Nigeria’s economy has grown to ₦372.8 trillion in 2024, which is about $145.3 billion using the current exchange rate. This growth was largely due to improvements in the services, industrial, and agriculture sectors. However, even with this growth, many Nigerians are still struggling. Inflation remains very high.
As of June 2025, food inflation is 21.97% and general inflation is 22.22%, making it harder for people to afford daily necessities. The National Bureau of Statistics has finally released the updated GDP figures, known as rebased GDP, covering the years 2019 to 2024. This rebasing process helps give a more current and accurate view of the economy.
The rebased data shows that Nigeria’s economy has grown steadily over the past five years. In 2019, the economy was valued at ₦205.09 trillion. By 2024, it had reached ₦372.82 trillion. In 2024 alone, nominal growth was 17.81%. Since 2020, the country’s economy has mostly grown at a faster rate, except for 2022, when growth slowed.
In terms of real growth (adjusted for inflation), the economy grew by 3.04% in 2023 and 3.38% in 2024. In the first quarter of 2025, real GDP grew by 3.13%, which was the slowest growth since early 2024. The last quarter of 2024 saw a 3.76% increase, while the previous quarters had growth rates of 3.86% and 3.48%.
This is the second time Nigeria’s GDP has been rebased, the first being in 2014. Rebasing helps include new sectors and changes in the structure of the economy. Despite the rebased figures, Nigeria still ranks fourth among African countries, behind South Africa, Egypt, and Algeria.
Their GDPs are estimated at $410.34 billion, $347.34 billion, and $268.89 billion respectively. While the new data shows a larger economy, it hasn’t made life easier for ordinary Nigerians, who are still dealing with high living costs and economic hardship.
Experts have shared their opinions on what this rebasing means. Muda Yusuf, the CEO of the Centre for the Promotion of Private Enterprise, said that the rebased GDP gives a clearer picture of the economy’s size. One major finding is that real estate now contributes more to Nigeria’s economy than crude oil, making it the third-largest sector.
Yusuf explained that this shows a shift in the economy’s structure, with services, agriculture, and industry all playing larger roles. He also noted that although expectations were high, the final figures weren’t as big as some had hoped, but they are still positive.
According to the new data, agriculture now contributes 26% compared to 22.12% before. The industry sector has grown from 21.08% to 27.7%, and services have increased from 50.22% to 53.09%.
This shows that the services sector is growing faster than manufacturing and other real sectors. Yusuf added that the informal sector’s contribution also went up slightly, from 41% to 42.5%, which helps give a better understanding of how different parts of the economy are performing.
However, not everyone sees this as a win for Nigerians. Gbolade Idakolo, CEO of SD & D Capital Management, said that just because the GDP is bigger doesn’t mean people’s lives are getting better. He warned that the government might raise taxes to match the new GDP size, which could affect regular people already dealing with low income, unemployment, and inflation.
Professor Godwin Oyedokun from Lead City University added that while the rebased GDP reflects growth in sectors like technology, online businesses, and creative industries, it doesn’t mean the average Nigerian will feel any improvement.
He said the government needs to use this data to plan better, support social programs, and invest in people. If not, the new GDP numbers will just look good on paper without helping anyone in real life.
In the end, the rebased GDP shows Nigeria’s economy is more diverse and larger than before, with real estate overtaking oil. But for the majority of Nigerians, this change will only matter if it leads to real improvements in their everyday lives.
