Nigeria’s economy has witnessed a significant jump in value following the rebasing of its Gross Domestic Product (GDP) figures, with the latest report by the National Bureau of Statistics (NBS) showing the GDP now stands at a staggering N372.82 trillion in nominal terms.
According to the NBS data released on Wednesday, the rebased GDP figures indicate that the economy grew by 3.13% in the first quarter (Q1) of 2025, compared to 2.27% in Q1 of 2024 — a signal of modest economic expansion despite widespread socio-economic challenges.
The rebasing exercise updated the base year for measuring Nigeria’s economic output from 2010 to 2019, in a move that analysts say offers a more realistic picture of the country’s economic landscape. Under the old base year (2010), Nigeria’s nominal GDP for the same period would have been significantly lower. With the 2019 base year, the GDP has surged from N205.09 trillion to N372.82 trillion, underscoring the scale of economic activity previously unaccounted for.
GDP rebasing is a standard global practice that updates the reference year used to calculate national output. It reflects changes in the structure of the economy, new industries, and revised data sources. The last time Nigeria rebased its GDP was in 2014, which led to the country being declared Africa’s largest economy at the time.
This time, however, the higher GDP figures are being met with mixed reactions, especially given the rising poverty rate and deepening economic hardship across the country
Despite the upward revision of GDP, many Nigerians say the figures don’t translate into improved living conditions. The cost of living continues to rise sharply, food inflation remains high, and unemployment and underemployment persist, particularly among young people.
Analysts warn that GDP growth alone does not capture the distribution of wealth or the quality of life for average citizens. The World Bank recently estimated that over 71 million Nigerians are living in extreme poverty a situation exacerbated by fuel subsidy removal currency devaluation, and persistent insecurity in food-producing regions.
