Nigeria’s Gross Domestic Product (GDP) for 2024 has been estimated at $199.7 billion, marking the worst figure in 19 years.
The estimates were released by the International Monetary Fund (IMF) in its October World Economic Outlook (WEO) report on Tuesday.
According to the WEO database, FIJ reviewed Nigeria’s GDP figures in US dollars from 2005 to 2024 and found that the projected value for 2024 is the lowest since 2005, when the GDP stood at $169.6 billion.
According to the IMF, the 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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However, based on the IMF’s projection of $199.7 billion for 2024, the gross valuation would be the worst in about two decades if it stays the same or drops further by the end of the year.
The Gross Domestic Product is used to gauge the size of a country’s economy. According to the IMF, it represents the monetary value of all final goods and services produced within a nation over a set period.
In simple terms, Gross Domestic Product is the sum of all the money spent on goods and services within a country. A higher GDP generally signals a strong economy, while a lower GDP may suggest economic difficulties.
Source: FIJ
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