Agriculture sector - Intelpoint

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Key Takeaways:

Petroleum products (crude oil and other oil products) dominated Nigeria's export landscape in 2024, accounting for 88.26% of total export value.
Agricultural exports contributed 5.73% to export value, despite Nigeria's significant agricultural potential.
The manufacturing sector made up just 2.95% of the total export value.
Nigeria’s total export value reached ₦77.44 trillion in 2024 from ₦35.96 trillion in 2023.
Non-oil sectors collectively made up less than 12% of export value.

Key takeaways:

Manufactured goods accounted for 44.2% of Nigeria’s total imports.
Petroleum products (excluding crude oil) made up 38% of the import value.
Raw materials represented 11% of the total import value.
Agricultural imports contributed 6.2% to the overall import value.
The total import value stood at ₦60.59 trillion in 2024, from ₦30.86 trillion in 2023.
The energy resources sector made a negligible amount in import value, while no record was made for the crude oil sector.

Nigeria’s agricultural GDP reached ₦19.3 billion in 2023, showing minimal growth.
From 2013 to 2023, agriculture played a key role in Nigeria’s economic growth, averaging 24.43% of the total annual GDP.
Agriculture's share in the total GDP in 2020 (25.90%) dropped to 24.76% in 2023.
Post-pandemic recovery in the agricultural sector has been robust, with consistent growth from ₦18.3 billion in 2020 to ₦19.3 billion in 2023.
Agriculture remains a critical driver of Nigeria’s economy, ensuring food security and supporting livelihoods across the country.

Key takeaways:

The industry sector accounted for the smallest portion of global employment in 2022.
Around 50 percent of the worldwide workforce is involved in the service sector.
On a global scale, the disparity between the agriculture and industry sectors is slight.
The sector with the largest share of employment globally is the service sector.

Key takeaways:

Economic activities are categorised into three sectors.
The services sector is the largest employer of labour.
The data indicates that Nigeria's economy is primarily service-based.
The industry sector comprises of mining and quarrying, manufacturing, construction, and public utilities.

Key takeaways:

The predominant share of sub-Saharan Africa's workforce is engaged in agriculture.
In 2022, over 50% of the workforce in sub-Saharan Africa was employed in the Agriculture sector.
Employment levels in the Industry sector were significantly lower compared to Agriculture and Services.
Approximately 37% of employees in sub-Saharan Africa were in the Service industry.