The country’s GDP rose to N372.8 trillion in 2024 from N314.02 trillion in 2023.
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.
This revision represents a 41.7% increase in nominal estimates compared to a 59.7% revision in the 2010 rebasing exercise
Real GDP growth in 2020 stood at -6.96% and improved to 0.95% in 2021. Higher growth rates were recorded in 2022 and 2023, at 4.32% and 3.04%, respectively. While 2024 recorded a real GDP growth rate of 3.38%.
Key Details of the 2024 GDP Rebasing
New Base Year: Shifted from 2010 to 2019.
Nominal GDP (2024): ₦372.82 trillion (up from ₦314.02 trillion in 2023).
Percentage Increase: Represents a 41.7% upward revision in nominal estimates.
Dollar Equivalent: Approximately $243 billion using a deflator/exchange rate around ₦1,535 per dollar.
Real GDP Growth Rate (2024): 3.38%.
Newly Captured Sectors: Includes the digital economy, modular refineries, pension fund administration, national health insurance, and increased tracking of informal and mining activities.
