Nigeria’s population growth has outpaced its economic performance. From 1960 to 2023, the population increased from 44.9 million to an estimated 223.8 million, putting immense pressure on resources.
The country's GDP peaked at $574.2 billion in 2014 but dropped to $362.8 billion in 2023.
While Agriculture and Telecommunications remain the largest contributors to Nigeria's GDP in H1 2024, the Finance & Insurance sector stands out with a 30% growth rate.
Other sectors, including Water & Waste Management and Mining & Quarrying, also experienced significant growth.
Nigeria's GDP in H1 2024 is driven by 22% from Agriculture, 19% from Information & Communication, and 16% from Trade, collectively accounting for 57% of the economy.
Total GDP grew by 3.08% during this period.
On average, the agricultural sector contributed 24.87% to Nigeria's GDP over the past decade. However, the sector's contribution has been declining since 2020, dropping from 26.21% to 25.18% in 2023.
The sector’s contribution grew between 2014 and 2020, rising from 22.9% to 26.21%. The sector has been plagued with challenges over the past decade, with a couple of them becoming more intense in the past few years
In Q2 2023, Nigeria collected 10% more VAT than in the first quarter, 30% more than in Q2 2022, 53% more than in Q2 2021, and 555% more than 40 quarters ago in Q2 2013. Do you see VAT collections reaching one trillion naira soon?
Have you ever considered how much larger the US GDP is in comparison to Nigeria's? Although it would be difficult to compare Nigeria's GDP to that of the US, let's assume it increases by 3.68% annually. How long would it take the nation's GDP to match that of the US in 2022?
In Q2 2023, the hospitality sector, which includes accommodation and food services, on the other hand, experienced a slowdown and saw its GDP share decrease. Other sectors include the arts, entertainment, and recreation, as well as education.
Nigeria's GDP increased in Q2 2023, with certain sectors prospering and others failing. Utility industries made significant gains that helped economic growth.
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