Nigeria’s Gross Domestic Product (GDP) has been rebased from N80 trillion to N205 trillion, marking a major update in the country’s economic size and performance.
The new figure was announced by the Statistician-General of the Federation, Adeyemi Adeniran, during a press briefing. He said the rebasing exercise shows a 41.7 percent increase compared to the last one carried out in 2014.
Rebasing is the process of updating the base year for measuring a country’s economic output to reflect current realities and changes in the structure of the economy. Nigeria’s new GDP rebase covers the period from 2019 to 2023, with 2019 now serving as the base year.
Adeniran also highlighted the sectors that are driving the economy the most. These include crop production, trade, real estate, telecommunications, and the oil and gas industry.
The rebased GDP gives a more accurate picture of Nigeria’s economic activities and helps in planning, policy-making, and attracting investment. This new data will be important for both government and private sector decision-making.
