In the first quarter of 2023, the non-oil sector’s contribution to Nigeria’s Gross Domestic Product (GDP) decreased to 93.79% from 95.66% in the previous quarter. The National Bureau of Statistics revealed that in Q1 2023, crop production contributed 19.48% to the country’s GDP, followed by trade at 15.97%, and telecommunications and information services at 14.13%.
On the other hand, the oil sector contributed a mere 6.21% to the country’s GDP during this period. The report further showed that real estate, food, beverage and tobacco, financial institutions, construction, professional, scientific and technical services, and other services were crucial contributors, accounting for 5.31%, 5.13%, 4.91%, 4.22%, 3.25%, and 3.17% of Nigeria’s GDP in Q1 2023, respectively.
It is noteworthy that the non-oil sector has been the highest contributor to Nigeria’s economy in recent years. While the drop in its contribution might not be significant, it is still a matter of concern. The Nigerian government needs to take comprehensive measures to boost the non-oil sector’s performance to increase its contribution to the nation’s GDP.
