The National Bureau of Statistics (NBS) recently announced that Nigeria’s economy is significantly larger than previously reported, following the successful rebasing of its Gross Domestic Product (GDP).
The new figures put the 2024 nominal GDP at N372.8 trillion, representing a 35.4% increase from earlier estimates based on the old base year.
Shift in Economic Structure
The rebased figures also reveal a notable transformation in the structure of the economy compared to 2019. The services sector remains dominant, increasing its share to 53.1% (up from 50.2%), while agriculture now contributes 25.8% (up from 22.1%). The industrial sector saw a slight decrease to 22.1% from 27.7%.
One of the most significant developments is the rise of the real estate sector, which has moved up to become the third-largest contributor to the economy.
Top GDP Contributors and Sector Growth
According to the rebased 2019 base year data, the top five contributors to GDP were:
- Crop Production (17.6%)
- Trade (17.4%)
- Real Estate (10.8%)
- Telecommunications (6.8%)
- Crude Petroleum & Natural Gas (5.9%)
In Q1 2025, real GDP grew by 3.13%, improving from 2.27% in Q1 2024. Notably, the non-oil sector drove this growth, expanding by 3.19% and accounting for 96% of real GDP.
The services sector led the economy, contributing 57.5% of total GDP. Meanwhile, oil production remained steady at 1.62 million barrels per day, contributing just 3.97% to GDP.
Fastest Growing Real Sectors in Q1 2025
- Finance & Insurance – 15.0%
- Transportation & Storage – 14.1%
- Water Supply & Waste Management – 9.4%
- Information & Communication – 7.4%
- Construction – 6.2%
Why the Rebasing Matters
The NBS stated that the rebased GDP offers a more accurate reflection of Nigeria’s economic structure, incorporating high-growth sectors such as fintech, creative industries, and telecommunications that were previously under-represented.
This recalibration of economic data enhances planning, supports investor confidence, and aligns Nigeria’s statistics with global standards.
