In Q3 2024, Nigeria’s economy grew at a real GDP growth rate of 3.46% year over year, which was somewhat higher than the 3.19% growth rate in the previous quarter.
While some industries performed very well in driving this growth, others grew more slowly, indicating issues that need to be resolved to reach their full potential.
While Nigeria’s overall GDP growth in Q3 2024 reflects progress, addressing the slow growth in key sectors is essential for inclusive and sustainable economic development.
Nigeria, Africa’s largest economy in terms of GDP, has experienced substantial changes in how various industries contribute to its economic growth.
Despite the country’s issues with unemployment, inflation, and unpredictable oil prices, certain businesses have grown rapidly, demonstrating their potential to move the economy toward sustainability and diversification.
On the flip side, some sectors in the country continue to grow at a sluggish pace, while some have stagnated.
With that said, here are the 10 sectors with the lowest GDP growth rate at current prices (Nominal GDP Growth) %, as per the report by the NBS.
Top 10 sectors in Nigeria with the least growth in GDP contribution Q3 2024
| Rank | Sector | GDP growth (%) |
|---|---|---|
|
1. |
Textile, Apparel and Footwear |
0.23 |
|
2. |
Basic metal , Iron and Steel |
0.64 |
|
3. |
Pulp, Paper and Paper Products |
1.00 |
|
4. |
Fishing |
1.72 |
|
5. |
Plastic and Rubber products |
1.80 |
|
6. |
Motor vehicles & assembly |
2.04 |
|
7. |
Non-Metallic Products |
2.87 |
|
8. |
Cement |
3.73 |
|
9. |
Construction |
4.19 |
|
10. |
Other Manufacturing |
4.35 |
