Fresh analysis of the Q1 2026 national accounts released by the National Bureau of Statistics (NBS) reveals the sector recorded an impressive 10.98% year-on-year expansion, accelerating significantly from the 7.40% growth recorded in the same period of 2025.

This remarkable performance marks 33 consecutive quarters of growth for the tech and digital ecosystem, underscoring its unique resilience against persistent macroeconomic headwinds, high energy costs, and compressed household wallets.

According to market analysts, this multi-quarter expansion streak is fundamentally driven by:

• Relentless momentum in mobile telecommunications services.
• Exponentially rising data consumption patterns across retail and enterprise segments.
• A systemic surge in digital financial transactions.
• The deepening integration of digital commerce tools across traditional corporate networks.

Non-Oil Sector Dominates as Broad Economy Expands

The broader Nigerian economy expanded by 3.89% year-on-year in Q1 2026, outperforming the 3.13% growth recorded in Q1 2025. The non-oil sector remained the clear heavyweight, accounting for roughly 96% of total economic output and expanding by 3.94% during the quarter.

Q1 2026 Growth Velocity by Key Sector (YoY):

• [Info & Comm] ───> 10.98% (Fastest Growing)
• Finance & Ins   ───> 8.54%
• Transport/Storage──> 7.41%
• Construction   ───> 6.38%
• Broad Services ───> 4.31%
• Manufacturing   ───> 3.29%
• Agriculture     ───> 3.15%

While Services led aggregate performance with a 4.31% jump, Finance and Insurance emerged as the second-fastest growing sub-sector at 8.54%. Though this represents a normalization from the high-base peak of 15.03% in Q1 2025, the financial sector continues to reap significant windfall earnings from the Central Bank of Nigeria’s (CBN) aggressive, high-interest monetary policy stance.

Private Sector Confidence Surges into Q2: May PMI Hits 9-Month High

This Q1 macroeconomic data aligns seamlessly with forward-looking operational metrics on the ground. The latest Stanbic IBTC Bank Purchasing Managers’ Index (PMI) data indicates that private sector momentum accelerated sharply in May 2026, with the headline index climbing to 54.1 points from 52.4 in April.

This marks the healthiest business environment reading since August 2025, driven by an expansion in domestic output (56.6) and rapid new order pipelines (57.0) as companies commercialized new product lines to capture recovering customer demand.

“Private sector activity in Nigeria improved to its best level in nine months… This impressive business condition was primarily due to accelerated expansion in both output and new orders as evidence pointed to improving customer demand and the launch of new products,” noted Muyiwa Oni, head of Equity Research for West Africa at Stanbic IBTC Bank.

The Aviation and Corporate Credit Risk Factors

Despite widespread recovery, the structural data points to stark realities in sectors heavily exposed to direct foreign exchange costs and pricing adjustments:

The Aviation Slump: The air transportation segment experienced a severe 7.62% year-on-year contraction in Q1 2026, worsening from a minor 0.81% dip in Q1 2025. Analysts attribute this drop directly to systemic cost pressures facing domestic airlines and weakening passenger volumes triggered by recent aviation tax adjustments.

The Credit Squeeze: While elevated net interest margins have temporarily boosted bank profitability, financial experts caution that prolonged exposure to high borrowing costs will inevitably limit private sector credit expansion, creating growth friction for capital-intensive enterprises later in the year.

2026 Macro Outlook and Forecast Revisions

Reflecting the softer-than-expected non-oil GDP performance early in the year, Stanbic IBTC has marginally adjusted its full-year 2026 economic growth projection to 4.13% y/y (down from an initial estimate of 4.22%), though independent consensus estimates maintain optimism closer to 4.3%.

Looking ahead, economic liquidity is expected to find strong buffers from accelerated capital projects, a steadying foreign exchange environment, and a historical rise in domestic liquidity and infrastructure interventions typically preceding the 2027 election cycle.

However, market observers emphasize that the core policy challenge remains shifting these positive headline GDP numbers into tangible adjustments in consumer purchasing power, job creation, and poverty reduction.

Delivering a keynote address at the IoT West Africa Conference, held alongside the Data Centre & Cloud Expo Africa in Lagos, Olatunji highlighted the dual reality of digital transformation, immense economic opportunity coupled with escalating cybersecurity risks.

