Nigeria’s Rebased GDP Reaches N372.8 Trillion in 2024

The National Bureau of Statistics (NBS) has revealed that Nigeria’s Gross Domestic Product (GDP) reached N372.8 trillion in 2024 following a comprehensive rebasing exercise.

The statistical revision involved shifting the base year for GDP calculations to 2019, which initially valued the economy at N205 trillion.

At the prevailing exchange rate of N1,530 to $1 as of July 2025, the latest GDP figure translates to approximately $243 billion.

The nation’s Statistician-General disclosed these findings in a statement released on Monday, confirming that real GDP growth stood at 3.38% for 2024.

The NBS provided a detailed breakdown of nominal GDP figures across the rebasing period. Following the 2019 baseline of N205.09 trillion, the economy grew to N213.63 trillion in 2020, N243.30 trillion in 2021, N274.23 trillion in 2022, N314.02 trillion in 2023, and ultimately N372.82 trillion in 2024.

The statistical revision represents a 41.7% increase in nominal estimates, considerably lower than the 59.7% revision recorded during the previous rebasing exercise in 2010.

According to the NBS, the expansion in economic size reflects the new methodology for GDP calculation, which incorporates additional informal sectors previously excluded from official statistics.

The real GDP growth trajectory shows Nigeria’s economic recovery following the pandemic-induced contraction. After declining by 6.96% in 2020, growth recovered modestly to 0.95% in 2021.

The economy subsequently demonstrated stronger performance, achieving growth rates of 4.32% in 2022 and 3.04% in 2023 before settling at 3.38% in 2024.