and Algeria. The revised GDP translates to about $242.64 billion using the Central Bank of Nigeria’s exchange rate of N1,536.50 per dollar as of December 31, 2024, placing it just above Morocco in the continental ranking.
Article updated 8 hours ago. Content is written and modified by multiple authors.
