In Q2 2023, accommodation and food services' contribution to Nigeria's GDP decreased considerably
In Q2 2023, the hospitality sector, which includes accommodation and food services, on the other hand, experienced a slowdown and saw its GDP share decrease. Other sectors include the arts, entertainment, and recreation, as well as education.
Mauritius leads Africa on the Productive Capacities Index with a score of 55.02, ranking 56th globally.
Seychelles, South Africa, and Cape Verde complete Africa’s top four, but none enters the global top 50.
Nigeria ranks much lower at 167th globally, with a score of 30.68, despite being one of Africa’s largest economies.
The ranking shows that economic size does not always translate into stronger productive foundations like human capital, ICT, energy, transport, and institutions.
The IMF’s new 2019 GDP base year added between $20 billion and $235 billion annually to Nigeria’s GDP from 1990–2025.
2014 saw the biggest jump — an upward revision of $235.1 billion, raising GDP to $811.1 billion from $576.0 billion under the old base.
The rebased data consistently show 40–45% higher GDP values through the 2000s and 2010s, revealing a larger economy than earlier estimates.
The impact was strongest during Nigeria’s oil boom years (2007–2014), when rebasing captured fast-growing sectors like digital services, informal trade, and modular refining.