In a country once defined by oil, Nigeria’s economy is undergoing a quiet transformation. The real engine of growth is no longer found in pipelines or refinery gates, but in fields, markets and smartphones.
A recent change in how the economy is measured has brought this shift into sharp focus. Known as GDP rebasing, the exercise updates the way the country calculates its economic output, using fresher data to reflect how Nigerians actually earn and spend. And the results tell a different story.
The long-held image of an oil-fueled, industry-led economy is fading. Agriculture and services have grown in prominence, while industry especially manufacturing, has shrunk.