The Nigerian Bureau of Statistics (NBS) has rebased its GDP, which now stands at N372.8 trillion. In dollar terms, this is just a mere $252 billion, twice lower than the 2014 rebased numbers.
This is where it gets interesting. Locally, the nation is growing, but globally, it is lagging. The nominal GDP in 2014 was N89.8 trillion, compared to N372.8 trillion in 2024, a staggering 315.14 percent increase over the period. In dollar terms, the Nigerian GDP fell from $510 billion post-2014 rebasing to $252 billion post-2024 rebasing.
Another profound thing to note is that the Nigerian economy became the fourth largest in Africa for the first time in 2024, according to the World Bank data. In 2014, the nation emerged as Africa’s largest economy after rebasing.
