The National Bureau of Statistics on Monday said that Nigeria’s Gross Domestic Product (GDP) stood at N372.8 trillion in 2024, after the base year for calculating the figure was shifted to 2019.
The figure represents approximately $243 billion, based on the prevailing exchange rate of N1,530/$1.
The NBS, which made this known in a report published Monday afternoon, said the rebased GDP figures were arrived at using a base year of 2019.
“In nominal terms, the rebased GDP for 2019 stood at N205.09trillion, 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,” it said.
“This revision represents a 41.7% increase in nominal estimates compared to a 59.7% revision in the 2010 rebasing exercise.”
The increase in the size of the economy is said to be against the new way the GDP is calculated, with addition of more informal sectors.
Details later…
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