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Nigeria’s Economy 30% Bigger Than IMF Forecast After Overhaul - BLOOMBERG

JULY 22, 2025

Nigeria’s economy is 30% bigger than previously estimated, after statistics authorities changed the way they calculate gross domestic product and incorporated new sectors into their calculations.

GDP at current prices stood at 372.8 trillion naira ($243 billion) in 2024, compared with the International Monetary Fund’s $187.6 billion forecast, after the base year for calculating the figure was shifted to 2019. GDP was 314 trillion naira in 2023, the statistics agency said at a briefing in Abuja, the nation’s capital on Monday. The economy remains Africa’s fourth-biggest, lagging behind South Africa, Egypt and Algeria.

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