After GDP rebasing, Nigeria’s economy jumps 30%, debt ratio drops sharply.
Following the National Bureau of Statistics (NBS) rebasing Nigeria’s GDP base year from 2010 to 2019, the country’s economy grew by nearly 30%. The updated estimate puts Nigeria’s 2024 GDP at ₦372.82 trillion (~USD 244 billion), significantly higher than previous figures .
Key sectors—like digital services, pension funds, and the informal economy—expanded Nigeria’s tax and output profile. Oil’s share of GDP is now estimated at only 5%, reflecting diversification caused by the inclusion of emerging industries .
Importantly, the recalibration reduces Nigeria’s public debt‑to‑GDP ratio to approximately 40%, down from 52%, offering political leverage domestically and internationally. However, some experts warn this may trigger complacency in debt management .
Economists also note that while the 3.13% growth recorded in Q1 of 2025 shows progress, it lagged analyst forecasts. Still, the rebase offers better clarity on the country’s true economic scale, which may influence policy ahead of 2027 elections .
I’m Adedayo Obadina
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