According to him, cyberattacks now occur globally every 39 seconds, with the financial impact of cybercrime projected to reach $10.5 trillion annually.

The NDPC boss noted that Nigeria alone records over 4,000 cyberattacks weekly, representing approximately 45 per cent of incidents across Africa. In 2024, these attacks resulted in financial losses exceeding ₦12 billion.

“While the digital economy continues to unlock new opportunities, it also expands the threat landscape. We must act decisively to secure our data and digital infrastructure,” Olatunji said.

Nigeria’s Digital Economy on the Rise

Highlighting the growing importance of data in the global economy, Olatunji described it as “the new oil,” powering innovations across the Internet of Things (IoT), cloud computing, artificial intelligence, and digital platforms.

He revealed that Nigeria’s digital economy is currently valued at approximately $18.3 billion and is projected to double within the next five years, driven by increased connectivity, mobile technology adoption, and investments in digital infrastructure.

Insights shared at the event also underscored the broader global impact of the digital economy. The sector is now the fastest-growing economic segment worldwide, contributing an estimated $28 trillion to the global economy, accounting for about 22 per cent of global GDP. Emerging markets alone contribute over $18.3 trillion, representing roughly 20 per cent of their GDP.

Data Explosion and Infrastructure Pressure

Olatunji further noted the unprecedented scale of global data generation, which currently stands at approximately 402.89 million terabytes daily.

This volume is expected to grow significantly, with total global data projected to rise from 181 zettabytes to 221 zettabytes in the near term.

This exponential growth, he said, is placing immense pressure on existing digital infrastructure, making data protection, privacy, and secure data management more critical than ever.

Call for Stronger Data Protection Measures

The NDPC boss emphasised that safeguarding Nigeria’s digital future requires coordinated action among government agencies, private sector players, and technology stakeholders.

He called for:

• Stronger enforcement of data protection regulations
• Increased investment in cybersecurity infrastructure
• Capacity building for data protection professionals
• Greater awareness of data privacy rights among citizens

“As data becomes central to economic growth, protecting it must become a national priority,” Olatunji stated.

A Defining Moment for Digital Transformation

The IoT West Africa platform brought together industry leaders, policymakers, and technology experts to explore the future of digital infrastructure, cloud computing, and connected technologies across Africa.

Olatunji concluded that Nigeria stands at a critical juncture where the benefits of digital innovation must be balanced with robust safeguards to ensure trust, resilience, and sustainable growth in the digital economy.

The report identifies infrastructure deficits, policy inconsistencies, and security risks as the most critical bottlenecks undermining the smooth flow of goods across the country.

Nigeria has about 195,000 kilometres of roads, but only a small fraction is paved, driving up transportation costs by as much as 40% and increasing the final price of goods by up to 30%.

In agriculture, where the sector contributes roughly 25% of GDP and employs over 35% of the workforce, weak logistics and storage systems result in post-harvest losses of up to 40% for crops such as tomatoes and maize.

he report notes that smallholder farmers, who produce 80–90% of Nigeria’s food, are disproportionately affected, limiting food security and income growth.

The manufacturing sector has also suffered heavily. SCM failures, combined with energy instability and logistics costs exacerbated by the 2023 fuel subsidy removal, have contributed to factory shutdowns and the loss of an estimated 1.5 million manufacturing jobs.

Despite these challenges, the report argues that targeted investments in roads, ports, cold-chain infrastructure, and digital logistics systems could unlock significant economic value.

Improved SCM efficiency alone could add billions of dollars to national output while reducing inflationary pressures driven by high distribution costs.

… 200,000 barrels of crude lost daily

Nigeria’s oil and gas supply chains, responsible for about 90% of the country’s foreign exchange earnings, are bleeding value due to theft, vandalism, and logistical delays.

The Rome Business School Nigeria report reveals that crude oil theft and illegal bunkering account for losses of approximately 200,000 barrels per day, while upstream operators face customs delays that inflate operating costs by 20–30%.

These inefficiencies weaken government revenues and reduce investor confidence in the sector.

