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- While Nigeria’s oil sector experienced some shortcomings in 2022, other sectors have stepped up, showing remarkable growth.
- Business Insider Africa presents the Top 10 fastest-growing sub-sectors in Nigeria.
- This list is courtesy of a report done by Nairametrics, a Nigerian business news agency.
Nigeria which is seemingly reliant on its oil exports has in the past few years begun growing in other sectors. The development being perpetrated in these other sectors has been largely responsible for the growth of Africa’s largest economy as a whole, in recent years.
Unfortunately, these sectors growth did not reflect in the country’s GDP growth rate as the country experienced a decline in its 2022 nominal GDP.
The decline could be attributed to factors such as inflation, oil vandalism, security problems, and the lingering effects of the Covid-19 pandemic. According to Nigeria’s National Bureau of Statistics, Nigeria’s GDP growth rate for 2022, stood at 3.1% compared to the 3.4% GDP growth rate experienced in 2021. The International Monetary Fund (IMF) projected Nigeria’s economic growth to be 3.2% in 2023.
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