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Top 10 Sectors Contributing the Most to Nigeria’s GDP Growth in Q2 2024

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Top 10 Sectors Contributing the Most to Nigeria’s GDP Growth in Q2 2024

During the first quarter in 2024 Nigeria’s Gross Domestic Product (GDP) grew by 2.98% (year-on-year) in real terms. However, in the second quarter of 2024, Nigeria’s Gross Domestic Product grew by 3.19% (year-on-year) in real terms.

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According to the National Bureau of Statistics, the GDP performance in the second quarter of 2024 was primarily driven by the Services sector, which grew by 3.79% and accounted for 58.76% of total GDP. Agriculture expanded by 1.41%, up from 1.50% in the second quarter of 2023.

The report also showed that in nominal terms, the aggregate GDP at the basic price was N60,930,000.58 million. This result is better than the second quarter of 2023, when aggregate GDP was N52,103,927.13 million, reflecting a nominal growth rate of 16.94% year over year.

With that said, here are the 10 sectors that contributed the most to the growth of Nigeria’s GDP in the second quarter of 2024.

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RankActivities% of Contribution
1.Crop Production20.35
2.Trade16.39
3.Telecommunications & Information Services16.36
4.Financial Institutions6.04
5.Crude Petroleum and Natural Gas5.70
6.Real Estate5.17
7.Food, Beverage and Tobacco4.44
8.Construction3.17
9.Professional, Scientific and Technical Services3.00
10.Broadcasting2.54

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Damagum disowns Wike’s South-South Congress

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Umar Damagum

…says PDP remains the party to beat in 2027 general election The Acting National Chairman of the Peoples Democratic Party

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Benefits of Investing in Nigeria’s Creative Industry: Arts, Music & Fashion

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These creative fields offer opportunities for growth while preserving local culture and supporting community development. Local artists and designers are reaching wider audiences both at home and abroad. Investment in these areas can generate jobs, support small businesses, and improve the economy.

By providing funds and resources, investors help improve production, marketing, and distribution. Embracing digital platforms and collaborative initiatives further enhances the potential for sustainable success and long-term value creation for all involved.

This promising trend benefits communities widely. Investors and stakeholders are urged to seize opportunities.

ALSO READ: How the Nigerian fashion industry is galvanising the gender fluidity movement

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  • Cultural and Economic Impact

    Investments in the creative sectors support local talent and build a stable economic base. Funding arts, music, and fashion helps develop production skills and creates employment throughout the supply chain. This support strengthens community engagement and provides reliable income for small businesses and individual creators.

  • Market Expansion and Global Reach

    Local creative products are increasingly attracting interest beyond domestic borders. With appropriate investment, artists and designers can expand their operations and access international distribution channels. This market expansion increases revenue potential and positions these sectors as steady contributors to national export earnings.

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  • Innovation and Digital Integration

    Adopting digital tools modernizes creative industries and improves efficiency. Online sales, social media engagement, and digital marketing enable creators to reach larger audiences while reducing costs. Investment in digital platforms supports effective management of production and distribution, making creative works more accessible to a wider customer base.

EXPLORE: Top African countries with the highest revenue from their music

  • Infrastructure and Public-Private Support

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    Strengthening both physical and digital infrastructure is essential for the growth of creative sectors. Collaborative efforts between government and private investors can provide training, modern workspaces, and technology upgrades. Improved infrastructure enables creative professionals to enhance their skills, streamline production, and compete more effectively in local and international markets.

  • Cultural Preservation and Economic Resilience

    Investing in arts, music, and fashion not only helps preserve cultural traditions but also promotes economic stability. Supporting indigenous creative practices encourages sustainable growth and diversifies income sources. This approach benefits local communities and contributes to a more resilient economy.

Overall, investment in Nigeria’s creative sectors offers practical benefits for both investors and communities. By improving production capabilities, expanding market reach, and preserving cultural heritage, stakeholders can achieve steady economic growth while supporting social development.

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Five things to know to start your Friday

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US judges ordered Trump to reinstate thousands of fired workers Federal judges in California and Maryland have ordered President Donald

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