See list of best performing sectors in Nigerian economy in 2024

Legit.ng journalist Dave Ibemere has over a decade of experience covering tech, energy, stocks, investments, and the economy.

Despite current economic challenges, Nigeria's economy has witnessed significant growth in 2024 so far.

The National Bureau of Statistics (NBS) recently released Nigeria's Gross Domestic Product (GDP) report for the second quarter of 2024.

Nigeria's GDP snapshot for 2nd Quarter 2024 Photo credit: NBS
Source: Facebook

The report indicated that Nigeria’s Gross Domestic Product (GDP) grew by 3.19% (year-on-year) in real terms.

This growth rate is higher than the 2.51% recorded in the second quarter of 2023 and higher than the first quarter of 2024 growth of 2.98%

The performance of the GDP in the second quarter of 2024 was driven mainly by the Services sector, which recorded a growth of 3.79% and contributed 58.76% to the aggregate GDP.

According to the GDP report by the National Bureau of Statistics (NBS) for the second quarter of 2024, the following sectors experienced the highest growth rates:

Financial and Insurance: 28.79%

The financial and insurance sector emerged as the fastest-growing sector in Nigeria's economy for the second quarter of 2024.

NBS reports that the sector achieved a growth rate of 28.79%in Q2, 2024. However, this is lower than the 31.24% reported in the first quarter 2024.

Other subsectors that make up the financial sector also recorded growth; they include financial Institutions at 30.37insurancensurance achieved 13.30%

Water supply, sewerage, waste management, and remediation: 8.20%

The sector recorded the highest growth rate among all the main sectors of the economy.

The GDP report noted that the 8.20% reported in the second quarter is higher than the growth rate of 6.95% in the first quarter.

Mining and quarrying: 7.79%

The government of President Bola Tinubu has intensified its efforts to end illegal mining in the country, which is gradually reflected in the sector's performance.

According to the NBS, the growth rate of the mining sector improved to 7.79% in the second quarter of 2024, compared to 6.30% in the previous quarter.

After many years of negative performance, this marks the third consecutive quarter of growth for the mining sector.

Other sectors

• Electricity, gas, steam, and air conditioning supply: 5.96%
• Information and communication: 4.44%
• Human health and social services: 2.41%
• Accommodation and food services: 2.13%
• Education: 1.92%
• Public administration: 1.85%
• Arts, entertainment, and recreation: 1.79%

10 best states to start a business in Nigeria and Why

Legit.ng earlier examined the top 10 states in Nigeria to start a business. Some yardsticks used include the availability of skilled labour, suppliers, and resources for scaling.

Here are the ten best cities to consider for starting a business in Nigeria in 2024

PAY ATTENTION: Сheck out news that is picked exactly for YOU ➡️ find the “Recommended for you” block on the home page and enjoy!

Source: Legit.ng