Nigeria has officially rebased its Gross Domestic Product (GDP), setting the 2019 base year at ₦205.09 trillion—a 41.1% increase compared to the last rebasing in 2014.
The announcement was made by the Statistician-General of the Federation, Adeyemi Adeniran, during a press briefing in Abuja. The rebasing exercise, which covered data from 2019 to 2023, now replaces the previous base year of 2010.
According to Adeniran, “In nominal terms, Nigeria’s economy was estimated at ₦205.09 trillion in 2019, up from the old series, which had the economy at ₦145.8 trillion. This rebasing provides a more accurate reflection of the country’s economic structure.”
He noted that five sectors dominated Nigeria’s economy in the new series:
Crop production (17.58%)
Trade (17.42%)
Real estate (10.78%)
Telecommunications (6.78%)
Crude petroleum and natural gas (5.85%)
Real estate notably overtook crude oil and gas, reflecting better measurement of the informal real estate market.
Growth Trends and Sector Contributions
Adeniran stated that GDP at current prices has risen from ₦205.09 trillion in 2019 to ₦372.82 trillion ($243 billion) in 2024.
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Real GDP growth, however, tells a mixed story:
2020: –6.96% (COVID-19 impact)
2021: +0.95%
2022: +4.32%
2023: +3.04%
2024: +3.38%
The Services sector continues to dominate, contributing 53.09% to GDP, followed by Agriculture (25.83%) and Industry (21.08%).
The size of Nigeria’s informal sector was also reassessed, now valued at ₦86.85 trillion in 2019—about 42.5% of GDP—significantly higher than ₦39 trillion estimated in 2015.
Implications for Policy and Investment
Analysts say the rebasing enhances Nigeria’s ability to attract foreign investment, secure international loans, and better align policy with economic realities.
Adeniran concluded that the rebasing improves statistical coverage, especially in under-reported sectors like tech and real estate, and provides a stronger foundation for national planning and budget forecasting.