The National Bureau of Statistics (NBS) has released the newly rebased Gross Domestic Product (GDP) figures, with 2019 now serving as the new base year.
According to the revised data, Nigeria’s nominal GDP stood at:
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₦205.09 trillion in 2019
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₦213.63 trillion in 2020
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₦243.30 trillion in 2021
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₦274.23 trillion in 2022
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₦314.02 trillion in 2023
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₦372.82 trillion in 2024
This rebasing exercise reflects a 41.7% increase in nominal GDP estimates, compared to the 59.7% revision recorded during the previous rebasing to the 2010 base year.
In real terms, GDP growth stood at -6.96% in 2020, rebounding to 0.95% in 2021, and further strengthening to 4.32% in 2022 and 3.04% in 2023. Growth continued in 2024, reaching 3.38%.
For full details, including the Q1 2024 GDP Report, visit the NBS website.
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Olufunmilayo Adewoju Suleodu is a veteran journalist, editor, and publisher with more than three decades of experience in journalism, communications, and public affairs.
She has worked across news media, magazine publishing, communications, development-sector engagements, and digital journalism. She currently publishes SageBits Online and reports on governance, development, business, education, traditional institutions, and public affairs.
She is also an elected officer of the Nigeria Union of Journalists (NUJ), Ogun East Independent Chapel, reflecting her continued engagement with the journalism profession and media development.
Based in Ogun State, she is available for freelance reporting, feature writing, editorial assignments, research, project documentation, and development communications work.
Detailed professional history and references are available upon request.
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