Nigeria’s Gross Domestic Product (GDP) has undergone a major rebasing, increasing from N80 trillion to N372 trillion. Despite this significant growth in GDP figures, Nigeria still ranks as the fourth largest economy in Africa.
According to the National Bureau of Statistics (NBS) in its “Rebasing of Gross Domestic Product ” report released on Monday, July 21, 2025, Nigeria’s nominal GDP is now far larger than previously recorded. The NBS confirmed that the country’s nominal Gross Domestic Product stood at N372.82 trillion as of 2024, following the rebasing exercise.
Understanding GDP Rebasing
Its rebasing involves updating the base year used to calculate the Gross Domestic Product to better reflect current economic realities, including changes in structure, sectoral contributions, and consumption patterns. For Nigeria, the new base year is now 2019, providing a more accurate measure of the economy.
The report outlined the rebased Gross Domestic Product figures at market prices for recent years:
2019: N205.09 trillion
2020: N213.64 trillion
2021: N243.30 trillion
2022: N274.23 trillion
2023: N314.02 trillion
2024: N372.82 trillion
Nigeria’s Gross Domestic Product Still Ranks Fourth in Africa
Even with the rebasing, Nigeria’s GDP remains behind South Africa, Egypt, and Algeria. Prior to the rebasing, the World Bank ranked Nigeria fourth in Africa with a Gross Domestic Product of $187.75 billion in 2024, trailing South Africa ($400.26 billion), Egypt ($389.05 billion), and Algeria ($263.61 billion), with Morocco ($154.43 billion) in fifth place.
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With the new rebased valued at N372.82 trillion, and converted to U.S. dollars using the Central Bank of Nigeria’s (CBN) exchange rate of N1,536.50 per dollar (as of December 31, 2024), Nigeria now stands at approximately $242.64 billion. While this indicates significant growth compared to the earlier World Bank figure, Nigeria’s Gross Domestic Product still falls short of the top three African economies.
