Post by Trade facilitator on Apr 30, 2022 19:17:38 GMT 1
The Four (4) Largest Sectors Of The Nigerian Economy And Their Performance In 2021
The non-oil sector contributed 92.76% to the national economy in 2021; this shows clearly that the non-oil sector is poised to out-perform the crude oil sector in the country
- According to the data from the National Bureau of statistics (NBS) on the fourth quarter 2021 gross domestic product report
Let us look at the various contributions made by various sectors of the economy and their contribution figures in 2021.
AGRICULTURE - 25.9%
The National Agricultural sector maintained the leading sector in the economy; it contributed 25.9% to the real GDP with an estimated value of N18.74 trillion in 2021.
The sector grew by 2.1% in 2021 from N18.35 trillion recorded in 2020.
However the growth of Agriculture still leaves much to be appreciated as there have been numerous interventions by the Federal Government of Nigeria (FGN) and the Central Bank of Nigeria (CBN) to develop the sector.
Agricultural imports are still gulping a significant amount of the country's foreign exchange reserves; still the nation hasn't witnessed any significant increase in FX inflows from the sector In terms of export earnings from agriculture.
The agricultural sector has four components: crop production, forestry livestock and fishing.
TRADE – 15.7%
The Nigerian Trade sector is the second largest sector of the National economy contributing 15.7% to the GDP of the nation, with a value of N11.36 trillion.
The Trade sector expanded by 8.62% in real terms in 2021, the country’s foreign trade in 2021 jumped by 7.1% to $99.86 billion from $93.26 billion recorded in the previous year 2020.
It is expected that Nigerian Trade sector will gain more now that the African Continental Free Trade Area (AfCFTA) has kicked off since 2021. It will help boost trading activities among African Nations.
In Q4 of 2021, Nigeria recorded its first surplus after going through eight (8) consecutive quarters of negative trade balance.
INFORMATION AND COMMUNICATIONS – 15.5%
The Information and Communications sector of the nation’s economy contributed 15.5% to the aggregate real GDP with a value of N11.23 trillion in the year 2021. This represents a 6.55% increase compared to N10.54 trillion recorded in 2020.
The sector is mainly driven by the communications sector, which is estimated at N9.15 trillion representing 18.5% of the total value of the Information and Communications sector. It recorded its lowest growth in the past fourteen (14) Quarters.
The high value is triggered by the presence of high-valued companies like; MTN, Airtel, Glo, 9mobile and many others that report trillions in annual revenues.
MANUFACTURING – 9%
The Manufacturing sector just contributed only 9% to the nation’s real GDP with a value of N6.5 trillion in 2021, and N6.29 trillion in 2020 representing an increase of about 3.35%.
The sector was affected majorly by the double-figure contraction of the nation’s oil refining sub-sector of the economy.
The Nigerian Manufacturing sector has these major component and sub-sectors: Oil Refining, Cement Manufacturing, Food and Beverages, Textile Production, Building materials, Tobacco, Chemicals and Fertilizers, Wood and Wood Products, Breweries, Flour Mills, and others.
The sector’s contribution was largely driven by the valuation of N3.18 trillion of the Food, beverages and tobacco sub-sector and the N1.3 trillion Cement industries.
Other sub-sectors that are worth mentioning are those with over 5% real GDP contribution and they are: Mining and Quarrying (7.4%) and Real Estate (5.6%).
We will continue to bring to you the analysis of the performance of the various sectors of the economy.
Stay with us.
Our company is one of the best companies in Export and Importation businesses in Nigeria today, we train individuals and corporate organizations on how to do Export, Major and Mini Import business the right way; if you are interested, please contact the admin of this forum now.
The non-oil sector contributed 92.76% to the national economy in 2021; this shows clearly that the non-oil sector is poised to out-perform the crude oil sector in the country
- According to the data from the National Bureau of statistics (NBS) on the fourth quarter 2021 gross domestic product report
Let us look at the various contributions made by various sectors of the economy and their contribution figures in 2021.
AGRICULTURE - 25.9%
The National Agricultural sector maintained the leading sector in the economy; it contributed 25.9% to the real GDP with an estimated value of N18.74 trillion in 2021.
The sector grew by 2.1% in 2021 from N18.35 trillion recorded in 2020.
However the growth of Agriculture still leaves much to be appreciated as there have been numerous interventions by the Federal Government of Nigeria (FGN) and the Central Bank of Nigeria (CBN) to develop the sector.
Agricultural imports are still gulping a significant amount of the country's foreign exchange reserves; still the nation hasn't witnessed any significant increase in FX inflows from the sector In terms of export earnings from agriculture.
The agricultural sector has four components: crop production, forestry livestock and fishing.
TRADE – 15.7%
The Nigerian Trade sector is the second largest sector of the National economy contributing 15.7% to the GDP of the nation, with a value of N11.36 trillion.
The Trade sector expanded by 8.62% in real terms in 2021, the country’s foreign trade in 2021 jumped by 7.1% to $99.86 billion from $93.26 billion recorded in the previous year 2020.
It is expected that Nigerian Trade sector will gain more now that the African Continental Free Trade Area (AfCFTA) has kicked off since 2021. It will help boost trading activities among African Nations.
In Q4 of 2021, Nigeria recorded its first surplus after going through eight (8) consecutive quarters of negative trade balance.
INFORMATION AND COMMUNICATIONS – 15.5%
The Information and Communications sector of the nation’s economy contributed 15.5% to the aggregate real GDP with a value of N11.23 trillion in the year 2021. This represents a 6.55% increase compared to N10.54 trillion recorded in 2020.
The sector is mainly driven by the communications sector, which is estimated at N9.15 trillion representing 18.5% of the total value of the Information and Communications sector. It recorded its lowest growth in the past fourteen (14) Quarters.
The high value is triggered by the presence of high-valued companies like; MTN, Airtel, Glo, 9mobile and many others that report trillions in annual revenues.
MANUFACTURING – 9%
The Manufacturing sector just contributed only 9% to the nation’s real GDP with a value of N6.5 trillion in 2021, and N6.29 trillion in 2020 representing an increase of about 3.35%.
The sector was affected majorly by the double-figure contraction of the nation’s oil refining sub-sector of the economy.
The Nigerian Manufacturing sector has these major component and sub-sectors: Oil Refining, Cement Manufacturing, Food and Beverages, Textile Production, Building materials, Tobacco, Chemicals and Fertilizers, Wood and Wood Products, Breweries, Flour Mills, and others.
The sector’s contribution was largely driven by the valuation of N3.18 trillion of the Food, beverages and tobacco sub-sector and the N1.3 trillion Cement industries.
Other sub-sectors that are worth mentioning are those with over 5% real GDP contribution and they are: Mining and Quarrying (7.4%) and Real Estate (5.6%).
We will continue to bring to you the analysis of the performance of the various sectors of the economy.
Stay with us.
Our company is one of the best companies in Export and Importation businesses in Nigeria today, we train individuals and corporate organizations on how to do Export, Major and Mini Import business the right way; if you are interested, please contact the admin of this forum now.
