The Top 10 Most Fastest Growing Sub-Sectors in Nigeria Reveal

Nigeria economy has experienced rapid growth in recent time with some sectors showing remarkable progress. Some sectors in have experienced significant growth. The top three fastest growing sectors in Nigeria are Quarry and other minerals, Air transport and Financial institutions while other sectors such as oil reforming, crude oil, petroleum and natural gas contracted in 2022, but several sectors continue to show significant growth potential.

By BusinessIQ Africa Team

Published March 21st. 2023

Despite the challenges facing Nigeria’s economy, the country’s GDP growth rate remains positive and other sectors continue to show significant growth potential. Below are the top ten fastest growing sectors in Nigeria based on real rate in 2022:

1.Quarry and other minerals—27.52%

2.Air Transport—26.23%

3.Financial Institutions—17.24%

4.Metal Ores—15.98%

5.Road Transport—15.14%

6.Water Transport—14.11%

7.Water Supply,Sewerage,Waste Management and Remediation—13.62%

8.Telecommunications—10.72%

9. Chemical and Pharmaceutical products—9.44%

10.Insurance—8.68%

Moreover,Nigeria’s economy has seen remarkable growth in several sectors with Quarrying and other minerals, Air transport, Financial institutions being the top three fastest growing sectors.These sectors with other sectors experiencing significant growth rate, they are crucial to Nigeria’s economy and expected to continue growing in the subsequent years.

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