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.
With a score of 0.935, Iceland continues to set the benchmark for gender equality.
Namibia (0.805) and Nicaragua (0.811) are redefining expectations, proving that gender equality is not just a goal for wealthier nations but a global priority.
Germany (0.810), Ireland (0.802), and Lithuania (0.793) highlight Europe’s dominant role in advancing gender parity, setting examples for other regions.
Namibia (0.805) and South Africa (0.785) represent two of Africa’s most gender-equal societies.
Nigeria has a score of 0.65, making it the 125th country worldwide
Participation in Nigeria’s National Open Apprenticeship Scheme has dropped by over 50% since 2021, with male and female enrolments declining significantly; over the years, there have been more female participants. The declining participation rates raise questions about awareness, funding, and programme efficiency.
For many Nigerian youths, apprenticeship programmes are a gateway to self-reliance and stable income. The National Open Apprenticeship Scheme is a National Directorate of Employment (NDE) programme that upskills unskilled and unemployed people and equips them with relevant demand-driven skills.
Over the years, many African countries, including Nigeria, have experienced economic turbulence caused by fluctuating global markets and domestic challenges. However, amidst these challenges, there’s hope as IMF economic forecasts point toward growth.
According to the IMF, GDP per capita in Nigeria and Africa is projected to increase from 2025 after years of stagnation and decline. Nigeria’s GDP per capita fell sharply from $2,197 in 2022 to $877 in 2024. Encouragingly, growth is expected with projections of $1,047 for Nigeria by 2029, signaling a slow but steady improvement in living standards.
Nigeria’s GDP for 2024 is up by 3.2% so far, with key sectors driving the growth. In the first nine months of 2024, Finance and Insurance took the lead with a 30.3% increase, followed by Water Supply & Waste Management at 8.3%, and Mining and Quarrying with 5.7% growth.
These are the sectors leading Nigeria’s real GDP growth.
The Nigerian economy shows promise as the IMF projects an increase in the country's GDP growth, rising to 3.2% in 2025. This comes when projections show stagnant global growth at 3.2%, while sub-Saharan Africa outpaces other regions with an anticipated rise to 4.2% by 2025.
Nigeria's GDP saw its steepest drop in 1999, marking the country's transition to civilian rule with Olusegun Obasanjo and Olu Falae running for president.
Over the years, Nigeria's economy has fluctuated, peaking in 2014. Despite stable population growth, recent economic dips underscore ongoing challenges.
