Being one of the largest oil producing nations in Africa, Nigeria’s Gross Domestic Product (GDP) benefits a great deal from the sale of this resource. However, it is important to note that the West African country has a diversified economy and thus other sectors have a substantial quota in its GDP.
During the first quarter in 2024 Nigeria’s Gross Domestic Product (GDP) grew by 2.98% (year-on-year) in real terms. However, in the second quarter of 2024, Nigeria’s Gross Domestic Product grew by 3.19% (year-on-year) in real terms.
According to the National Bureau of Statistics, the GDP performance in the second quarter of 2024 was primarily driven by the Services sector, which grew by 3.79% and accounted for 58.76% of total GDP. Agriculture expanded by 1.41%, up from 1.50% in the second quarter of 2023.
The report also showed that in nominal terms, the aggregate GDP at the basic price was N60,930,000.58 million. This result is better than the second quarter of 2023, when aggregate GDP was N52,103,927.13 million, reflecting a nominal growth rate of 16.94% year over year.
With that said, here are the 10 sectors that contributed the most to the growth of Nigeria’s GDP in the second quarter of 2024.
Top 10 strongest activities in Nigeria’s GDP growth in Q2 2024
| Rank | Activities | % of Contribution |
|---|---|---|
|
1. |
Crop Production |
20.35 |
|
2. |
Trade |
16.39 |
|
3. |
Telecommunications & Information Services |
16.36 |
|
4. |
Financial Institutions |
6.04 |
|
5. |
Crude Petroleum and Natural Gas |
5.70 |
|
6. |
Real Estate |
5.17 |
|
7. |
Food, Beverage and Tobacco |
4.44 |
|
8. |
Construction |
3.17 |
|
9. |
Professional, Scientific and Technical Services |
3.00 |
|
10. |
Broadcasting |
2.54 |
