Nigeria has officially rebased its Gross Domestic Product (GDP) from N80 trillion to N205 trillion, reflecting a significant 41.7 percent increase since the last rebasing exercise in 2014.
The Statistician-General of the Federation, Adeyemi Adeniran, announced the updated figures on Monday during the official presentation of the newly rebased GDP data in Abuja. He stated that the exercise, which spans the period from 2019 to 2023, adopts 2019 as the new base year.
“This revision provides a more accurate and current reflection of the structure of the Nigerian economy,” Adeniran said.
The National Bureau of Statistics (NBS) also reported that Nigeria’s GDP grew by 3.13 percent in real terms year-on-year in the first quarter of 2025. This marks a slight rebound from the 2.98 percent recorded in the fourth quarter of 2024, though it remains below the 3.61 percent growth posted in the same quarter of 2024.
The newly updated GDP data is expected to play a critical role in shaping economic planning, attracting investment, and informing policy decisions moving forward.
