How GDP rebasing spotlights growing non-oil sector
The recent GDP rebasing in Nigeria has highlighted the growing non-oil sector, indicating a shift away from oil dependence. The National Bureau of Statistics updated the GDP basket using a 2019 base year, revealing a 41% increase in the size of the economy from 2019 to 2024.
Real GDP growth has also rebounded, with real estate overtaking oil and gas as a major contributor to GDP. While some sectors like real estate, finance, and ICT showed growth, others like coal mining and textiles contracted.
Experts warn that the dominance of the oil sector in government revenue exposes structural weaknesses. The rebased GDP shows Nigeria's economy as 30% larger than previously estimated, but challenges remain in ensuring sustainable growth and development.
The new data provides a better tool for policymaking and highlights the need for dynamic policies to match the evolving economy.
Plus234Feed summary based on reporting from Daily Trust. Read the original report below.
Read full article
Continue on Daily Trust
Get the week in one email
Top stories, NPFL results, the naira — every Friday morning. Free, one email a week.
Related Stories
Nigeria's Economy Surges to 4-Year High in Q2 2025 - NBS Report
GDP Rebasing: Nigeria’s Economy Shrinks by $266bn in 10 Years Amid Receding FDI
Nigeria's GDP Surges 4.23% on Oil Production Boost in Q2 2025
Nigeria’s GDP expected to expand between 3.2% and 3.9% in Q2 2025 on rebasing, stable FX, stronger business activity
Nigeria's GDP Surges by 4.23% in Q2 2025, Sectoral Growth Reported
Nigeria's GDP Grows by 4.23% in Q2 2025, Meeting OPEC Quotas
Get Plus234Feed on messaging apps
Same headlines, delivered where you already scroll.
