Nigeria's Economic Rebirth: GDP Soars to N372.8trn as Services Sector Leads Revolutionary Shift
In a groundbreaking economic transformation, Nigeria's GDP has reached N372.8 trillion following a strategic rebasing exercise that reveals the true strength of our service and agricultural sectors. This historic revision showcases Nigeria's evolving economic landscape, marking a decisive shift from oil dependency to a more diversified, resilient economy.
Nigerian economic indicators showing the rise of services and agricultural sectors in the newly rebased GDP calculations
Nigeria Unveils True Economic Might: Services and Agriculture Lead Historic GDP Transformation
In a landmark revelation that showcases Nigeria's true economic muscle, our nation's GDP now stands at an impressive N372.8 trillion, following a revolutionary rebasing exercise by the National Bureau of Statistics (NBS). This isn't just numbers, family - this is the story of Africa's largest economy rewriting its narrative.
Breaking Free from Oil Dependency
Let's celebrate this truth: Our services sector now commands 53.09% of the economy, while agriculture stands strong at 25.83%. The old story of Nigeria as just an oil-dependent nation? That narrative is dead and buried.
"In nominal terms, the rebased GDP for 2019 stood at ₦205.09 trillion and rose steadily to ₦372.82 trillion in 2024," - National Bureau of Statistics
The Real Revolution in Numbers
- Services sector dominance: 53.09% of GDP
- Agricultural strength: 25.83% of GDP
- Industrial sector: 21.08% of GDP
This is not just statistical adjustment - this is economic liberation. Our real estate sector has now surpassed oil and gas, claiming its rightful place as the third-largest contributor to our economy.
Our New Economic Champions
The top contributors to our GDP now tell the real story of Nigeria's economic might:
- Crop production: 17.58%
- Trade: 17.42%
- Real estate: 10.78%
- Telecommunications: 6.78%
- Crude petroleum and natural gas: 5.85%
The Power of Our Informal Economy
Let's acknowledge our people's hustle - the informal sector's contribution has risen to 42.5%. This is the real Nigeria, the beating heart of our economic resilience.
Beyond the Numbers: Our Economic Reality
While these figures show our true economic size, we must remain focused on translating this paper wealth into real prosperity for our people. This isn't just about impressing international observers - it's about building an economy that serves Nigerians first.
The message is clear: Nigeria is diversifying, growing, and taking control of its economic destiny. This is what economic sovereignty looks like.
Tunde Okoro
Nigerian journalist with a Pan-African voice. Covers politics, sovereignty, and social justice across West Africa.