Nigeria’s Gross Domestic Product (GDP) has been revised upward to ₦372.8 trillion for 2024 following a rebasing exercise by the National Bureau of Statistics (NBS).
Speaking in Abuja on Monday, the Statistician-General of the Federation, Prince Adeyemi Adeniran, said the country’s economic data has been rebased from the 2010 base year to 2019, leading to major adjustments in how various sectors contribute to the economy.
“The economy grew by 3.13 percent in the first quarter of 2025, compared to 2.27 percent in the same period in 2024,” Adeniran said.
He explained that the nominal GDP rose from ₦205.09 trillion in 2019 to ₦372.82 trillion in the updated 2024 figures.
The rebasing also changed the economic rankings of key sectors. “Real estate ranked third, displacing crude oil and natural gas to the fifth position,” he said. “This is due to better coverage of the real estate informal sector.”
According to him, the top five sectors by contribution using the new base year are: crop production (17.58%), trade (17.42%), real estate (10.78%), telecommunications (6.78%), and crude petroleum and natural gas (5.85%).
In contrast, the previous 2019 estimates placed crop production at 19.62%, trade at 15.61%, crude oil and gas at 8.60%, telecommunications at 8.25%, and real estate at 6.24%.
“The exercise began in 2018/2019 because economies are dynamic. Changes in household spending and government activity make periodic rebasing necessary,” Adeniran added.
He also noted a rise in the informal sector’s contribution, from 41.4% to 42.5%.
“The rebasing was not influenced or directed by the government to achieve any t
arget,” he stressed.
