Nigeria’s GDP Rebasing: N372 Trillion Economy Still 4th in Africa
Nigeria’s Economy Just Got Bigger—But Not Big Enough Nigeria’s Gross Domestic Product (GDP) has officially been rebased from ₦80 trillion to ₦372 trillion, following a recalculation by the National Bureau of Statistics (NBS). Yet, despite this massive upward revision, the country still ranks as Africa’s 4th largest economy, trailing South Africa, Egypt, and Algeria. What Does GDP Rebasing Mean? 📊 Definition: Updating the base year (now 2019) to reflect current economic realities.🔍 Why It Matters: Captures growth in sectors like tech, entertainment, and services that weren’t fully accounted for before.💰 New Numbers: 2024 GDP: ₦372.82 trillion (up from ₦80 trillion) Dollar Value: $242.64 billion (using CBN’s 2024 exchange rate of ₦1,536.50/$) Africa’s Top 5 Economies (2024) 1️⃣ South Africa – $400.26 billion2️⃣ Egypt – $389.05 billion3️⃣ Algeria – $263.61 billion4️⃣ Nigeria – $242.64 billion (after rebasing)5️⃣ Morocco – $154.43 billion Before rebasing, Nigeria’s GDP was just $187.75 billion—now it’s closer but still behind. Why Nigeria Still Lags 🔹 Exchange Rate Woes: Naira depreciation erodes dollar-value gains.🔹 Structural Weaknesses: Over-reliance on oil, weak […]