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Nigeria is poised to become Africa’s third-largest economy by Gross Domestic Product (GDP) in 2025, surpassing Algeria, according to the National Orientation Agency (NOA). The country’s GDP grew by 38% after the base year for calculating the figure was shifted to 2019, with the latest data showing a GDP of N372.8 tn ($243.7 bn) in 2024.
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The NOA report notes that Nigeria’s economy has been growing steadily, with services dominating at 53.09%, followed by agriculture (25.83%) and industries (21.08%). “This reflects a 38% increase from prior estimates, making Nigeria Africa’s fourth-largest economy, close to overtaking Algeria,” the report states
Despite the naira depreciation affecting dollar-denominated GDP, Nigeria’s economy grew by 81.8% from 2019 to 2024. The rebasing of the GDP highlights the country’s economic diversification and informal sector potential. “The rebased GDP grew to N372.8 trillion ($243.7 billion) using 2019 as the new base year while incorporating previously excluded sectors like e-commerce, mining, and informal activities,” the NOA report states.
With Algeria’s nominal GDP standing at $247.63bn, Nigeria is expected to overtake the country in the first quarter of 2025. The NOA report suggests that Nigeria’s GDP growth will continue to put pressure on Algeria’s position as the third-largest economy in Africa.
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Jonathan Nwokpor
