Despite undergoing a recent Gross Domestic Product (GDP) rebasing exercise, Nigeria has retained its position as Africa’s fourth largest economy, according to newly released data from the National Bureau of Statistics (NBS) and corroborated by international financial institutions.

The GDP rebasing, which adjusted the reference year for measuring economic output, was aimed at providing a more accurate picture of Nigeria’s current economic structure. However, the revised figures reveal that the country has slipped further behind continental leaders like Egypt, South Africa, and Algeria.

According to analysts, the new ranking reflects Nigeria’s ongoing challenges, including currency devaluation, high inflation, insecurity, and sluggish growth in key sectors such as oil, agriculture, and manufacturing.

“The rebasing gives us a clearer economic picture, but it also exposes the urgent need for reforms,” said Dr. Ifeoma Eze, an economist with the Abuja-based Centre for Policy Development. “Our population is growing faster than our economy, which is not sustainable.”

The rebased GDP now captures newer industries such as the digital economy, fintech, and creative sectors—areas where Nigeria has shown promise but not enough structural investment to drive growth at scale.

Nigeria previously held the top spot in Africa’s economy ranking following the 2014 rebasing but has since been overtaken amid global shocks and domestic policy missteps.

In response, the Federal Government has pledged renewed focus on non-oil exports, infrastructural expansion, and job creation to reposition Nigeria as the continent’s economic powerhouse.

As the nation grapples with economic realities, stakeholders say the rebasing serves as a wake-up call to diversify and deepen productivity across all sectors.