NBS Rebases Nigeria’s GDP to 2019

On 21 July 2025, the National Bureau of Statistics (NBS) released rebased Gross Domestic Product (GDP) figures that moved the base year from 2010 to 2019. Nominal GDP for 2024 rose to N372.82 trillion, 35.4 per cent above the old estimate, or about $243 billion. Better coverage of informal activity made real estate the third-largest activity after crop production and trade, pushing crude petroleum and natural gas to fifth. It was Nigeria's first rebasing since 2014, when the 2010 base year was adopted. Even with the larger figure, Nigeria remained Africa's fourth-largest economy, behind South Africa, Egypt and Algeria.