14.2 GDP of Nigeria and its Unique Sectorial Makeup
Sectors Comprising Nigeria’s GDP:
Predominant Sectors: Agriculture, oil and gas, telecommunications, and banking are among the dominant sectors in Nigeria’s GDP.
Not-so-Predominant Sectors: Manufacturing, construction, and transportation contribute significantly but are not as dominant as the aforementioned sectors.
Other Significant Sectors: Services, including retail, healthcare, and entertainment, also play a substantial role in Nigeria’s GDP.
Total GDP
Total GDP: As of the latest available data, Nigeria’s total GDP stands at the end pf 2022 is $1.085 trillion.
Primary Industry Share: In 2022, agriculture contributed around 23.69 percent to Nigeria’s GDP. Contributing Sectors: Farming, livestock, forestry, and fisheries are key sectors within Nigeria’s primary industry.
Secondary Industry Share: The secondary industry, including manufacturing and construction, contributes approximately 30.78 % to the GDP. Contributing Sectors: Oil and gas refining, cement production, and textiles are notable sectors.
Tertiary Industry Share: The tertiary industry, comprising services, contributes approximately 44.04 % to Nigeria’s GDP. Contributing Sectors: Telecommunications, banking, retail, and healthcare are significant contributors.
Figure 1: Nigeria: Gross domestic product (GDP) distribution by economic sectors, 2012–2022
GDP Growth Rate – YOY
Total GDP Growth Rate: In the second quarter of 2023, Nigeria’s Gross Domestic Product (GDP) showed a 2.51% year-on-year growth in real terms. This figure marks a decline from the 3.54% growth registered in the same quarter of the previous year, indicating the challenging economic conditions prevailing.
Primary Industry Growth Rate: Compared to the same period the previous year, Nigeria’s agricultural sector grew by 1.5% in real terms in the second quarter of 2023. With a growth of more than 3.5 percent in the fourth quarter of 2021, agriculture’s contribution to Nigeria’s GDP saw the biggest increase during the chosen period. A sizeable portion of the nation’s GDP comes from agriculture. After oil, it is a crucial industry for Nigeria’s economy. Comparing the contributions of agriculture and the industry sectors to the GDP, both sectors had a reduced share taken together GDP in the second quarter of 2023 compared to the same period in 2022.
Secondary Industry Growth Rate: The industry sector saw a decline with a growth rate of -1.94%, slightly better than the -2.30% recorded in the same period of the previous year.
Tertiary Industry Growth Rate: The Services sector primarily drove this growth, posting a 4.42% expansion and contributing 58.42% to the overall GDP