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.
5 sectors contribute 62.25% of Nigeria's GDP
Five sectors, however, contributed more in pushing the GDP in Q1, 2024.
1. Agriculture
The Agricultural sector contributed 21.07% to the GDP in Q1, 2024, a drop from the 21.66% contributed in Q1, 2023.
2. Information and communication sector
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.
3. Trade
Nigeria’s trading sector contributed 15.70% to its GDP in Q1, 2024 making it the third largest contributor.
4. Manufacturing
The manufacturing sector contributed 9.98% to the real GDP, in Q1 2024. The sector's contribution dropped from 10.13% in Q1, 2023.
5. Finance and Insurance
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%).