Nigeria’s Gross Domestic Product (GDP) has been rebased from ₦80 trillion to ₦205 trillion, marking a significant shift in the country’s economic outlook.
This was disclosed by the Statistician-General of the Federation, Adeyemi Adeniran, who noted that the latest rebasing exercise reflects a 41.7 percent increase compared to figures obtained during the previous rebasing in 2014.
According to Adeniran, the top five contributing sectors to the new GDP figure include crop production, trade, real estate, telecommunications, and the oil and gas sector.
He explained that the exercise, carried out by the National Bureau of Statistics (NBS), covered the period from 2019 to 2023, with 2019 adopted as the new base year.
The rebasing offers a more current and accurate representation of the country’s economic structure and performance, and is expected to inform both public policy and private sector investment decisions moving forward.