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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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How to build a diversified portfolio as a Nigerian online trader

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At the end of the day it is diversification that is the cornerstone of any successful trading or investing. While diversifying a portfolio is a way of reducing risk for Nigerian online traders, it is also the best route to maximizing returns in a dynamic market context. 

Traders can spread their investments across many asset classes, sectors, and geographical regions, thus reducing the possibility of loss and taking advantage of a plethora of opportunities. Diversification is very important for long-term growth and stability, regardless if you’re trading in forex, stocks, cryptos, or commodities.

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For Nigerian traders wishing to venture into the global market of trading, and grow a diverse portfolio, Exness has robust tools plus resources to maintain an enviable investment portfolio that beats the bank. Nigerian Traders looking to expand their portfolios can get access to forex, indices, commodities, and cryptocurrencies through the Exness platform.

Another powerful tool for portfolio diversification is the MT4 app. The app comes equipped with advanced charting tools, automated trading goods, and real time analytics to offer traders support in making educated decisions in asset classes. MT4 app is accessible both through mobile and desktop devices, and it allows Nigerian traders to manage their portfolios while on the go.

The Importance of Diversification for Nigerian Traders

Diversification refers to dispersing your investments across different types of assets in order for you to not be completely exposed to risk. With such an uncertain terrain as that in the Nigeria where economic fluctuations and market volatility are quite common can have significant effect on financial performance, a diversified portfolio is essential. Key benefits of diversification include:

Risk Reduction: Diversifying investments across different areas prevents one from blowing up your entire portfolio on a bad one.

Optimized Returns: When you take part in many markets, what you’re really doing is increasing your chance of profitable assets.

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Market Resilience: Diversification allows traders to make the least amount of impact when markets go down or in the face of geopolitical events.

A Step-by-Step Guide To Building a Diversified Portfolio

1. Understand Your Investment Goals

If you want to start with trading, it is necessary to define financial goals first. Do you want short-term gains or growth over the long term? The level of risk you’re willing to take is determined by your objectives, as are your choices of assets.

Traders in Nigeria can take advantage of platforms such as Exness owing to its wide selection of assets which it offers, allowing you to optimally align your portfolio with your goals. Whether it’s forex, cryptocurrencies, or commodities you are trading, Exness has the tools to facilitate diversification.

2. Choose the Right Trading Tools

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Managing a portfolio is critical, and it can only happen if you use reliable tools like an MT4 app. The MT4 app offers a range of features that simplify diversification:

  • Multiple Asset Classes: You can trade forex, commodities, indices, and crypto all from 1 platform.

  • Technical Analysis Tools: Advanced indicators and charts will help you spot opportunities in almost any market.

  • Automation: Expert advisors (EAs) enable you to trade automatically and use complex strategies.

The app is versatile enough and is fitted to be used by Nigerian traders who wish to diversify portfolios efficiently.

3. Allocate Across Asset Classes

A diversified portfolio includes exposure to multiple asset classes, such as:

  • Forex: The foreign exchange market is very liquid and very prone to short-term gains.

  • Cryptocurrencies: Bitcoin and Ethereum are digital assets, thus representing high risk, high reward potential.

  • Commodities: Commodities such as gold, oil, and agricultural products help provide stability during periods of economic uncertainty by trading them.

  • Indices and Stocks: Diversification globally and sectorally is achieved from investment in global stock indices or individual stocks.

Nigerian traders are able to easily access these asset classes with Exness, and therefore, their portfolio remains balanced and diversified.

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4. Geographical and Sector Diversification

Another way is to diversify into different regions or industries. For instance:

Regional Diversification: I know what you shouldn’t do—concentrate too much on the Nigerian or African market. However, look into options in US, Europe or Asia.

Sectoral Diversification: It should invest in high risk, low risk and mid risk industries: Technology, Health care, Energy, etc.

This approach is supported by the MT4 app which offers the traders the data and information about the global market to help the traders consider promising sectors and regions.

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5. Rebalance Regularly

The performance of individual assets changes and market conditions change as well. Reviewing and rebalancing your portfolio on a regular basis will help you ensure that your portfolio follows your goals and risk tolerance. Say, if one class of assets does better than others, you will have to redivert investments to keep it balanced.

With the MT4 app, Nigerian traders can easily monitor portfolios with real time analytics, which eliminates the need to make adjustments at a point in time.

For Nigerian online traders to achieve long-term success, a diversified portfolio is a building block. Investments can be distributed across multiple asset classes, regions, and segments, to diminish risk, maximize returns, and manage changing economic situations.

Online trading continues to grow in Nigeria, which means embracing diversification will not just protect your investment but also allow you to grow with it on a continuous basis so that you are not left far behind in the constantly changing financial world. There are proper tools and strategies to build a resilient portfolio that will make you meet your financial goals.

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The Future of Self-Custody: Dissecting Bitkey’s revolutionary design

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The Future of Self-Custody: – The Future of Self-Custody:…

The Future of Self-Custody: – Gone are the days…

Gone are the days of plastic USB drives holding your digital fortune. Bitkey, a new bitcoin hardware wallet built by Block Inc., redefines self-custody with a stunning design and innovative features, putting the power and security of your Bitcoin directly in your hands. It is the simplest way to securely buy and hold bitcoin, managed from a mobile app without the complexity of traditional hardware wallets.

A Design Built on Trust and Security

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The unique look and feel of Bitkey’s hardware wallet came after the exploration of a variety of shapes and silhouettes to capture the product. Eventually, the final selection resulted in a 3D cube illusion that represents Block (the company) and a block.

