Nigeria’s Gross Domestic Product (GDP) for 2019 has been rebased to ₦205 trillion, reflecting a significant revision of the country’s economic size, according to the Statistician General of the Federation, Adeyemi Adeniran.
This updated figure represents a 41.7 percent increase compared to the previous GDP estimate from the 2014 rebasing exercise.
Adeniran highlighted that the top five performing sectors driving this growth are crop production, trade, real estate, telecommunications, and oil and gas.
The recent rebasing exercise covered the period from 2019 to 2023, with 2019 now serving as the new base year for GDP calculations.
At current prices, Nigeria’s GDP stood at ₦372.8 trillion ($243 billion) in 2024, following the adjustment to the 2019 base year.
Adeniran explained, “Following the rebasing exercise and revisions to previously released estimates, Nigeria’s economy was valued at ₦205.09 trillion in 2019, up 41.1 percent from the previous base year of 2010. This compares with a 59.5 percent increase recorded during the last rebasing in 2014.
“Total output rose steadily in subsequent years, reaching ₦213.64 trillion in 2020, ₦243.30 trillion in 2021, ₦274.23 trillion in 2022, ₦314.02 trillion in 2023, and ₦372.82 trillion in 2024.”
In terms of real GDP growth, the country recorded -6.96 percent in 2020 due to the pandemic, followed by a modest 0.95 percent growth in 2021. Growth rebounded to 4.32 percent in 2022 and 3.04 percent in 2023, with 2024 projected at 3.38 percent.
Ranking economic sectors by their 2019 contributions, crop production led with 17.58 percent, followed closely by trade at 17.42 percent. Real estate ranked third at 10.78 percent, overtaking crude petroleum and natural gas, which came fifth at 5.85 percent. Telecommunications accounted for 6.78 percent.
The rise of real estate to third place reflects improved measurement and inclusion of the informal real estate sector.
By broad sector classification, the services sector remained dominant, contributing 53.09 percent to GDP in 2019, slightly up from 52.60 percent in previous estimates. Agriculture accounted for 25.83 percent, while industry contributed 21.08 percent.
Significantly, the informal sector’s contribution to GDP was revised upwards to ₦86.85 trillion or 42.5 percent in 2019, more than doubling the earlier estimate of ₦39.00 trillion from 2015.
