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
Sudan faced the most severe economic contraction among African nations in 2024, with a real GDP decline of -13.49%
  • Sudan recorded the steepest GDP decline in Africa in 2024 at -13.49%.
  • Botswana’s economy contracted by -2.99%, the second-worst on the continent.
  • Libya was the only other country in the bottom 10 with negative growth at -0.61%.
  • South Africa, with 0.58% growth, continues to struggle with low economic momentum.
  • Sao Tome & Principe and Equatorial Guinea both recorded growth below 1%.
  • Despite being Africa’s largest economy, Nigeria’s 3.43% growth places it closer to underperforming countries than to the continent’s fastest risers.
While Rwanda saw the highest growth in 2024's real GDP, West African nations showed great performance, as 6 nations made the top 10 list
  • Rwanda recorded the highest GDP growth in Africa in 2024 at 8.89%.
  • Six out of the top ten fastest-growing economies in Africa are from West Africa.
  • Niger and Benin posted impressive growth rates of 8.42% and 7.45% respectively.
  • Nigeria, one of Africa’s biggest economies, had a growth rate of 3.43%, below countries like Senegal and Cabo Verde.
On average, Nigeria’s NBS publishes Q1 GDP reports 53 days after the quarter ends. But in 2025, it's been 86 days—and still no release
  • Nigeria’s National Bureau of Statistics (NBS) usually releases Q1 GDP data 53 days after the quarter ends.
  • As of June 25, 2025, the Q1 2025 figures are 86 days overdue—that’s 33 days longer than average.
  • The delay coincides with a GDP rebasing exercise, updating the base year to 2019.
  • Q1 GDP reports have typically come out in May for the past eight years—until now.
Burundi and Mozambique consistently rank lowest in African worker productivity since 1991
  • The same countries—Burundi, Malawi, DR Congo, Mozambique, Niger, Liberia, Madagascar, Central African Republic, Chad, and Ethiopia—consistently occupy the bottom ranks over the years.
  • These countries remain far below the continent's average, often with GDP per person employed under $5,000 even in recent years.
  • Progress is marginal: while some, like Ethiopia and Mozambique, show slow growth, many fluctuate or even regress across periods.
  • Structural economic weaknesses, conflict, and low industrialisation seem to persist across the bottom group.
Gabon has topped worker productivity in Africa for 21 of 33 years; Nigeria stays outside top 20
  • Gabon led Africa in GDP per person employed for 21 years, the most of any country, thanks largely to its oil wealth and smaller labour force.
  • Equatorial Guinea was a close second, topping the list for 12 straight years, particularly during its oil boom.
  • Libya never came first but held second place in 18 different years, showing long-term stability in productivity.
  • Algeria and Egypt frequently ranked in the top three but never led.
  • Nigeria, despite being Africa’s most populous country and once its largest economy, never made it into the top 3 and has consistently ranked around 23rd to 26th.
  • The leading countries tend to share a pattern: resource-driven economies with relatively smaller workforces, while lower-ranked ones often struggle.
Nigeria, the fourth-largest economy in Africa, experienced a constant annual growth rate (CAGR) of -16.02% in its GDP per capita over the past five years
  • At -16.02% CAGR, Nigeria's GDP per capita is shrinking fast, signalling deep economic strain on its population despite being a top 4 African economy.
  • Angola recorded 8.28% CAGR, showing that smaller economies can drive significant per capita progress when policies and investments align with citizen welfare.
  • With 8.23% CAGR, Algeria continues to transform national wealth into measurable benefits for its people.
  • Ethiopia’s 6.86% annual growth in GDP per capita highlights how consistent development efforts can raise living standards even in densely populated, developing nations.
  • A modest 2.52% CAGR for South Africa might not sound like much, but in a mature economy, this reflects resilience and relative stability in per capita income.
  • Egypt has a -1.41% CAGR, showing mild contraction, but far less severe than Nigeria’s economic shrinkage.
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