The National Bureau of Statistics (NBS) has officially released Nigeria’s rebased Gross Domestic Product (GDP) figures, adopting 2019 as the new base year for measuring economic activity.

According to the latest data, the rebased nominal GDP stood at ₦205.09 trillion in 2019, ₦213.63 trillion in 2020, ₦243.30 trillion in 2021, ₦274.23 trillion in 2022, ₦314.02 trillion in 2023, and ₦372.82 trillion in 2024.

This new methodology represents a 41.7 percent upward revision in nominal GDP estimates, a more moderate adjustment compared to the 59.7 percent increase recorded during the previous rebasing in 2010.

On a real basis, the rebased figures reflect the true trajectory of the Nigerian economy over the years. The country experienced a contraction of -6.96 percent in 2020, largely due to the impact of the COVID-19 pandemic. However, growth rebounded to 0.95 percent in 2021, followed by stronger expansions of 4.32 percent in 2022, 3.04 percent in 2023, and 3.38 percent in 2024.

The rebasing exercise, conducted periodically to reflect more accurate economic structure and activity, is aimed at enhancing data quality, better capturing emerging sectors, and improving comparability with global standards.

The NBS is expected to provide more detailed sectoral breakdowns in the coming weeks.