Despite the rebasing of Nigeria’s Gross Domestic Production (GDP), the country still retains its position as the fourth largest economy in terms of Nominal terms.

According to the National Bureau of Statistics (NBS), the country’s economy was worth N372.82 trillion in 2024.

Using the current N1,529.53 per dollar, this, the economy is $243,526,768,148.72 (billion) in terms of dollar.

This means Nigeria is still behind South Africa, which its economy is worth $410,338 billion, Egypt with $347,342bn and Algeria with $268,885bn.

Recall that the previous rebasing that was done in 2015 pushed Nigeria’s economy to first in Africa.

Back then, Nigerian GDP included previously uncounted industries like telecoms, information technology, music, online sales, airlines, and film production.

The GDP then rose to N80.3 trillion ($509.9bn) when compared to South Africa’s GDP of $370.3bn at the end of 2013.

When asked where Nigeria stands among African economy, the Statistician General of NBS, Prince Adeyemi Adeniran, said, “in terms of whether we can say Nigeria is now first or second, as I said earlier, the mandate of NBS is to give accurate estimate of the size and structure of the economy. In terms of ranking, it’s not our own call to be ranking the countries. Probably further analysts and economists will do that, but not NBS.” (Daily Trust)