Nigeria’s Gross Domestic Product (GDP) has been rebased from N80 trillion to N205 trillion, making the country’s economy bigger.
This is according the Statistician General of the Federation, Mr Adeyemi Adeniran, who is also the head of the National Bureau of Statistics (NBS).
The figure, according to him, showed an increase of 41. 7 per cent compared to the figures obtained during the 2014 GDP rebasing exercise.
Mr Adeniran said on Monday that top five performing sectors include crop production, trade, real estate, telecommunications and the oil and gas.
The recent rebasing covered the period between 2019 to 2023, using 2019 as the new base year.
The country had announced plans to change the way it calculates its GDP, with the inclusion of the informal sector into its calculations.
Nigeria, which is targeting a $1 trillion economy, has been making efforts to boost its economic growth under President Bola Tinubu.
“This rebasing exercise… not only involves the change in the base year, which moved from 2010 to 2019 but also includes methodological updates,” he added.
Several economic sectors, including marine, fishing shipping and ports, arts, culture, tourism, and e-commerce, have grown significantly since the last GDP rebasing in 2014, warranting their inclusion, the stats office had said.
The 2014 rebasing under President Goodluck Jonathan had positioned Nigeria as Africa’s largest economy, surpassing South Africa, but the country has since lost ground due to economic contractions under late former President Muhammadu Buhari as well as Naira devaluations under President Tinubu’s administration.
“Following the benchmarking of the estimates, the performance of the GDP in Q1 of 2025 was driven mainly by the service sector, which recorded a growth rate of 4.33 per cent and contributed 57.15 per cent to the aggregate GDP,” Mr Adeniran said.
Oil production during the quarter was at 1.6 million barrels per day, compared with 1.57 million barrels per day in same quarter last year.
Mr Adeniran said the rebasing GDP reflected changes in the country’s economy over time, with the economy growing by 3.13 per cent between January 2025 and March 2025.
This move comes after the country rebased its inflation numbers, making 2024, its base year from 2009.