Here are 10 highest contributing sectors to Nigeria’s GDP in Q3

The Nigerian economy grew by 3.46 percent in real terms in the third quarter (Q3) of 2024 higher than the 2.54 percent recorded in the corresponding period of 2023.

According to the National Bureau of Statistics, this was driven mainly by services, agriculture and industry. Yearly, the report shows that the services sector recorded a growth of 5.19 percent and contributed 53.58 percent to the aggregate Gross Domestic Product (GDP).

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

Agriculture

Agriculture contributed the most to GDP growth in the third quarter of 2024, contributing 28.65 percent to overall GDP in real terms.

This is lower than the contribution recorded in the third quarter of 2023 and higher than the second quarter of 2024 which stood at 29.31 percent and 22.61 percent respectively.

Information and Communication

The information and Communication sector contributed 16.35 percent to total GDP growth in the third quarter of 2024, in real terms.

This is higher than the 15.97 percent contributed in the same quarter of the previous year and lower than the 19.78 percent it contributed in the second quarter of 2024.

Trade

The Trade sector’s contribution to GDP was 14.78 percent in the third quarter of 2024, lower than the 15.19 percent it contributed in Q3 2023, and lower than the 16.39 percent contributed in the second quarter of 2024.

Manufacturing

The Manufacturing sector contributed 8.21 percent to total GDP in the third quarter of 2024, lower than the 8.42 percent recorded in the third quarter of 2023 and lower than the 8.46 percent recorded in the second quarter of 2024.

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Mining and Quarrying

The Mining and Quarrying sector contributed 5.63 percent to Real GDP in the quarter under review stood at 5.63%, lower than the rate of 5.64% recorded in the corresponding quarter of 2023 and lower than the 5.83% recorded in the second quarter of 2024.

Financial Services

The Finance and Insurance sector contributed 5.51 percent to real GDP, higher than 4.36 percent recorded in the third quarter of 2023 by 1.15 percent, and lower than 6.57 percent recorded in Q2 2024 by 1.06 percent.

Real Estate

The Real Estate sector contributed 5.43 percent to real GDP in Q3 2024, lower than the 5.58 percent it contributed in the corresponding quarter of 2023.

The rate is also lower than the 5.17 percent contributed to real GDP in Q2 2024, and lower than the 5.20 percent recorded in the first quarter of 2024.

Construction

The Construction sector contributed 3.35 percent to total real GDP in the third quarter of 2024, lower than its contribution of 3.36 percent in the same quarter of the previous year, and higher than in the immediate past quarter where it contributed 3.17 percent.

Professional, Scientific and Technical Services

Professional, Scientific and Technical Services contributed 3.15 percent to real GDP in Q3 2024, lower than 3.22 percent in Q3 2023 and higher than 3 percent recorded in Q2 2024.

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Public Administration

The Public Administration sector contributed 2.02 percent to real GDP in Q3 2024, lower than the 2.04 percent recorded in Q3 2023 and lower than the 2.14 percent in Q2 2024.