A study by the National Bureau of Statistics (NBS), indicates that the leading sectors in Nigeria have experienced notable changes in their contribution to the economy in the last 20 years, proving the constantly changing nature of the country’s economic environment.
In 2003, Agriculture was the leading sector, making up 25.34% of the economy. Following closely were Manufacturing (9.71%), Trade (9.36%), Professional, Scientific, and Technical Services (3.48%), and Information and Communication (3.28%).
However, by 2013, Agriculture’s contribution had slightly dropped to 23.33%, while Trade saw a significant boost to 16.62%. Information and Communication also experienced a notable rise to 10.73%. Manufacturing’s portion remained fairly constant at 9.92%, and Professional, Scientific, and Technical Services grew to 7.76%.
The composition of Nigeria’s economy in 2023 shows Agriculture as a significant contributor at 22.93%. However, the standout growth is observed in the Information and Communication sector, now at 17.34%, surpassing Trade at 15.83%. Manufacturing’s share has slightly decreased to 8.81%, and Professional, Scientific, and Technical Services also saw a dip to 5.59%.
According to the NBS report, Nigeria’s economic landscape is being reshaped, with ICT gaining prominence alongside traditional sectors like Agriculture and Manufacturing.
The shift signifies a wider trend towards digitalization and technology adoption in the country’s economic activities.
