The list of Nigeria’s largest sectors has been revealed after the National Bureau of Statistics (NBS) announced the rebasing of the country’s Gross Domestic Product (GDP).
Pan-Atlantic Kompass had reported that following the latest rebasing, the country’s GDP rose to N372.8 trillion in 2024 from N314.02 trillion in 2023.
With a new base year of 2019, the rebased GDP soared to N372.8 trillion ($243 billion), a 30% increase from prior estimates.
Here is the top five sectors driving Nigeria’s economy in 2024, according to NBS;
1. Trade (N68 Trillion)
According to NBS, trade topped the list of Nigeria’s largest sectors, contributing N68 trillion to the GDP in 2024, up from N55.3 trillion in 2023.
The sector includes wholesale, retail, and informal markets.
2. Crop Production (N61.9 Trillion)
Crop production secured second place with a N61.9 trillion contribution, representing 17.58% of GDP. Though it slipped from its pre-rebasing top spot, this sector remains vital, employing a third of Nigeria’s workforce, according to NBS.
3. Real Estate (N41.3 Trillion)
Real estate has also surged to third place, contributing N41.3 trillion (10.78% of GDP) in 2024, a leap from N30.7 trillion in 2023.
It was reported that the sector’s growth was fueled by urban expansion and informal market activities.
NBS also reported that real estate’s rise represents increased investments in commercial and residential properties.
4. Livestock (N24.8 Trillion)
Livestock, a subsector of agriculture, makes an entry at fourth place, contributing N24.8 trillion (6.65% of GDP) in 2024.
The NBS reported that this represents a leap from N2.7 trillion in 2023. This surge was said to be driven by increased dairy, poultry, and cattle production.
5. Telecommunications (N23 Trillion)
Telecommunications ranked fifth with a N23 trillion contribution (6.78% of GDP). Growing at 7.40% in Q1 2025, the sector thrives on increased mobile adoption, broadband penetration, and fintech innovations.
