Nigeria's GDP in 2023 was predominantly driven by the Services sector, accounting for 26.28% of the economy. The Wholesale, Retail Trade, Restaurants and Hotels contributed 21.28%, and Agriculture, Hunting, Forestry, and Fishing made up 21.21%. Mining, Manufacturing, and Utilities stood at 14.81%, while Transport, Storage, and Communication comprised 12.86%. Construction only added 3.55%. Over the past two years, services grew consistently, reflecting a shift towards a service-oriented economy with a CAGR in line with global economic transformations.
Future trends to watch include:
- Growth in digital services impacting the Services sector positively.
- Agricultural innovations improving productivity, reshaping its GDP share.
- Expansion in manufacturing and utilities as industrial policies take effect.
- Potential volatility in mining due to fluctuating global commodities demand.
Top countries in GDP Composition by Sector
| # | 6 Countries | Percent | Last Year | |
|---|---|---|---|---|
| 1 | 1 Services | 26.28 | 2016 | |
| 2 | 2 Wholesale, retail trade, restaurants and hotels | 21.28 | 2016 | |
| 3 | 3 Agriculture, hunting, forestry, fishing | 21.21 | 2016 | |
| 4 | 4 Mining, Manufacturing, Utilities | 14.81 | 2016 | |
| 5 | 5 Transport, storage and communication | 12.86 | 2016 | |
| 6 | 6 Construction | 3.55 | 2016 |