Maritime logistics remain another major pressure point. Nigeria relies on sea transport for over 95% of exports and 97% of imports, with Lagos ports, particularly Apapa, handling around 42% of inbound cargo.

Yet port congestion, outdated customs procedures, and manual documentation systems cost businesses an estimated $4 billion annually in demurrage.

To address these challenges, the Nigerian Customs Service launched the Authorized Economic Operator (AEO) programme in 2025, aimed at fast-tracking clearance for trusted traders and improving supply chain security. The report notes that such reforms, if fully digitised and scaled, could significantly reduce dwell time and logistics costs.

Beyond oil, improved SCM could strengthen non-oil exports, especially in agriculture and manufacturing, reducing Nigeria’s historic dependence on petroleum revenues and stabilising foreign exchange inflows.

Moniepoint’s 2025 Informal Economy Report reveals what most Nigerians already live, small businesses are earning more but gaining less.

Sixty-five percent of Nigeria’s informal businesses across the country reported an increase in revenue over the past year, but only 47% saw a growth in profit. At the same time, 79% said the cost of doing business had increased, driven mainly by higher supplier prices, transport expenses, and the relentless depreciation of the naira.

This contradiction, of higher earnings but shrinking returns, captures the state of the Nigerian economy today.

Growth Without Profits

The country’s informal economy looks alive. The markets are filled with activities, goods are moving daily, artisans are finding work, and service providers are busy, but look deeper, they are all exhausted. 

The report stresses how traders, among others, watch their margins evaporate, unable to keep pace with inflation. “The cost of doing business has increased for 80% of informal businesses in that same period. A goal for us in this report was to establish context like this: helping key stakeholders see and understand the effects of every decision made on informal businesses, and giving them a voice where they’ve previously gone largely unheard,” said Tosin Eniolorunda, founder and group CEO, Moniepoint Inc.

Unsurprisingly, 44% of Nigeria’s informal businesses make less than ₦20,000 daily in revenue, and most make profit of only ₦10,000 to ₦20,000 a day. Business owners skip meals to restock, workers forgo pay to keep their jobs.

And for women-owned businesses, 41% of women earn below ₦10,000 daily, compared to 34% of men. It tells us that Nigeria’s informal economy, while inclusive in appearance, still aligns with the inequalities of the formal one.

Survival Mode Economics

We see an economy built on individuals, isolated, unstructured and overstretched, highly fragmented. Eighty-five percent of informal businesses are sole proprietorships, usually run by one person who handles everything from supply to sales to bookkeeping. Only 40% employ labour, and when they do, it’s typically one to three workers. It’s not that they don’t want to expand, it’s just that they can’t afford to.

Record keeping is also informal. Seventy-five percent of business owners say they track their income and expenses, but 38% disclose they do so mentally, without written or digital records. Most lack a clear view of their cash flow, making them invisible to lenders and policymakers.

That lack of structure limits access to credit, planning, and long-term growth.

Credit access is also deteriorating as 51% of informal business owners have never taken a loan and have no intention to do so, compared to 30% in the last report.

Fear of debt, high interest rates, and lack of collateral keep them shut out of the financial system. Among those who borrow, only 6% have ever secured loans above ₦1 million, with digital lenders and microfinance banks emerging as their most common sources.

The result is a self-sustaining cycle of informality; low records, low credit, low growth.

Inflation and the Cost of Resilience

Inflation has become the most punishing cost of doing business in Nigeria. It’s the invisible tax that eats into every sale, every restock and every saving. 

Dr Nurudeen Abubakar Zauro, technical adviser to the President on Economic and Financial Inclusion, explained:

“With the removal of fuel subsidies and devaluation of the Naira by the monetary authorities, inflation rate increased from 22.41% in May 2023 to a climax of 34.8% by December 2024 according to the data from the National Bureau of Statistics (NBS). In July 2025, inflation rate declined drastically to 21.88%.”

For informal businesses, that drop brings a little comfort. Inflation may have eased statistically, but prices are still suffocating. The report found that while 74% of business owners save money, 69% save less than ₦50,000 monthly, and 42% say their savings cannot last a month if their business income stops.

