Nigeria’s Gross Domestic Product (GDP) has been rebased from N80 trillion to N205 trillion, marking a significant 41.7 per cent increase since the last rebasing exercise in 2014.
Nigeria’s Statistician-General of the Federation, Mr. Adeyemi Adeniran, announced the development on Monday during the official presentation of the newly rebased GDP figures in Abuja.
He explained that the latest exercise covered the period from 2019 to 2023 and 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.
Meanwhile, the Nigeria’s National Bureau of Statistics (NBS) also announced that Nigeria’s GDP grew by 3.13 per cent in real terms year-on-year in the first quarter of 2025.
This represents a modest rebound from the 2.98 per cent growth recorded in the fourth quarter of 2024, though slightly below the 3.61 per cent achieved in the corresponding quarter of 2024.
According to local media reports, the updated data is expected to guide economic planning, investment strategies and policy formulation.
GIK/APA