Nigeria’s nominal GDP has grown by over 80%, but real GDP has grown by only 6%

Key Takeaways

  • Real GDP grew from ₦205.1 trillion in 2019 to ₦217.8 trillion in 2024, a modest 6% rise.
  • Nominal GDP jumped from ₦205.1 trillion to ₦372.8 trillion over the same period, an 82% increase.
  • The gap between nominal and real GDP widened sharply after 2021, reaching ₦155 trillion in 2024.
  • Nominal GDP has grown year-on-year, with the steepest jump between 2023 (₦314.0 trillion) and 2024 (₦372.8 trillion).
  • Inflationary pressures have driven nominal gains, masking subdued real economic expansion.

Following Nigeria’s 2025 GDP rebasing, where it adopted 2019 as the new base year, nominal GDP has climbed by more than 80%, rising from ₦205.1 trillion in 2019 to ₦372.8 trillion in 2024. In contrast, real GDP has barely shifted, inching up by just 6% over the same period. The divergence has grown particularly stark in recent years, with nominal gains accelerating while real output remains largely stagnant. The data underscores how much of Nigeria’s economic growth has been driven by price inflation rather than expanded production, leaving real economic progress subdued despite headline increases.

Source:

National Bureau of Statistics

Period:

2019 - 2024
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