Nigeria, July 22 -- Nigeria's gross domestic product (GDP) stood at N372.8 trillion ($243.7 million) in nominal terms in 2024 after the statistics office altered the process for computing the size of the economy to include new sectors and reflect current realities.

That was 29.9 per cent higher than the International Monetary Fund (IMF)'s estimate of $187.6 billion.

Nigeria lost its position as the continent's biggest economy recently after a roughly 70 per cent slide in the value of the naira against the dollar between June 2023 and the first half of 2024 forced it to the fourth spot behind South Africa, Egypt and Algeria.

A couple of devaluations within the period caused Nigeria's GDP to weaken sharply in dollar terms. Nigeria's last...