The announcement was made at a formal media briefing in Abuja on July 19, 2025.

The revised data reveals that Nigeria’s GDP for 2021, now calculated using 2018 as the new base year, stands at $131.56 billion, up from the earlier figure of $110.305 billion based on the 2010 base year. The change reflects more comprehensive coverage of economic activities and better alignment with international statistical standards.

According to Statistician-General of the Federation, Adeyemi Adeniran, the rebasing exercise not only captures new and emerging sectors but also incorporates improved data sources, including tax records, household and business surveys, and administrative records from a wider range of institutions.

“The rebased GDP now offers a more accurate picture of Nigeria’s economic structure, helping policymakers make more informed decisions,” Adeniran said, emphasising that the country’s economic profile has shifted significantly over the past decade.

The rebased figures highlight the growing prominence of the services sector, which now contributes 57.4% to total GDP, up from 54.3%. Key drivers of this growth include information and communication, financial services, and trade. Industry contributes 24.7%, while agriculture accounts for 17.9%.

The revision also has implications for fiscal and debt metrics. While the GDP increase improves Nigeria’s debt-to-GDP ratio, economists caution that this does not automatically translate into improved living standards or reduce the country’s fiscal challenges.

--NBS/ChannelAfrica--