Nigeria is set to surpass Algeria to become Africa’s third-largest economy by Gross Domestic Product (GDP) in 2025, the National Orientation Agency (NOA) has projected.
This, according to NOA, followed an economic surge that saw the country’s GDP grow by 38 per cent.
The National Bureau of Statistics (NBS), according to the NOA in its weekly publication, The Explainer, had reported that the country’s GDP stood at N372.8 trillion in 2024, after the base year for calculating the figure was shifted to 2019.
The NOA, whose editorial board is chaired by the Minister of Information and National Orientation, Mohammed Idris, reported that the country was gradually moving closer to overtaking Algeria.
NOA said the latest 2024 GDP data from NBS in dollar terms showed that Nigeria remained the fourth-largest economy in Africa in 2024, despite moving from the previous estimated GDP figure of $187.8 billion to $243.7 billion.
The agency said Nigeria’s GDP has put Algeria, with the third-largest nominal GDP of $247.63 billion in Africa, under pressure, as it had been estimated that by the first quarter of 2025, the country would upstage Algeria.
“The 52nd edition of this publication focuses on the rebasing of Nigeria’s GDP by the National Bureau of Statistics (NBS). 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.
“This reflects a 38 per cent increase from prior estimates, making Nigeria Africa’s fourth-largest economy, close to overtaking Algeria. Services dominate at 53.09 per cent, followed by agriculture (25.83 per cent) and industries (21.08 per cent).
“Despite naira depreciation affecting dollar-denominated GDP, Nigeria’s economy grew 81.8 per cent from 2019 to 2024. The rebasing highlights economic diversification and informal sector potential,” NOA said in the publication.