After months of anticipation the National Bureau of Statistics, NBS, has re-based Nigeria’s Gross Domestic Product, GDP, putting it at N372 trillion or $243 billion as of 2024.
The rebasing year, the NBS said, has now changed form 2010 to 2019.
The implication is that Nigeria is now the fourth largest economy in Africa, behind South Africa, $410.34 billion, Egypt $347.34 billion, and Algeria $268.89 billion.
The Statistician General of the Federation, Adeyemi Adeniran made this known in Abuja, the nation’s capital while addressing journalists, warning against politicising the figures released by NBS.
He explained that the rebasing of the economy was necessary to ascertain the nation’s actual GDP because of the changes, from time to time, in production and consumption patterns of citizens, companies and government.
According to him, economy rebasing is a global exercise which is not limited to Nigeria alone, adding that it’s supposed to be done every five years, depending on the resources available to the government.
He explained that it’s very necessary for the government to know the actual size of the economy from time to time, to enable it plan for its citizens.
“This is why statistical offices worldwide undertake the process of rebasing. This is not a Nigerian affair; it is a global practice, conventionally done every five years, of course, depending on resource availability and the technical capacity of the statistical office,” he said.
“It is also essential to state that the conduct of this exercise is not instituted or directed by the government to fulfil any set target or objectives.
“This is merely a routine activity, as I mentioned earlier, one that NBS undertakes in fulfilment of our mandate and as a responsible producer and manager of official statistics in Nigeria.”
He said, “The process of conducting this rebasing exercise, just like any other, requires a massive amount of granular data, and I am proud to say that this one is by far the most comprehensive of any rebasing exercise conducted by the bureau.
“For those who can recall, when presenting the results of the 2014 rebasing exercise, with a base year of 2010, the bureau mentioned that two major activities were missing: the Business Sample Census and the Agriculture Sample Census.
“Under this round, however, not only have both censuses been conducted, but other notable data collection activities have also been carried out. This includes the Nigerian Living Standards Survey, which provided data on Households operating non-farming enterprises.
“Other data collection activities include the National Agricultural Sample Survey, the Annual Business Establishment Survey, the Revised Nigerian Labour Force Survey, and a range of administratively sourced data from Ministries, Departments, and Agencies of the government,” Adeniran stated.
Major facts from the figures released by NBS
GDP Size: The rebased nominal GDP for 2019 now stands at N205.09 trillion, rising to N372.82 trillion by 2024—a 41.7 percent increase compared to the previous estimates.
Sectoral Contributions: Crop production led the economy with a 17.58 percent share, closely followed by trade (17.42 percent), real estate (10.78 percent), telecommunications (6.78 percent), and crude petroleum and natural gas (5.85 percent). Notably, real estate overtook crude oil in ranking due to improved coverage of informal activities.
Broad Sector Classification: The services sector remained the largest contributor at 53.09 percent, followed by agriculture (25.83 percent) and industry (21.08 percent).
Growth Trends: Real GDP growth improved from -6.96 percent in 2020 (pandemic year) to 3.38 percent in 2024, with stronger performances in 2022 and 2023.
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