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How does Nigeria's export sector contribute to its economy?
Posted : 29/04/2024 10:23 am
Nigeria's export sector makes a significant contribution to its economy, with non-oil exports valued at ₦1,338.46 billion (20.63% of total exports) in the first quarter of 2023 ¹. The country's economy expanded by 3.4% in real terms in 2021, with an estimated value of N72.39 trillion, driven by growth in sectors like agriculture, trade, and information and communication ². The non-oil sector contributed 92.76% to the economy in 2021, improving from 91.87% in the previous year, while oil exports dropped to 7.24% from 8.16% in 2020 ².
Posted : 29/04/2024 12:33 pm