Bitkey is made of stone and that makes it unique. It exudes a sense of permanence and security, a stark contrast to the plastic of traditional hardware wallets. Each Bitkey also features a one-of-a-kind stone pattern, meaning no one has the same Bitkey as another, making it a true conversation piece and a reflection of the unique value held within. Overall, Bitkey was designed to feel like an heirloom—something that users can rely on and even pass down.

More Than Just Beautiful: Functionality at its Finest

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Four guiding principles drove Bitkey’s development: 

  • smart integration – intuitive hardware and app integration

  • trustworthiness – weight and build quality

  • distinctiveness – stone pattern ( a standout from other cold wallets)

  • personalisation – stone pattern, unique without customization

Security and usability also remained a core component of the design, so Bitkey was equipped with a fingerprint sensor for quick, secure access and integrations with major exchanges such as Moonpay, Coinbase, Robinhood and Cash App so far. The easy-to-use interface and fingerprint sensor eliminates the need for complex passwords and cumbersome login processes, offering peace of mind and a smooth user experience. This allows for secure and convenient buying, storing, and transferring of Bitcoin, all while being protected by Bitkey’s advanced security features.

User-Centric Design for a Seamless Experience

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At Block, customer experience is paramount. This can be seen in how customer feedback is incorporated into every design decision. Bitkey’s design goes beyond aesthetics; it’s a product that works intuitively and addresses the needs of its users. The Bitkey Team began the design process by thinking about the customer from the ID and user experience, then worked backwards. It was all about creating a product customers care about, based on their pain points and how they want the products to be used. That’s why Bitkey is built with both seasoned bitcoin veterans and newcomers in mind.

A Commitment to the Future of Self-Custody

Bitkey is committed to constantly innovating and improving the product  based on the evolving needs of its customers and the industry. Guided by customer feedback, they keep      exploring new security features and strengthening partnerships to offer even more control and flexibility. The ultimate goal is to make Bitkey the go-to solution for secure, reliable, and user-friendly self-custody.

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Ultimately, Bitkey’s mission is about putting control back into the hands of the users. With its intuitive design, unmatched security, and commitment to user experience, Bitkey is shaping the future of self-custody by making Bitcoin easy to use and hard to lose. 

Bitkey is available for shipping to 90+ countries across the globe including Nigeria, Kenya, Ghana, and South Africa. Find out more at bitkey.world.

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₦131 million up for grabs as Union Bank kicks off the 4th Season of the Save and Win Palli Promo

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Union Bank is pleased to announce the return for a bigger and better season, the fourth edition of its Save and Win Palli Promo.

The campaign which will run from December 2024 to May 2025 is set to offer customers the chance to win over ₦131 million in cash prizes and other exciting gifts including Motorcycles, Tricycles, and more.

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Since its inception in 2021, the Save and Win Palli Promo has rewarded close to 2000 customers with various prizes, including household appliances, cash gifts, and a GAC SUV. The initiative underscores Union Bank’s commitment to supporting Nigerians during challenging economic times by promoting a sustainable savings culture.

Speaking on the campaign’s launch, Vivian Imoh-Ita, Union Bank’s Head of Retail Banking and Digital, stated, “The Save and Win Palli Promo has consistently improved the lives of our customers by encouraging financial stability and rewarding loyalty. This fourth edition reaffirms our commitment to enabling inclusive growth and positively impacting communities.”

Open to new and existing customers, the Save and Win Palli Promo requires participants to save a minimum of ₦10,000 monthly to qualify for draws. Monthly winners will receive ₦100,000, while quarterly draw winners will be rewarded with Motorcycles, Tricycles, and other exciting prizes. The star prize of ₦5 million is also set to be handed out to three lucky winners at the grand finale held in May 2025.

Winners will be selected through a transparent, electronically generated process supervised by regulatory authorities. New customers can join the promo by downloading the UnionMobile app to open an account or visiting any Union Bank branch.

Existing customers can reactivate accounts by calling the 24-hour Contact Centre at 07007007000 or visiting a branch.

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Union Bank’s Save and Win Palli Promo: ₦131 Million Up for Grabs!

Union Bank is back with the fourth season of its super exciting Save and Win Palli Promo; this time, it’s bigger and better than ever! From December 2024 to May 2025, the Bank will give away over ₦131 million in cash prizes and other fantastic gifts like motorcycles, tricycles, fuel vouchers and more.

Since the kick-off of this promo in 2021, the Bank has rewarded nearly 2000 customers with amazing prizes like household appliances, cash gifts, and a GAC SUV. This promo supports Nigerians during tough times and encourages everyone to save more.

Vivian Imoh-Ita, the Head of Retail Banking and Digital, says, “The Save and Win Palli Promo has consistently improved the lives of our customers by encouraging financial stability and rewarding loyalty. This fourth edition reaffirms our commitment to enabling inclusive growth and positively impacting communities”.

Joining the promo is super easy! Whether you’re a new or existing customer, save a minimum of ₦10,000 monthly to qualify for the draws. Monthly winners will get ₦100,000, and quarterly draw winners will score motorcycles, tricycles, and other fabulous prizes. 

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The grand finale in May 2025, three lucky winners will walk away with ₦5 million each!
Winners will be picked through a transparent, electronically generated process supervised by regulatory authorities. New customers can join the fun by downloading the UnionMobile app to open an account or visiting any Union Bank branch. Existing customers can reactivate their accounts by calling their 24-hour Contact Centre at 07007007000 or visiting a branch.

Don’t miss out on this incredible opportunity to save and win big with Union Bank!

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