Nigeria’s economic power surges, 2023 GDP ranks 19th globally, largest in Africa
World Economics Data Reveals Nigeria’s True GDP Could Be 89% Higher Than Official Estimates
New findings by World Economics position Nigeria’s 2023 GDP at an impressive $2.419 trillion based on purchasing power parity (PPP), making it the 19th largest economy globally and the largest in Africa. This estimate is 89% higher than the official World Bank figure of $1.277 trillion.
The discrepancy arises due to factors like an outdated GDP base year and Nigeria’s vast informal economy, which World Economics accounts for in its analysis. Their methodology includes adjustments for these factors, providing a more comprehensive economic picture.
“Nigeria’s GDP is estimated to be $2.419 trillion dollars by World Economics for 2023 — 89% larger than official estimates,” the report highlights.
This revised estimate underscores Nigeria’s significant economic potential and influence on the global stage. With its diverse economy, Nigeria continues to stand out as Africa’s economic powerhouse.
The data, compiled by World Economics Research, London, invites comparisons with other nations and reflects Nigeria’s growing purchasing power despite economic challenges.
For Nigeria, this latest GDP revelation is a reminder of its substantial untapped potential in both formal and informal sectors — a signal for policymakers and investors to leverage this strength for sustainable growth.
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