Nigeria’s Gross Domestic Product (GDP) has been rebased from ₦80 trillion to ₦205 trillion, representing a 41.7% increase compared to the figures obtained during the 2014 GDP rebasing exercise.
According to the Statistician General of the Federation, Adeyemi Adeniran, the top five performing sectors driving this growth include crop production, trade, real estate, telecommunications, and the oil and gas sector.
The rebasing exercise covered the period between 2019 to 2023, using 2019 as the new base year.
The rebasing of Nigeria’s GDP provides a more accurate representation of the country’s economic performance, taking into account new data and methodologies.
This update reflects the growth and diversification of the economy, with sectors like telecommunications and real estate playing significant roles.
The oil and gas sector, a traditional mainstay of the Nigerian economy, remains crucial, while crop production and trade also contribute substantially to the GDP.
The Statistician General’s announcement highlights the importance of regular economic data updates to capture the dynamic nature of economic activities.
By revising the GDP figures, policymakers and stakeholders can make more informed decisions based on a clearer picture of the economy’s structure and performance.
This development is expected to have implications for economic policy, investment decisions, and overall economic planning, as it provides a more comprehensive view of Nigeria’s economic landscape.
