The top five sectors contribute 62.25% to Nigeria’s GDP

According to data from the National Bureau of Statistics (NBS), the growth rate of 2.98% recorded in the first quarter of 2024 exceeds the growth rate of 2.31% recorded in the first quarter of 2023, but falls below the growth rate of 3.46% in the fourth quarter quarter 2023

The GDP shortfall for Q1 2024 compared to Q3 2023 can be linked to currency risk and the inflationary macroeconomic environment.

However, five sectors contributed more to GDP growth in Q1 2024.

The agricultural sector contributed 21.07% to GDP in Q1 2024, down from 21.66% in Q1 2023.

The sector including telecommunications and information services, publishing, films, sound recordings and music production as well as broadcasting generated 17.89% of the country’s GDP in the first quarter of 2024.

Nigeria’s commercial sector contributed 15.70% to its GDP in the first quarter of 2024, making it the third largest contributor.

The share of the manufacturing sector in real GDP in the first quarter of 2024 was 9.98%. The sector’s share decreased from 10.13% in Q1 2023.

The total contribution of the finance and insurance industry to Nigeria’s GDP in Q1 2024 was 6.81%. The financial sector accounted for 93.19% of the total industry contribution, while insurance accounted for 6.81%.

Other sectors that contributed significantly to GDP were the oil and gas sector (6.38%); Real estate sector (5.20%); Construction (4.01%); and Food, Beverage and Tobacco (5.11%).