Fastest Growing Sectors

Despite the pandemic, ICT and Electricity are amongst the fastest growing sectors in Nigeria.

This is according to data by The National Bureau of Statistics which was further explained on Nairametrics.

The data is focused on the first quarter of 2021 which also states that the real growth rate was 0.51% in the same quarter.

Even though the Financial Services Sector was obviously absent from the list, it recorded progress in the previous year.

The following sectors performed best in the first quarter of 2021.

1. Information and Communications Sector

The ICT sector comprises of telecommunications and information services, motion picture, publishing, sound recording, music production and broadcasting.

The ICT played a major role in the economic development in 2020 and has continued to thrive.

The industry contributed a decent 14.91% to the real aggregate GDP in the first quarter of the year.

This makes ICT one of the fastest growing sectors in Q1, 2021.

2. Electricity, Gas, Steam and Air Conditioning Supply Sector

Even though this sector grew by 8.66% compared to the fourth quarter of 2020, skeptics believe that the good news is only ephemeral.

Regular power outage is still rife and poses a major threat to the sustainable growth of the sector.

The sector’s showing in the list however could serve as a signal to investors who can seize the opportunity to create a lasting solution to the issue.

3. Water Supply, Sewerage, Waste Management and Remediation

The growth in this sector revolves around COVID- 19 regulations.

Even though it made a brief downward foray in the last quarter of 2020, the sector has enjoyed an upward trend in growth recently.

It grew by a significant 14. 75% in the first quarter of the year.

4. Mining and Quarrying

This sector grew by 16.25% when compared to the last quarter of 2020.

Mining and Quarrying made a decent contribution of 9.28% to the real GDP in the same quarter.

The highest contributor to these figures is the Metal Ores under the sector which grew by 28.83% in the same quarter.

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