Economists have noted that productivity remains a challenge in the Nigerian economy, despite the rebasing of the Gross Domestic Product, which has boosted the economy to N372.8tn.
They argued that while there has been an update to the metrics for measuring the economy, the challenges are still present, and the effects are far from transforming the lives of the everyday Nigerian.
Last Monday, the wait for the rebased GDP ended as the Nigerian Bureau of Statistics released the data, which put the country’s new GDP at N372.8tn, or $243.7bn.
The rebased GDP was premised on 2019 as the new base year, with new sectors such as e-commerce, mining/quarrying, pension funds, marine economy, culture and tourism, among others
The new 2024 GDP figure is N103.51tn, or over $67bn, higher than the N269.29tn that the NBS initially reported, using the 2010 base year. This indicates that Nigeria’s economy at the end of 2024 was 38 per cent bigger than previously estimated. The latest 2024 GDP data in dollar terms showed that Nigeria remained the fourth largest economy in Africa in 2024, despite moving from the previous estimated GDP figure of $187.8bn to $243.7bn.