Nigeria’s Gross Domestic Product (GDP) for 2024 was recently estimated at $199.7 billion, the lowest in 19 years.

The IMF revealed the estimates on its October World Economic Outlook (WEO) database on Tuesday.

On the IMF WEO database, FIJ checked Nigeria’s GDP in US dollars from 2005 to 2024 and found that the projected value for 2024 is the lowest in 19 years. The GDP was only lower than the 2024 figure at $169.6 billion in 2005.

GDP in 2005. Source: IMF WEO

According to the IMF, the GDP values are based on GDP in national currency converted to US dollars using market exchange rates (yearly average).

“Exchange rate projections are provided by country economists for the group of other emerging markets and developing countries. Exchange rates for advanced economies are established in the WEO assumptions for each WEO exercise,” stated the IMF.

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The GDP helps to measure the size of the economy of a country. The IMF defines it as the monetary value of final goods and services produced within a country over a specific period.

Simply put, the GDP is the total of all the money spent on paying for goods and services within a country. While a high GDP often points to a healthy economy, a lower GDP could indicate a struggling economy.

YEARGDP in US dollars2005$169.6 billion2006$222.8 billion2007$262.2 billion2008$330.3 billion2009$297.5 billion2010$369.1 billion 2011$414.1 billion 2012$461 billion2013$515 billion2014$568.5 billion2015$492.4 billion 2016$404.6 billion2017$375.7 billion 2018 $421.7 billion2019$474.5 billion2020$432.7 billion2021$441.6 billion2022$476.5 billion 2023$363.8 billion2024$199.7 billionNigeria’s GDP in the last 20 years (2005 to 2024). Source: IMF World Economic Outlook database.

The data in the table above shows the progression of Nigeria’s GDP in US dollars within the last 20 years. The first four years recorded a steady increase. From 2005’s $169.6 billion, the GDP rose to $222.8 billion in 2006, $262.2 billion in 2007 and $330.3 billion in 2008.

In 2009, the figure dropped to $297.5 billion, but it increased to $369.1 billion in 2010, $414.1 billion in 2011, $461 billion in 2012, $515 billion in 2013 and $568.5 billion in 2014.

The country’s GDP experienced a decrease from 2015 to 2017. While it was $492.4 billion in 2015, the value for 2016 was $404.6 billion and that of 2017 was $375.7 billion.

Compared with 2017’s GDP of $375.7 billion, it went up to $421.7 billion in 2018 and $474.5 billion in 2019. The Coronavirus pandemic and the resulting lockdown, which caused an economic meltdown, led to a decline in the GDP for 2020 at $432.7 billion.

However, the country’s economy gradually bounced back in 2021 and 2022, with the GDP valued at $441.6 billion and $476.5 billion respectively.

With $363.8 billion recorded in 2023, the GDP recorded a sharp drop in comparison with the previous year’s valuation.

Based on the IMF’s projection of $199.7 billion for 2024, the GDP valuation would be the worst in about two decades if it stays the same or drops further by the end of the year.
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