Nigeria’s non-oil economy is still helping to raise the nation’s GDP. The nominal growth rate for Q3 2022 is larger than the growth rate observed during the same time in 2021.
Nigeria was the richest market in Africa in 2021, largely because of its oil industry. However, other important sectors also contributed significantly to the expansion of Nigeria’s GDP. Thus, the oil industry was not completely to blame for the nation’s enormous wealth.
This year, the tendency of economic diversification is still prominent. Nigeria continues to be one of the richest markets in Africa because of a variety of businesses that have increased its wealth.
Even though the oil industry in Nigeria still accounts for slightly more than 90% of the nation’s total GDP, this is set against a projected $450 billion annual GDP for 2022, so the slightly less than 10% contribution made by all other industries combined still has a sizable impact on the economy as a whole.
The total nominal GDP for the third quarter of 2022 is N52,255,809.62 million, indicating that, should significant advancements in these areas be made, other industries could eventually compete with the oil sector.
Below is the list of top non-oil sectors that generated N52,255,809.62 million in revenue
Transport and Storage
The transport and storage sector is the country’s fastest-growing sector, reaching 41.59% in Q3 2022.
Finance and Insurance
In the third quarter, the finance and insurance sector grew 12.7% year on year in real terms.
Information and Communication
Because of the increasing internet penetration, this industry continues to thrive in Nigeria. In the third quarter of 2022, this industry grew by 10.53% year on year.
Art, entertainment, and recreation
Nigeria’s creative industry has become one of the most prominent on the continent. It increased by 7.79% in the third quarter of 2022.
Accommodation and food services
This industry experienced a 6.77% rise in Q3 2022. Despite it being closely related to the sizable population of the nation.
The information in this article was curated from online sources. NewsWireNGR or its editorial team cannot independently verify all details.
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