Nigeria’s Gross Domestic Product (GDP) remains the fourth-largest economy in Africa in nominal terms.
According to the National Bureau of Statistics (NBS), Nigeria’s economy was valued at N372.82 trillion ($243.53 billion) in 2024, based on an exchange rate of N1,529.53 per dollar.
This places Nigeria behind **South Africa ($410.34 billion), Egypt ($347.34 billion), and Algeria ($268.89 billion). The last rebasing exercise in 2015 had propelled Nigeria to the top spot in Africa after incorporating previously uncounted sectors such as telecoms, IT, entertainment, e-commerce, and aviation, boosting its GDP to N80.3 trillion ($509.9 billion) —surpassing South Africa’s $370.3 billion at the time.
When questioned about Nigeria’s current economic ranking, the Statistician General of the NBS, Prince Adeyemi Adeniran, stated that the bureau’s role is to provide accurate economic estimates, not to rank countries. “Further analysis and comparisons should be left to economists and analysts,” he added.
The latest figures highlight Nigeria’s economic challenges, including currency depreciation and slower growth, which have impacted its standing relative to other major African economies.
Dele Fashomi, seasoned journalist and communication teacher, is a holder of Master of Arts degree in Communication and Language Arts from the University of Ibadan in 1992/93.
Earlier, he had bagged a Bachelor degree from the same university in 1984, after which he proceeded to the Nigerian Institute of Journalism, Lagos, in 1990, for a postgraduate diploma in Journalism.
He had done many courses in communication, including the EU-BBC Editing Course in 2002.
Mr. Fashomi combines effectively the practice, research and teaching of communication. And to date, he has published two academic works in communication: Issues in Communication Technology and Policy (2010) and Economic and Social Issues in Advertising and PR (2013).
He had his first break in the Nigerian media in Concord Newspapers in 1990 and today, he has over two and half decades experience earned in several newspapers.
He has been part of many start-ups, such as The Republic (1987), The Comet (1999), The Anchor 2001 – 2002; Sun Newspapers (2003); Westerner newsmagazine (2005 – 2010) as Editor; National Life (2011) as Sunday Editor, and Newswatch Newspapers (2012- 2016) as Daily Editor.
Dele Fashomi is now the Publisher/Editor-in-Chief of Newstide247.com newspaper online, which he started in July 2015. He is also into biography writing, with many books in his trail, some of which he wrote alone and one he co- authored with his mentor, Mr Dare Babarinsa, entitled: Olabiyi Durojaiye – DARE TO BE DiFFERENT. He also guided and collaborated with Pa Olatunji Odusanya in writing his autobiography – AGAINST ALL ODDS. There are many other books in the works under his pen.
