The Nigerian economy recovered from a contraction of 1.8% during the COVID-19 pandemic to 3.6% in 2021.
However, this growth rate slow down by 3.1% in 2022. Nigeria is one of the many countries in the world that are gradually moving out of the economic depression caused by COVID-19 in 2020.
The fastest-growing industries in Nigeria are the current driver of the country's economy. By sector, the services sector has witnessed the highest growth since the pandemic outbreak with a rate of 6.13%, followed by the agricultural sector with 2%. On the contrary, the country's industrial sector saw a contraction of 2.57% from 2020 to Q1, 2023.
The three fastest-growing economic activities by the percentage of contribution to GDP are the Metal Ores with 24.72%, Air transportation with 22.92% and Quarrying and Other Minerals with 22.86%.
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