Nigeria’s GDP in Q3 2024 increased by 3.46% (year on year) in real terms, compared to 3.19% in the previous quarter.
The current GDP growth rate is also greater than the GDP performance from the same period the previous year.
According to the study, the services sector accounted for 53.58% of total GDP and grew by 5.19%. After expanding by 1.30% in the third quarter of 2023, the agriculture sector increased by 1.14%.
However, other sectors also had impressive growth rates in the period under review.
Nigeria, the largest economy in Africa in terms of GDP, has seen substantial changes in the ways that different industries contribute to its economic expansion.
Notwithstanding the country’s problems with unemployment, inflation, and volatile oil prices, several industries have shown impressive development, underscoring their potential to propel the economy toward sustainability and diversification.
With that said, here are the 10 sectors with the largest GDP growth rate at current prices (Nominal GDP Growth) %, as per the report by the NBS.
Top 10 sectors in Nigeria with the highest growth in GDP contribution Q3 2024
| Rank | Sector | GDP growth (%) |
|---|---|---|
|
1. |
Transport services |
86.28% |
|
2. |
Water transport |
77.77% |
|
3. |
Financial insititutions |
75.99% |
|
4. |
Financials and insurance |
74.54% |
|
5. |
Quarrying and Other Minerals |
73.71 |
|
6. |
Rail Transport & Pipelines |
63.01% |
|
7. |
Coal mining |
62.43% |
|
8. |
Arts, Entertainment and Recreation |
61.07% |
|
9. |
Insurance |
59.84% |
|
10. |
Broadcasting |
57.33% |
