July 22, 2025/Cordros Update

The National Bureau of Statistics (NBS) has updated Nigeria’s Gross Domestic Product (GDP) base year from 2010 to 2019. The rebasing exercise covers the period from 2019 to 2023 and reflects changes in the economy’s structure, sectoral contributions, and data sources

Key Highlights

Significant Increase in Nominal GDP across all years:

• 2019: +41.7% to NGN205.09 trillion
• 2020: +39.0% to NGN213.64 trillion
• 2021: +38.7% to NGN243.30 trillion
• 2022: +36.1% to NGN274.23 trillion
• 2023: +34.6% to NGN314.02 trillion
• 2024: +35.4% to NGN372.82 trillion

Adjusted Real GDP Growth Rates:

• 2020: -6.96% y/y (previous: -1.94%)
• 2021: +0.95% y/y (previous: +3.40%)
• 2022: +4.32% y/y (previous: +3.10%)
• 2023: +3.04% y/y (previous: +2.71%)
• 2024: +3.38% y/y (previous: +3.37%)

Shift in Economic Structure:

• Agriculture: 25.83% (up from 22.12%)
• Services: 53.09% (up from 50.22%)
• Industry: 21.08% (down from 27.65%)

Methodological Improvement in Financial Sector Accounting:
Financial Intermediation Services Indirectly Measured (FISIM) are now more accurately recorded as intermediate consumption across sectors.

Higher Informal Sector Share:
The informal sector now accounts for 42.5% of the economy, up from 41.4%.

Q1-25 GDP:
Based on the rebased data, Nigeria’s economy grew at a slower pace in Q1-25, with real GDP growing by 3.13% y/y (Q4-24: +3.76% y/y). The oil sector grew by 1.87% y/y in Q1-25 (Q4-24: +2.08% y/y), while the non-oil sector expanded slowly by 3.19% y/y in Q1-25 (Q4-24: +3.80% y/y).