The Digest:
Nigeria's economy reached new heights with a nominal GDP of N372.8 trillion in 2024, but remains the fourth-largest economy in Africa. Despite the impressive growth, Nigeria trails behind South Africa, Egypt, and Algeria. What does this rebasing reveal about Nigeria's economic structure?
Key Points:
- Nigeria’s GDP is now N372.8 trillion, a 41.7% increase after the 2024 rebasing.
- The services sector leads GDP contributions, followed by industry and agriculture.
- Despite growth, Nigeria retains its position as the fourth-largest African economy.
- South Africa, Egypt, and Algeria remain ahead in GDP rankings.
- Real GDP growth in Q1 2025 was 3.13%, mainly driven by the services sector.
- Nigeria’s growth in 2024 surpassed IMF’s projections of $188 billion.
- The rebased GDP now includes previously unaccounted industries like fintech and creative sectors.
Nigeria’s economy shows growth but faces challenges in surpassing other African giants. The rebasing highlights the shift in sectoral contributions, revealing both progress and persistent gaps.
Sources: BusinessDay, NBS
