The National Orientation Agency (NOA) has projected that Nigeria is on track to surpass Algeria as Africa’s third-largest economy by Gross Domestic Product (GDP) in 2025, following a significant economic boost that led to a 38% increase in GDP. According to the NOA’s weekly publication, The Explainer, the National Bureau of Statistics (NBS) reported that Nigeria’s GDP rose to ₦372.8 trillion in 2024 after the base year for calculation was updated to 2019. The NOA, whose editorial board is led by the Minister of Information and National Orientation, Mohammed Idris, stated that Nigeria is steadily closing the gap with Algeria. The agency further noted that the latest NBS data for 2024, expressed in U.S. dollars, indicated that Nigeria maintained its position as the fourth-largest economy in Africa—despite increasing its GDP from an earlier estimate of $187.8 billion to $243.7 billion. With Algeria’s GDP standing at $247.63 billion, NOA said Nigeria is now putting pressure on the North African nation and is expected to overtake it by the first quarter of 2025. “The 52nd edition of this publication focuses on the rebasing of Nigeria’s GDP by the National Bureau of Statistics (NBS). The rebased GDP grew to N372.8 trillion ($243.7 billion) using 2019 as the new base year while incorporating previously excluded sectors like e-commerce, mining, and informal activities. “This reflects a 38 per cent increase from prior estimates, making Nigeria Africa’s fourth-largest economy, close to overtaking Algeria. Services dominate at 53.09 per cent, followed by agriculture (25.83 per cent) and industries (21.08 per cent). “Despite naira depreciation affecting dollar-denominated GDP, Nigeria’s economy grew 81.8 per cent from 2019–2024. The rebasing highlights economic diversification and informal sector potential,” NOA said it the publication.