Nigeria’s economy has grown significantly on paper, reaching ₦372 trillion in 2024 following a long-awaited rebasing of its Gross Domestic Product (GDP), according to new figures released by the National Bureau of Statistics (NBS).
GDP rebasing is a standard economic practice used to update the way a country’s economy is measured. It involves changing the base year for calculating GDP to reflect more recent prices, trends, and economic activities. Nigeria last rebased its GDP in 2014, using 2010 as the base year. The 2024 rebase now uses 2018 as the new reference point, capturing emerging sectors like tech, e-commerce, and the creative industry more accurately.
The result? A more realistic and broader picture of Nigeria’s economy—now valued at ₦372 trillion, up from the previous estimate of about ₦200 trillion.
“This rebasing doesn’t mean that more money suddenly entered the economy,” explained economist Dr. Amina Yusuf. “It simply means we are now measuring economic activity more accurately, including industries that were previously underrepresented.”
For everyday Nigerians, this update offers both positives and challenges. On one hand, a higher GDP can improve the country’s credit ratings and attract more foreign investment. On the other, it may raise questions about whether economic growth is translating into better living standards—especially given high inflation, unemployment, and poverty levels.
Analysts also note that the new data can help policymakers plan more effectively by providing a clearer view of which sectors are driving growth and where investment is most needed.
In short, Nigeria’s economy is not necessarily “richer,” but it is now better understood.
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