Recent data from the Nigeria Bureau of Statistics (NBS) paints a bleak picture: Nigeria’s Gross Domestic Product (GDP) has plummeted in dollar terms by a staggering 52.63 percent nominally between 2023 and 2024 (Q1 to Q3) using prevailing exchange rates in those periods.
For instance, the average exchange rate in the first three quarters of 2023 was N580.96/$, while that of 2024 was N1427.73/$. The cumulative nominal GDP for 2023 (Q1-Q3) was N164 trillion, while that of 2024 was N190.92 trillion in the same quart
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