Even the much-celebrated digital transition has not fully arrived. While many businesses use transfers to restock, most still prefer to receive payments in cash, and only 16% say digital transactions account for more than half of their total revenue. The infrastructure may be modern, but consumer behaviour is still very traditional and survival rarely leaves room for experimentation.

Policy and Structural Limitations

For an economy that contributes around 65% of the nation’s GDP and supports over 80% of jobs, the informal sector is strangely underserved by policy. It sustains Nigeria, but without protection. 

Dr Chinyere Almona, director-general of the Lagos Chamber of Commerce and Industry, noted:

“The most pressing challenge, therefore, is misaligned policy frameworks that inadequately balance revenue generation with sectoral resilience, inadvertently driving many players further into informality. What is needed is not merely regulation, but coherent regulatory empathy, a framework that recognises informality as a springboard for innovation, employment, and resilience, rather than a nuisance to be managed.”

Despite recent policy initiatives such as the Nigeria Consumer Credit Corporation (CrediCorp), the Nigeria Tax Administration Act (NTAA), and small business registration campaigns, the report disclosed that formalisation is still out of reach for most small business owners, expensive, bureaucratic and unrewarding. 

“Although many informal businesses are unfamiliar with the process of registering their business, the assumption is that it is costly and complex. These assumptions make them unlikely to attempt the process,” said Zauro.

It’s not a lack of will, but a lack of trust. 

From Resilience to Reform

If there’s one thread that ties Moniepoint’s findings together, it’s that resilience is not enough. The informal sector needs access, not a round of applause.

In her commentary, Dr. Almona called for a shift in thinking. “Policies must pivot from punitive compliance models to incentive-driven, inclusion-focused strategies to effectively support growth and formalisation.”

That means simplifying registration, improving access to finance, expanding digital infrastructure, and providing targeted support for women entrepreneurs; all areas where private sector players like Moniepoint, SMEDAN, and IFC are already collaborating and this must continue in order to bridge the trust gap between the street and the system. 

Moniepoint’s report measures Nigeria’s informal economy, exposing its weaknesses and the fatigue of millions of businesses. Nigerians are counting coins under candlelight, calculating what can wait till tomorrow. Informal businesses are the backbone of the economy, but they’re carrying too much weight without support.

Until policymakers, financiers, and regulators begin to design for their reality, not their assumptions, Nigeria’s growth will stay uneven. The country’s entrepreneurs are doing their part. It’s time the system met them halfway.

Dr. Ekuwem, who spoke recently on the future of digital connectivity in Nigeria, described the nation’s telecom sector as “a goldmine waiting to be fully exploited.”

He noted that while Nigeria has made significant progress in mobile telephony, broadband penetration, and digital service delivery, the real potential of the sector lies in deepening infrastructure, driving innovation, and expanding access to rural and underserved communities.

“The telecom industry in Nigeria is still 85 percent untapped. The potential is humongous,” Dr. Ekuwem declared. “What we’ve seen so far is only scratching the surface. There are vast opportunities in broadband, fibre deployment, data centers, Internet of Things (IoT), artificial intelligence (AI), fintech integration, and e-governance that are yet to be fully realizlsed.”

He explained that true economic transformation will depend on how Nigeria leverages technology to enhance productivity, improve education and healthcare delivery, and enable efficient governance.

According to Ekuwem, Nigeria’s youthful population, combined with its growing appetite for digital services, places the country in a prime position to lead Africa’s digital economy, if the right policies, investments, and collaborations are sustained.

“We have the market, we have the people, and we have the creativity. What we need now is deliberate investment in digital infrastructure, capacity building, and policy consistency,” he emphasised.

The ICT veteran urged the Federal Government, industry regulators, and private operators to prioritize last-mile connectivity, indigenous innovation, and digital inclusion to unlock the sector’s full value chain.

Dr. Emmanuel Ekuwem also highlighted the importance of local content development in telecommunications, noting that Nigeria must move from being a consumer of imported technology to becoming a producer of digital solutions that can serve both domestic and regional markets.

He concluded that with the right mix of policy support, investment, and innovation, the telecom sector could contribute more significantly to the Gross Domestic Product (GDP), create millions of jobs, and position Nigeria as a continental technology hub.

