Nigeria: Sectors that experienced the most growth in H1 2024

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.

Source:

National Bureau of Statistics

Period:

H1 2024
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Obasanjo led Nigeria's biggest GDP per capita rise at 268% in 8 years
  • Nigeria’s GDP per capita rose strongly from 1999 to 2014, then reversed.
  • The 2014 peak remains the defining turning point.
  • Obasanjo’s years show the fastest sustained climb from a very low base.
  • Yar’Adua’s short tenure still maintained upward momentum.
  • Jonathan’s period delivered the peak level, not the fastest growth rate.
  • Buhari’s tenure marks the longest clear decline in GDP per capita.
  • Tinubu’s period begins with another sharp fall.
Nigeria is Africa’s fastest country to attain $100bn GDP, reaching the mark in a record 34 years
  • Nigeria is the fastest to reach $100B — 34 years, achieving the milestone in 1994.
  • Ethiopia took the longest — 81 years, reaching the mark in 2022 after decades of gradual expansion.
  • Resource-driven economies reached the threshold faster, including Angola (36 years) and Algeria (43 years).
  • North African economies crossed earlier, with Egypt (1989) and Morocco (2008) benefiting from diversified economic bases.
  • South Africa reached $100B as early as 1988, reflecting its long-standing industrial and financial depth.
  • Ghana is among the slowest climbers (68 years), but its recent 2025 milestone shows the impact of sustained reforms and growth.
  • Speed varies widely (34 to 81 years), showing that growth paths across Africa are shaped by very different economic realities.
Egypt and Nigeria led Africa’s industrial output in 2024, with $145.5bn and $89bn, respectively
  • Egypt led with an estimated $145.5 billion, accounting for about 25% of Africa's total industrial output among its top 15 economies.
  • Nigeria followed with $89 billion, while South Africa, Algeria, and Morocco made up the rest of the top five.
  • The top five economies accounted for more than 70% of Africa’s total industrial value added.
  • Notable mid-tier performers, Ethiopia and DR Congo, reflected rapid industrial investment.
  • Using constant 2015 USD reveals real production strength, not nominal currency shifts.
West Africa has the highest concentration of remittance-dependent nations, with 10 countries in the top 20, led by The Gambia (21.1%)
  • The Gambia leads Africa in remittance-GDP ratio, with remittance accounting for 21.1% of its GDP in 2024.
  • Lesotho (20.9%) and Comoros (18.3%) closely follow as highly remittance-dependent economies.
  • Somalia (17.5%) and Liberia (14.3%) also rely heavily on diaspora inflows to support their economies.
  • Nigeria (11.3%) remains a major player, highlighting its strong global diaspora network.
  • Cabo Verde (12.1%) and Senegal (11.6%) demonstrate that remittances are key drivers of income in smaller economies.
  • In larger economies like Egypt (7.6%) and Morocco (8.1%), remittances also make up a significant share of GDP.
Nigeria’s 2024 GDP just got a $65 billion boost after the 2025 rebasing
  • The IMF’s new 2019 GDP base year added between $20 billion and $235 billion annually to Nigeria’s GDP from 1990–2025.
  • 2014 saw the biggest jump — an upward revision of $235.1 billion, raising GDP to $811.1 billion from $576.0 billion under the old base.
  • The rebased data consistently show 40–45% higher GDP values through the 2000s and 2010s, revealing a larger economy than earlier estimates.
  • The impact was strongest during Nigeria’s oil boom years (2007–2014), when rebasing captured fast-growing sectors like digital services, informal trade, and modular refining.
With new 2019 base year, Nigeria ranked among the world’s 20 largest economies in 1998, 2013, 2014, and 2015 — peaking at $811 billion
  • Nigeria’s GDP has been rebased to a 2019 base year, raising its nominal value by about 40.8%, according to the IMF’s October 2025 update.
  • The revision includes new data on digital, informal, and service sectors, giving a fuller picture of the economy.
  • Nigeria ranked among the world’s top 20 economies in 1998, 2013, 2014, and 2015, peaking in 2014 at $811 billion.
  • Despite later declines from currency depreciation and slower growth, the revision reaffirms Nigeria’s position as Africa’s largest economy.
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