Nigeria’s gross domestic product is now estimated to be roughly 30% larger than previously reported after the National Bureau of Statistics updated its base year from 2010 to 2019.

Nigeria’s GDP at current prices rose to ₦372.8 trillion ($243 billion) in 2024 from ₦314 trillion in 2023.

The revision incorporates previously undercounted sectors including real estate and telecommunications, with real estate surpassing oil and gas as a top contributor.

Real GDP grew 3.13 percent year on year in the first quarter of 2025, led by the services sector, while agriculture showed minimal growth. The revised data offers a clearer picture of Nigeria’s economic structure and size, with implications for policy and investment.

This episode covers key fiscal reforms, including a proposed corporate tax cut from 30 to 25 percent, pending relevant approval, and tariff rationalization efforts.

It also highlights President Tinubu’s approval of a South-East regional investment fund with an initial ₦150 billion ($98 million) in capital, aimed at unlocking private capital to drive development in Nigeria’s southeast region, and a $264 million urban renewal project in Abia State focusing on infrastructure and job creation.

On inflation, headline rates eased to 22.22 percent in June as the Central Bank of Nigeria maintained its benchmark interest rate at 27.5 percent for the third consecutive meeting in 2025. The bank cited progress on disinflation but noted global risks including US trade tariffs.

Subscribe to 234Digest Audio Briefs for concise, thoughtfully researched updates on Nigeria’s economy and policy environment, and culture.

Links & Resources:

• Read the newsletter edition version of this podcast on 234Digest here
• Subscribe to 234Digest newsletter
• Send news tips, feedbacks and inquiries on partnerships, or business storytelling collaborations here