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The National Bureau of Statistics (NBS) on Monday published the figures from the rebasing of the Nigerian Gross Domestic Product (GDP), replacing 2010 with 2019 as the base year. The new figures revealed the GDP, in nominal terms, grew to N372.82 trillion, approximately $243 billion, in 2024.

“In nominal terms, the rebased GDP for 2019 stood at N205.09 trillion, N213.63 trillion in 2020, N243.30 trillion in 2021, N274.23 trillion in 2022, N314.02 trillion in 2023, and N372.82 trillion in 2024,” the NBS said. 

According to the official statistics agency, this revision represents a 41.7% increase in nominal estimates compared to a 59.7% revision in the 2010 rebasing exercise.
 
It further elaborated that real GDP growth in 2020 stood at -6.96% and improved to 0.95% in 2021. Higher growth rates were recorded in 2022 and 2023, at 4.32% and 3.04%, respectively. While 2024 recorded a real GDP growth rate of 3.38%.

Data from the NBS further revealed that the contribution of Agriculture to the GDP grew from 25.83% in 2019 to 27.81% in 2024; Industries declined from 21.08% to 16.67% over the same period; and Services marginally grew from 53.09% to 55.52%.

The oil sector declined from 5.85% of GDP in 2019 to 3.38% in 2024, while the non-oil sector benefitted from the negative adjustment, strengthening from 94.15% to 96.62%.