Nigeria retained its position as the fourth-largest economy in Africa, despite the rebasing of the GDP, which led to the addition of activities in several areas, such as digital economic activities, informal economic activities, creative industries, and fintech.
Before NBS rebased the GDP, the World Bank reported that Nigeria, with a GDP of $187.75 billion, is the fourth biggest economy in Africa in 2024, behind South Africa ($400,26 billion), Egypt ($389,05 billion), and Algeria ($263,61 billion), while Morocco ($154.43 billion) completed the top five list.
With Nigeria’s rebased GDP at N372.82 trillion, the conversion to US currency is $242.64 billion, using the Central Bank of Nigeria (CBN) exchange rate of N1,536.50 per dollar as at December 31, 2024.
This shows that the value of Nigeria’s economy increased compared to the figure reported by the World Bank in April, however, the country still falls behind South Africa, Egypt, and Algeria.