“If we commit to this journey, the next decade will define Nigeria’s place in the global digital order,” he said.

The report highlights the pivotal role of air transport in sustaining Nigeria’s workforce, both directly and indirectly. Airlines, airports, and aviation service providers employ nearly 40,000 people directly, while suppliers and business partners account for another 49,000 jobs. In addition, the spending of aviation employees supports 53,600 jobs in the wider economy.

Tourism, a sector heavily reliant on aviation, also contributes significantly, with 66,600 jobs supported by international visitors arriving by air. Altogether, this means aviation creates ripple effects that reach far beyond airports and airlines.

A Lifeline for Growth

Experts note that aviation is more than just an industry; it is a lifeline for Nigeria’s broader economic aspirations.

“Air transport connects businesses to global markets, facilitates tourism, and underpins trade. These numbers underscore aviation’s central role in Nigeria’s economic strategy,” the report stated.

Beyond the direct GDP contribution, the industry’s multiplier effect is substantial. When catalytic benefits such as trade and investment attraction are considered, aviation’s true value to the Nigerian economy is even larger.

A Sector with More Potential

Despite its current impact, stakeholders argue that Nigeria’s aviation industry is still underperforming compared to its potential.  

With 24 commercial airports, 38 airlines, and connections to 34 international destinations, Nigeria is strategically positioned as a hub for West Africa.

Industry observers believe that with policy support, including investments in safety, infrastructure, and competitive regulation, Nigeria could unlock even greater economic value.

As the report concludes: “Aviation is not only about moving people and goods; it is about powering economies. For Nigeria, the sky is not the limit, it is the gateway to opportunity.”

Continue Reading >>>>> Here.

Adedipe added that over $2 billion were invested in fintech and startups by over 50 angel investors and venture capitalists in 2024.

Delivering the keynote paper at the 2nd Business Journal Fintech & Financial Inclusion Roundtable 2025 in Lagos, Adedipe described financial inclusion as a critical driver of economic growth and poverty alleviation.

“This makes financial inclusion critical to developing economies, especially those like Nigeria that have been experiencing jobless growth in the last 20 years thereabout and also deep in multi-dimensional poverty. The real challenge resides at the bottom of the pyramid where there is not only poor access to finance but also lack of the basic elements that define good quality of life.”

In its 2023 survey, EFInA reported 64% financial inclusion in Nigeria, driven by marginal growth in the banked population and major gains in non-bank formal adoption.

He listed the opportunities of both fintech and financial inclusion in Nigeria to include youthful and tech savvy population, increasing demand for financial services, unbanked and under-served population, significant informal economy estimated at 54% to 58% of Nigeria’s Gross Domestic Product (GDP) and necessity-based entrepreneurship, which is a rampant phenomenon in fragile economies where informal economic activities and low income are pervasive.

Adedipe said the challenges facing the Nigerian economy in terms of fintech and financial inclusion include the ability and capacity of the Central Bank of Nigeria (CBN) in promoting and regulating the two concepts effectively.

He listed past and current CBN interventions as the National Financial Inclusion Strategy, National FinTech Strategy, Strategy for Leveraging Agent Networks to Drive Women’s Financial Inclusion and Payment System Vision 2025.

Other key pitfalls to avoid are measuring, identifying and filling gaps, consumer protection and awareness, cost and affordability, technology and infrastructure.

The economist added that both regulators and operators also face significant risks – market, structural, strategic, cybersecurity and operational, as well cultural barriers and gender bias, and credit assessment and KYC.

“If Nigeria (or any developing country for that matter) will maximally benefit from financial inclusion and the deep role that fintech plays in that process, there must be a balance of interests. That balance will be effective only if all stakeholders collaborate (no one seeking to take advantage of the other) and maintain tight focus on the over-arching purpose of inclusive growth and shared prosperity.”

He said for Nigeria to have an inclusive financial system, policies, regulations, products, services, technology and infrastructure must be inclusive by design.

Other factors include integrated system, safe and efficient digital payment/finance ecosystem, economically sustainable and commercially viable market infrastructure, robust data information system and effective regulation.

