Top 5 sectors contribute 62.25% to Nigeria's GDP

Nigeria’s gross domestic product (GDP) growth which increased by 2.98% (year-on-year) in real terms in the first quarter of 2024 was led by five major sectors with a 62.25% contribution.

According to the data by the National Bureau of Statistics (NBS), the 2.98% growth rate recorded in Q1, 2024 supersedes the 2.31% growth rate recorded in Q1, 2023 but falls below the 3.46% growth rate in Q4, 2023.

The shortfall in the reported GDP for Q1, 2024 compared to Q3, 2023 has been traced to currency risk and inflationary macroeconomic environments.

Five sectors, however, contributed more in pushing the GDP in Q1, 2024.

The Agricultural sector contributed 21.07% to the GDP in Q1, 2024, a drop from the 21.66% contributed in Q1, 2023.

The sector which comprises telecommunications and information services, publishing, motion pictures, sound recording and music production, and broadcasting contributed 17.89% to the country’s GDP in Q1, 2024.

Nigeria’s trading sector contributed 15.70% to its GDP in Q1, 2024 making it the third largest contributor.

The manufacturing sector contributed 9.98% to the real GDP, in Q1 2024. The sector's contribution dropped from 10.13% in Q1, 2023.

The Finance and Insurance industry’s total contribution to Nigeria’s GDP in Q1 2024 was 6.81%. The financial sector accounted for 93.19% of the total industry contribution, while insurance made up 6.81%.

Other sectors that made significant contributions to the GDP include the oil and gas sector (6.38%); The real estate sector (5.20%); Construction (4.01%); and Food, beverage and Tobacco (5.11%).