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 $243 billion, based on the exchange rate of N1,530/$1.
The NBS, which made this known in a report published Monday afternoon, said the rebased Gross Domestic Product 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 based on the new way the GDP is calculated, with addition of newer sectors.
The NBS noted that in 2019, the rebased nominal GDP at basic prices represented an increase of 41.7 per cent over the nominal GDP of 2019 of the old base year (2010), 39.0 per cent in 2020, 38.7 per cent in 2021, 36.1 per cent in 2022, 34.6 per cent in 2023 and 35.4 per cent in 2024.
But real GDP growth post-rebasing was estimated at -6.96 per cent in 2020 during the covid pandemic, 0.95 per cent in 2021, 4.32 per cent in 2022, 3.04 per cent in 2023 and 3.38 per cent in 2024.
Sectoral Growth
The report said the agriculture sector’s growth (2.66 per cent) was fastest in 2020, industries (-22.72 per cent) and services (-5.37 per cent) sectors contracted, while growth of the services sector (4.43 per cent) was higher in 2024, followed by Industries (2.80 per cent) and agriculture (1.69 per cent) sectors.
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“The results show that the structure of the Nigerian economy has changed significantly with a rise in the share of agriculture and services sectors and a fall in the share of the industries sector in nominal terms, indicating a shift in the structure of the Nigerian economy than earlier reported,” the NBS said.
“Analysing the 2010 base year nominal figures, in 2019 agriculture accounted for 22.12% of the GDP, while industry contributed 27.65% and services 50.22%. According to the rebased 2019 figures, the share of agriculture has risen to 25.83%, industry declined to 21.08%, while services increased to 53.09%.”
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