The Nigeria economy expanded by 3.4% in real terms in 2021, with an estimated value of N72.39 trillion, increasing from N70.01 trillion recorded in the previous year.
Nigeria’s real GDP recorded its fastest growth since 2014 in the review year, recovering from the covid-induced lockdown recession recorded in 2020.
Meanwhile, the Agricultural sector continues to represent the largest sector of the largest African economy.
The agricultural sector contributed 25.9% to the aggregate real GDP of Nigeria, sliding downwards from 26.21% recorded in the previous year.
Manufacturing – 9%
The manufacturing sector contributed 9% to the country’s real GDP with a value of N6.5 trillion, increasing by 3.35% year-on-year from N6.29 trillion recorded in the previous year.
Information and communication – 15.5%
The information and communication sector of the Nigerian economy contributed 15.5% to the aggregate real GDP with a value of N11.23 trillion in 2021, which represents a 6.55% expansion compared to N10.54 trillion recorded in the previous year.
Trade – 15.7%
Nigeria’s trade sector expanded in the review year by 8.62% year-on-year in real terms in 2021, contributing 15.7% to the nation’s economy with a value of N11.36 trillion, making it the second-largest sector in the most populous black nation.
Agriculture – 25.9%
Nigeria’s Agricultural sector maintains the largest sector in the economy, contributing 25.9% to the real GDP, with an estimated value of N18.74 trillion in 2021. The sector grew by 2.1% year-on-year from N18.35 trillion recorded in the previous year.