Administrative services surged by 21%, recording the most significant growth in Nigeria's 2024 rebased economy

  • Administrative & support services showed the highest percentage increase at 21.07%.
  • Agriculture is the largest sector by GDP value, at ₦59.31 trillion.
  • Trade is the second largest sector by GDP value, at ₦37.81 trillion.
  • Real estate is the third largest sector by GDP value, at ₦28.96 trillion.
  • Other services experienced negative growth, decreasing by -1.17%.
  • Electricity, gas, steam and air conditioning supply recorded the lowest positive growth at 0.56%.

The rebased data breakdown for 2024 offers a dual perspective on Nigeria's economic performance, highlighting both the sectors contributing the most in terms of overall value and those experiencing the most significant growth.

Among the largest contributors to Nigeria's rebased 2024 GDP, Agriculture stands out with ₦59.31 trillion, firmly establishing its foundational role. Following closely are Trade (₦37.81 trillion), Real estate (₦28.96 trillion), and Information and communication (₦20.87 trillion), all demonstrating substantial economic weight.

Concurrently, the economy also showcases dynamic growth in specific areas. Administrative & support services recorded the most impressive percentage increase at 21.07%, indicating a burgeoning demand for specialised business functions. Other top-growing sectors include Arts, entertainment and recreation (8.83%), Water supply, sewerage, waste management and remediation (8.60%), and Transportation and storage (7.92%).

While these high-growth sectors may not yet contribute the largest absolute amounts to the GDP, their rapid expansion signals emerging areas of strength and diversification within Nigeria's rebased economy.

Source:

National Bureau of Statistics

Period:

2024
HTML code to embed chart
Want a bespoke report?
Reach out
Click to copy HTML embed code
Tags
Related Insights
Guinea-Bissau had the highest agricultural contribution to its GDP among African countries in 2024, at 36.8%
  • Guinea-Bissau showed the highest agricultural contribution to its GDP at 36.8% in 2024.
  • Contributions range widely, with high reliance seen in Comoros (36.6%) and Ethiopia (34.9%), contrasting with lower percentages in DR Congo (17.1%) and Angola (16.4%).
  • Agriculture, forestry, and fishing contributed a notable 20.4% to Nigeria's GDP in 2024.
  • Countries with high agricultural GDP contributions are predominantly located in West and East Africa.
Burkina Faso’s GDP per capita has nearly quadrupled since 2000, marking a 297% increase over 25 years
  • Burkina Faso's GDP per capita rose from $248.9 in 2000 to an estimated $987.3 in 2024, marking a nearly 297% increase over 25 years.
  • The country saw its largest single-year jump between 2007 and 2008, rising $104.7 from $514.7 to $619.4.
  • Economic downturns were visible in 2009 (-2.9%), 2015 (-17.6%), and 2022 (-6.6%), showing vulnerability to shocks.
  • Since 2020, GDP per capita has grown 19.6%, with 2024 recording the highest value in the dataset.
Three African countries have a debt-to-GDP ratio above 100%, with Sudan at 238.8%
  • Sudan’s debt-to-GDP ratio of 238.8% is the highest in Africa and over twice the size of its economy.
  • Three African countries—Sudan, Cabo Verde, and Zambia—have debt burdens exceeding 100% of their GDP.
  • Egypt, Mozambique, and the Congo Republic follow closely with ratios above 88% each, despite efforts at economic reform.
  • Ghana and Sierra Leone are also in the top 10, showing that West Africa isn’t exempt from debt pressure.
  • Nigeria, while not in the top 10, has a debt-to-GDP ratio of 41.3% and ranks 43rd in Africa.
  • A high debt-to-GDP ratio often limits a country’s ability to invest in growth-driving sectors, even if the economy is growing nominally.
DR Congo has the lowest debt-to-GDP ratio in Africa (11.1%), significantly below the 63.2% average
  • DR Congo has the lowest debt-to-GDP ratio in Africa, at just 11.1%.
  • Africa’s average debt-to-GDP ratio stands at 63.2%, meaning most countries on the bottom 10 list are performing better than the continental average.
  • Nigeria, despite its size and challenges, still maintains a relatively moderate debt load of 41.3%.
  • Botswana’s debt ratio of 18.1% places it among Africa’s most fiscally conservative economies.
  • Ethiopia and Guinea, both undergoing major economic transitions, still keep debt levels below 32%.
  • The presence of both low-income and resource-rich countries on the list shows that low debt isn’t exclusive to one economic model.
POPULAR TOPICS
SIGN UP TO OUR NEWSLETTER
Get periodic updates about the African startup space, access to our reports, among others.
Subscribe Here
Subscription Form
A product of Techpoint Africa. All rights reserved