The announcement was made by the Statistician-General of the Federation, Adeyemi Adeniran, during a press briefing in Abuja. The rebasing exercise, which covered data from 2019 to 2023, now replaces the previous base year of 2010.
According to Adeniran, “In nominal terms, Nigeria’s economy was estimated at ₦205.09 trillion in 2019, up from the old series, which had the economy at ₦145.8 trillion. This rebasing provides a more accurate reflection of the country’s economic structure.”
He noted that five sectors dominated Nigeria’s economy in the new series:
Crop production (17.58%)
