10 Fastest Growing Sectors in Nigerian Economy Based on GDP as of Q3 2024

Nigeria’s economy showed resilience in the third quarter of 2024, recording a GDP growth rate of 3.46% year-on-year, an improvement from 3.19% in Q2 2024 and significantly higher than the 2.54% recorded in Q3 2023.
This growth was driven primarily by the Services sector, which expanded by 5.19%, contributing over 53.58% to the aggregate GDP.
While the non-oil sector remained the cornerstone of growth, posting a 3.37% increase in real terms, the oil sector made modest gains, growing by 5.17% after contracting in Q3 2023.
The following ranking highlights the top 10 fastest-growing sectors in Q3 2024, with comparisons to earlier quarters where applicable.

10. Arts, Entertainment, and Recreation (4.74%)
    Q2 2024: 1.79%
    Q1 2024: 4.44%
    The Arts, Entertainment, and Recreation sector grew by 4.74% in Q3 2024, regaining momentum after a slowdown in Q2.
    Its growth is linked to increased activities in Nigeria’s creative industry, as well as spending on leisure and cultural events. Compared to Q1, where it grew at 4.44%, the sector has shown resilience, driven by rising demand for entertainment content and performances.
11. Crude Petroleum and Natural Gas (5.17%)
    Q2 2024: 10.15%
    Q1 2024: 5.70%
    The oil sector posted 5.17% growth in Q3, marking a slowdown compared to its impressive 10.15% performance in Q2 2024.
    Nevertheless, the sector has maintained a steady pace relative to its 5.70% growth in Q1 2024.
12. Water Transport (6.42%)
    Q2 2024: 33.05%
    Q1 2024: 4.34%
    Water Transport slowed significantly in Q3 2024 to 6.42%, down from the exceptional 33.05% growth seen in Q2.
13. Telecommunications (6.78%)
    Q2 2024: 5.17%
    Q1 2024: 6.23%
    The Telecommunications sector, a pillar of Nigeria’s digital economy, grew by 6.78% in Q3, up from 5.17% in Q2 and higher than 6.23% in Q1 2024.
14. Water Supply, Sewerage, Waste Management, and Remediation (9.78%)
    Q2 2024: 8.20%
    Q1 2024: 6.95%
    This sector expanded by 9.78% in Q3 2024, improving steadily from 8.20% in Q2 and 6.95% in Q1.
15. Road Transport (17.92%)
    Q2 2024: -15.88%
    Q1 2024: 5.58%
    Road Transport made a remarkable recovery in Q3, growing by 17.92%, reversing the sharp contraction of -15.88% in Q2 2024.
16. Rail Transport and Pipelines (19.68%)
    Q2 2024: 57.14%
    Q1 2024: 66.63%
    Rail Transport and Pipelines grew by 19.68% in Q3 2024, down from 57.14% in Q2 and 66.63% in Q1. While growth has slowed, the sector remains a vital part of Nigeria’s infrastructure expansion.
17. Insurance (19.81%)
    Q2 2024: 13.30%
    Q1 2024: 8.34%
18. Metal Ores (21.83%)
    Q2 2024: 58.12%
    Q1 2024: 114.35%
    Driven by heightened interest in mining activity and strong global demand for Nigeria’s metals, this sector continues to be a critical component of the country’s diversification strategy.
19. Financial Institutions (31.92%)
    Q2 2024: 30.37%
    Q1 2024: 33.3%
    source: nairametrics.com

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