Nigeria’s economy is 30% larger than previously estimated after the statistics agency factored in new sectors to recalculate the country’s gross domestic product. Its GDP stood at $243 billion in 2024, at current prices, compared with the $187.8 billion estimated by the World Bank.
The GDP rebasing “means that key economic indicators like debt-GDP ratio and budget deficit have improved,” David Omojomolo, Africa economist at Capital Economics, told Semafor. However, he added: “It doesn’t change the economic reality that, to reduce debt risks, the country needs to be fiscally disciplined and do more to improve revenue generating capacity.”
The statistics agency, in addition to announcing the rebasing on Tuesday, said Nigeria’s economy expanded 3.13% year-on-year in the first quarter of 2025, compared with 2.27% in the corresponding period last year. In a separate development, the central bank held its benchmark interest at 27.5%, signaling that tight monetary policy would remain in place until inflation slows.
