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New base year sets GDP figure 41.7% higher than 2014 figures
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Crop production, telecoms, real estate, oil, and trade top contributors
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Rebasing reflects structural shifts in Nigeria’s evolving economy
Nigeria’s Gross Domestic Product (GDP) has been officially rebased to N205 trillion, following a fresh economic recalibration led by the National Bureau of Statistics (NBS).
The announcement was made by the Statistician-General of the Federation, Dr Adeyemi Adeniran, during a press briefing in Abuja on Monday.
According to Adeniran, the rebasing exercise—last conducted in 2014—used 2019 as the new base year, and covers the economic performance period from 2019 to 2023. The updated figure represents a 41.7 per cent increase compared to the previous rebasing.
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He explained that the GDP revision reflects the inclusion of newer data sources and emerging sectors in the Nigerian economy that had not been fully captured in earlier assessments.
“The top five contributors to the rebased GDP include crop production, trade, real estate, telecommunications, and the oil and gas sector,” he added.
Analysts say the move is critical for better policymaking and aligns Nigeria’s economic reporting with global standards. However, some experts have warned that the new figure, while boosting Nigeria’s perceived economic size, may also mask underlying fiscal vulnerabilities and rising debt concerns.
This adjustment comes amid a wider debate over Nigeria’s actual economic strength, especially as the country’s public debt is projected to hit N160.6 trillion by the end of 2025.