According to Remita “as Nigeria continues to embrace digital transformation and foster innovation in the financial sector, the role of fintech in empowering SMEs will only grow in significance. With a young and dynamic entrepreneurial ecosystem, the demand for fintech solutions tailored for SMEs is expected to soar, driving further innovation and competition in the market.”

Public debts affect not just those who sit at the negotiating table.

They cut across every aspect, with costs being paid by ordinary Nigerians on a daily basis, including the rising cost of goods and services, limited infrastructure, and other essential services. Every Nigerian is helping to pay even without realizing it.

Breaking down Nigeria’s debt profile

Public debt is the funds that the government, including the federal and state government borrow when expenses exceed revenue.

According to the Debt Management Office (DMO), Nigeria’s public debt had risen to N149.4 trillion in March 2025, equivalent to $97.2 billion. If this figure were split equally among Nigerians, each person would owe about N628,000.

Nigeria’s public debt comprises both external debt (borrowed from foreign lenders like the World Bank, the African Development Bank, and others) and domestic debt (borrowed from commercial banks, pension funds, and investors through bonds and treasury bills).

Data from DMO showed that Nigeria’s total debt comprises 47 percent external debt and 53 percent domestic debt.

Data from the DMO showed that Nigeria spent $1.39 billion in external  debt servicing between January to March 2025.

This heavy outflow occurring within three months raises concern about how much is left for investment in infrastructure, health, and education, as the government manages debt obligations along with essential development goals.

Why does Nigeria borrow?

The government borrows to meet development needs, including infrastructure building, improving healthcare, and education.

With oil being the main source of revenue, the fluctuating oil price often has a significant impact on the government’s revenues, and when revenue drops, the government often borrows to fund projects.

Nigeria takes loans to build roads, rails, and other projects that require large upfront spending.

Several factors have contributed to Nigeria’s growing debt over the years, such as reliance on domestic and external borrowing to finance its budget deficits, naira depreciation, worsening cost of servicing external debts, and lack of fiscal discipline.

The loan is often justified as necessary for completing and executing capital projects. However, Nigeria’s borrowing is often used to cover budget deficit, fund recurrent expenses, and service older debts, leading to rising concern about long-term sustainability.

What are the concerns?

According to a recent report by Nigeria Extractive Industries Transparency Initiative (NEITI), debt deductions now consume about 20 percent to 25 percent of some states’ allocation, leaving little for development, paying salaries, and funding government services, leading to abandoned projects, unpaid salaries, more borrowing to pay old debts, and weakening of financial independence.

Nigeria spends an increasing portion of its revenue on servicing loans, leaving less funds for critical development like schools, hospitals, and roads, areas directly affecting the daily lives of citizens.

As Nigeria’s economy is heavily reliant on oil export, a drop in oil prices or production sharply reduces revenue, making it harder to repay debts.

This forces the government to borrow more to meet basic obligations, creating an endless cycle of borrowing and debt servicing.

Loans used to fund non-revenue generating expenses like paying salaries, recurrent expenses, means that young Nigerians and future taxpayers will inherit today’s borrowing without enjoying tangible benefits.

Debt repayments being paid first before any other expenditure, leaves capital projects underfunded or abandoned half way.

Also, domestic loans are expected to fund infrastructure; however, most of the time, it is used to fund expenditure, in addition to the lack of transparency.

To tackle Nigeria’s debt crisis, it is important for the government to boost non-oil revenue, as continuous reliance on oil revenue will continue to affect the country’s revenue as oil prices fluctuate, leading to more borrowing.

Prioritize borrowing for projects with measurable returns like infrastructure development, industrial projects that create jobs and grow GDP, while ensuring loans are used for intended objectives.

As more funds are allocated to debt servicing and interest payments, it chips away at funds meant for schools, roads, and critical projects. 

Unless borrowing is matched with bold reforms and real investment returns, today’s quick fixes could become tomorrow’s chains, binding future generations to obligations they never agreed to.

The National Bureau of Statistics (NBS) recently announced that Nigeria’s economy is significantly larger than previously reported, following the successful rebasing of its Gross Domestic Product (GDP).

The new figures put the 2024 nominal GDP at ₦372.8 trillion, representing a 35.4% increase from earlier estimates based on the old base year.

