Report Lists Agriculture, ICT, Other Highest Contributing Sector to GDP

• A new NBS report shows Nigeria’s GDP increased by 3.19% year-over-year in Q2 2024
• According to the report, Agricultural industry contributed the most to Nigeria during the period
• Other sectors on the list are Information and Communication, the manufacturing sector and others

Legit.ng journalist Zainab Iwayemi has over 3-year-experience covering the Economy, Technology, and Capital Market.

The National Bureau of Statistics (NBS) has reported that Nigeria's Gross Domestic Product (GDP) increased by 3.19% (year-over-year) in real terms in Q2 2024, up from 2.98% in Q1 2024 and 2.51% in the same time the previous year.

According to the GDP report by NBS, here are the highest contributing sectors to the GDP growth in the first quarter of 2024:

Agriculture

The agriculture sector's real GDP contribution in the second quarter of 2024 was 22.61%. This is a decrease from the 23.01% recorded in the same period in 2023 and an increase from the 21.07% recorded in the first quarter of the same year.

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Information and Communication

In the second quarter of 2024, the information and communication industry generated 19.78% of total revenue, which was higher than both the 17.89% in the first quarter of 2024 and the 19.54% in the same period of the previous year.

Trade

The trade industry contributed 16.39% of GDP in the first quarter of 2024, which was higher than the 15.7% reported in the same period the year before but less than the 16.8% in the previous year.

Manufacturing

In comparison to the 8.62% recorded in the second quarter of 2023 and the 9.98% in the first quarter of 2024, the real contribution to GDP in the second quarter of 2024 was 8.46%.

Finance and Insurance

Finance and insurance contributed 6.57% of real GDP, 1.31 percentage points more than the 5.26% recorded in the second quarter of 2023 and 0.24 percentage points less than the 6.81% recorded in the first quarter of 2024.

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Mining and Quarrying

In the second quarter of 2024, the real GDP contribution from mining and quarrying was 5.83%. This was less than the 6.47% recorded in the first quarter of 2024 and higher than the 5.58% recorded in the corresponding quarter of 2023.

Oil Sector

In Q2 2024, the oil industry's share of the total real GDP was 5.70%. This is a decrease from 6.38% in the previous quarter and an increase from 5.34% in the equivalent quarter of 2023.

Real Estate

In Q2 2024, the real estate sector's share of the real GDP was 5.17%, which was less than the 5.29% it had in the same quarter of 2023. Additionally, it was less than the 5.20% seen in 2024's first quarter.

Construction

In the second quarter of 2024, the construction sector provided 3.17% of the total real GDP, which was less than the 3.23% it contributed in the same quarter the previous year and the 4.01% it contributed in the most recent quarter.

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Professional services

In Q2 2024, professional, scientific, and technical services made up 3.00% of the total GDP, which was less than the 3.19% in Q1 2024 and the 3.05% in Q2 2023.

Nigeria misses out of 2024 richest African countries

Legit.ng reported that the African continent is generally considered low-middle income despite certain countries in the region generating a significant amount of wealth.

These nations are significant to the world economy because of their natural resources and human capital.

Billionaire.africa reported that rich countries like Egypt, South Africa and even Nigeria are essential trading hubs that promote regional trade.

Source: Legit.ng