"Non-oil sector contributed 95.3% to Nigeria\u2019s GDP in Q4 2023"

" Non-oil sector contributed 95.3% to Nigeria\u2019s GDP in Q4 2023\u00a0 \r\n\r\n \r\n\r\n The non-oil sector contributed around 95.30% to Nigeria\u2019s GDP in the last three months of the year according to the Nigeria Bureau of Statistics 2023 fourth quarter GDP report. \r\n\r\n This percentage is below the 95.66% recorded in the fourth quarter of 2022, yet it surpasses the 94.52% noted in the third quarter of 2023. \u00a0 \r\n\r\n In the quarter under review, the non-oil sector experienced a growth of 3.07% in real terms. This growth rate was 1.37% points lower than the growth rate observed in the same quarter of 2022 but it was 0.32% points higher than the growth seen in the third quarter of 2023. \u00a0 \r\n\r\n The growth of the non-oil sector in the fourth quarter of 2023 was primarily fuelled by key industries such as Financial and Insurance (Financial Institutions); Information and Communication (Telecommunication); Agriculture (Crop Production); Trade; Construction; Manufacturing (Food, Beverage, and Tobacco); and Real Estate.\u00a0 \u00a0 \r\n\r\n These sectors played a significant role in contributing to the positive growth of the GDP. On an annual level, the growth rate of the non-oil sector for 2023 was recorded at 3.04%, which is a decrease from the 4.84% growth rate seen in 2022. \u00a0 \r\n Insights \u00a0 \r\n The Nigerian informal sector forms an integral part of the nation\u2019s economy with around\u00a0 92.3% \u00a0of employed individuals in the country playing in the sector. \r\n\r\n A significant part of those in the informal sector in the country is self-employment which is the status of\u00a0 87% \u00a0working-age Nigerians.\u00a0 \u00a0 \r\n\r\n The huge contribution of the sector mirrors the structure of the Nigerian economy which is largely dominated by MSMEs. The group of businesses constitute around\u00a0 96.7% \u00a0of the country. \u00a0 \r\n\r\n However, the sector is riddled with issues such as low taxation,\u00a0 weak unions, unfair competition, a loss of regulatory control, and disregard for health and safety standards, among others. In terms of taxes, Nigeria\u2019s tax-to-GDP currently stands at\u00a0 10% \u00a0one of the lowest in the world. However, the federal government hopes to increase the figure to around 18% in the next three years.\u00a0 \u00a0 \r\n\r\n "

"Non-oil sector contributed 95.3% to Nigeria\u2019s GDP in Q4 2023"

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