The five largest sectors in the Nigerian economy as of Q1 2024.
In the first quarter (Q1) of 2024, the Gross Domestic Product (GDP) of Nigeria increased by 2.98% on an annual basis. This indicates a 0.67 percentage point increase above the 2.31% growth rate observed in the first quarter of 2023.
However, compared to the 3.46% growth recorded in Q4 2023, the economy shrank on a quarter-over-quarter basis, as per data issued on Friday by the National Bureau of Statistics (NBS).
The services sector expanded by 4.32% during the quarter, accounting for 58.04% of the nation’s GDP.
Furthermore, the top five activities that contributed were
As of Q1 2024, the five largest sectors in the Nigerian economy are:
- Agriculture – 21.07%
- Information and Communication – 17.89%
- Trade – 15.70%
- Manufacturing – 9.98%
- Finance and Insurance – 6.81%
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