Nigeria’s Gross Domestic Product, GDP, has been rebased from N80 trillion to N205 trillion.

The development was announced by the Statistician-General of the Federation, Adeyemi Adeniran.

Adeniran stated that the new figure represents a 41.7 per cent increase compared to the previous rebasing exercise conducted in 2014.

The rebasing, which covers the period from 2019 to 2023, uses 2019 as the new base year, according to the Statistician-General.

He noted that the top five performing sectors contributing to the GDP include crop production, trade, real estate, telecommunications, and the oil and gas industry.