Sector Analysis In 2021, services accounted for 45% of overall GDP, manufacturing 15%, other industrial activity 17%, and agriculture 23%. Looking at GDP by expenditure, private consumption accounted for 62% of GDP in 2021, government consumption 5%, fixed investment 34%, and net exports -1%...
The Gross Domestic Product (GDP) in Nigeria expanded 3.46 percent in the third quarter of 2024 over the same quarter of the previous year. This page provides - Nigeria GDP Annual Growth Rate - actual values, historical data, forecast, chart, statistics,
ABUJA, May 23 (Xinhua) -- Nigeria's Gross Domestic Product (GDP) grew by 3.11 percent year-on-year in real terms in the first quarter of 2022, despite low oil output in the same period, according to data released on Monday by the National Bureau of Statistics (NBS). The growth rate ...
Recession, which is a major decline in sector-by-sector economic activities lasting more than a few months, is technically indicated by two consecutive quarters of negative economic growth as measured by the country's GDP. The present recession has left Nigeria with a bevy of recalcitrant problems...
NBS said the Q3 GDP growth was driven mainly by the information and communication sector, which grew at 9.88 per cent, 0.23 percentage point higher than a similar quarter in 2018. Other drivers were agriculture (which grew by 2.28 per cent), mining and quarrying (6.19 per cent), transportat...
He said: “We have our work cut out for us and if we are going to achieve accelerated, sustainable and inclusive growth, we need to attract domestic and international capital with its attendant investment multiplier to achieve a GDP level of $1.5trn by 2030 when our population could be 250...
As part of the continuous effort to stem the tide of bank distress in the Nigerian Banking industry, this paper examines the relationship between real GDP and Non-performing loans in Nigeria during the period 1995-2009. Based on the Pearson Product- Moment Correlation Coefficient, the time series...
GDP - composition, by sector of origin: This entry shows where production takes place in an economy. The distribution gives the percentage contribution of agriculture, industry, and services to total GDP, and will total 100 percent of GDP if the data are complete. Agriculture includes farming, ...
In 2023, about 40 percent of imports in Nigeria were generated by the sector of mineral products.
Particularly notable in the latest GDP report is that the growth is driven by the non-oil sector which recorded its strongest growth since Q4 of 2015. Despite the growth in other sectors, however, oil is Nigeria's mainstay. "This current real GDP growth performance is most encouraging and ...