Nigeria’s Gross Domestic Product (GDP) has been officially rebased from N80 trillion to N205 trillion, marking a significant 41.7% increase in the nation’s economic valuation.
The development was announced by the Statistician-General of the Federation, Adeyemi Adeniran, who revealed that the latest rebasing covers the period from 2019 to 2023, with 2019 adopted as the new base year.
Adeniran explained that the updated figures provide a more accurate reflection of Nigeria’s current economic structure and activities. He also highlighted the top five sectors contributing to the GDP, which include crop production, trade, real estate, telecommunications, and the oil and gas industry.
This is the first GDP rebasing since 2014 and is expected to influence economic planning, policy formulation, and investor confidence going forward.
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