Top 5 best-performing sectors in Nigeria outside of oil

Nigeria's leading industries contributed N75.22 trillion, or 72.8% of all non-oil sector input, in the first half of 2023. This is a 1.6% increase over 2022 year-end estimates of 71.2%.

This development was principally driven by the manufacturing sector, which increased by 1.3% to reach 15.1%, and the technology and communication industry, which increased by a strong 3.4% to reach 14% from 10.6%. Another factor was construction, which increased by 1.4% from 9.4% to 10.7%.   

Contrarily, the agricultural sector had a significant decline of 3.7%, falling from 24.1% to 20.4%, while the trade sector saw a small decrease of 0.8%, declining to 12.5% from 13.3%. 

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Despite its decline, agriculture contributed the most to Nigeria's nominal real GDP, followed by manufacturing, information & communication, commerce, and construction, according to prior data from the National Bureau of Statistics (NBS).

Below are the best-performing sectors in Nigeria outside of the oil sector.

Agriculture

Despite being a major force, the agricultural sector’s contribution significantly dropped in H1 2023. It contributed N21.04 trillion, or 20.4% of the period's N103.35 trillion non-oil GDP, a 3.8% decrease from its 24.1% contribution in YE 2022 to 20.4%.

Manufacturing

Manufacturing saw a 1.3% gain from YE 2022 to H1 2023, becoming the non-oil sector's second-largest nominal GDP contributor. With a total contribution of N15.63 trillion, it strengthened the economy.

Information and Communication 

Nigeria's technology and communication sector has performed admirably in H1 2023, surpassing YE 2022 results. The sector grew significantly, increasing by 3.4% and contributing N14.51 trillion, or 14% of the nominal GDP, to the total. This amounts to 68.6% of the sector's N21.15 trillion total contribution in YE 2022.

Trade

The trade sector in Nigeria, one of the main drivers of the country's economic growth, made a significant N12.95 trillion nominal GDP contribution in H1 2023, or 12.5% of the total. Although still a sizeable sum, this shows a little reduction of 0.8% from its 13.3% YE 2022 contribution.

Construction

Nigeria's construction industry continued to play a significant role in the country's economic landscape in the first half of 2023, contributing 10.7%, or N11.1 trillion. This rise amounts to 59.3% of the overall value created, which was N18.7 trillion for YE 2022, representing a substantial increase of 1.4% from its 9.4% contribution at that time.