Shift in Economic Structure

The rebased figures also reveal a notable transformation in the structure of the economy compared to 2019. The services sector remains dominant, increasing its share to 53.1% (up from 50.2%), while agriculture now contributes 25.8% (up from 22.1%). The industrial sector saw a slight decrease to 22.1% from 27.7%.

One of the most significant developments is the rise of the real estate sector, which has moved up to become the third-largest contributor to the economy.

Top GDP Contributors and Sector Growth

According to the rebased 2019 base year data, the top five contributors to GDP were:

• Crop Production (17.6%)
• Trade (17.4%)
• Real Estate (10.8%)
• Telecommunications (6.8%)
• Crude Petroleum & Natural Gas (5.9%)

In Q1 2025, real GDP grew by 3.13%, improving from 2.27% in Q1 2024. Notably, the non-oil sector drove this growth, expanding by 3.19% and accounting for 96% of real GDP.

The services sector led the economy, contributing 57.5% of total GDP. Meanwhile, oil production remained steady at 1.62 million barrels per day, contributing just 3.97% to GDP.

Fastest Growing Real Sectors in Q1 2025

• Finance & Insurance – 15.0%
• Transportation & Storage – 14.1%
• Water Supply & Waste Management – 9.4%
• Information & Communication – 7.4%
• Construction – 6.2%

Why the Rebasing Matters

The NBS stated that the rebased GDP offers a more accurate reflection of Nigeria’s economic structure, incorporating high-growth sectors such as fintech, creative industries, and telecommunications that were previously under-represented.

This recalibration of economic data enhances planning, supports investor confidence, and aligns Nigeria’s statistics with global standards.

They drive growth, innovation, and job creation worldwide.  In Nigeria, they play a crucial role in stimulating local economies and contributing to the country’s GDP.

Recognising their impact, WhatsApp is committed to empowering SMBs with the tools to succeed through the WhatsApp Business App, by reaching their customers where they already are.

WhatsApp continues to be the best way for people and businesses to get business done in Nigeria. With its efficient features, the WhatsApp Business App has become an indispensable tool for small businesses, helping them streamline communication, enhance customer engagement and drive sales.

And we know customers love communicating with businesses over WhatsApp too, as nearly 80% of people globally message with a business at least once a week.

Whether you’re just starting out or looking to optimise your business operations, here are five essential WhatsApp Business features that can elevate your efficiency and customer interactions.

1. Catalog – Showcase Your Products and Services

Gone are the days of sending multiple images and descriptions individually to customers. With the Catalog feature, you can create a digital storefront where customers can browse your offerings within WhatsApp.

This is just like a mini-website which makes it easier to showcase your products, prices and descriptions in an organised way.

How to Use It: Go to Business Tools > Catalog. Add product images, videos, names, descriptions and pricing.

2. Quick Replies – Save Time on Repetitive Questions

Answering the same customer questions repeatedly? Quick Replies let you create preset responses for frequently asked questions, saving you time and ensuring fast customer service.

How to Use It: Go to Settings > Business Tools > Quick Replies. Create and save responses such as a greeting message or order confirmation. Use the shortcut “/” to insert a quick reply in any chat

3. Labels – Stay Organised and Track Conversations

Managing multiple customer interactions can be overwhelming, but the Labels feature helps by categorising chats in different ways, such as order status or customer type.

You can create labels with different colors or names and add the conversations  to an entire chat. This keeps your inbox organised and ensures no customer is left waiting.

How to Use It: Open a chat, tap on the three-dot menu > Label Chat. Assign relevant labels like New Customer, Order Placed, Pending Payment.

4. Away Messages – Engage Customers Even When You’re Away

Never miss a customer inquiry again. Away Messages allow you to set up a greeting or away message, ensuring customers receive timely responses even outside business hours.

How to Use It: Go to Business Tools > Away Message / Greeting Message. Set up a custom message and schedule when it should be sent.

5. Meta Verified – For Enhanced Protection and Account Support

A paid subscription that helps your business build credibility with new audiences, Meta Verified can help drive more engagement and grow your brand.

With Meta Verified, you’ll receive enhanced account support, can use WhatsApp across multiple devices and  easily create a professional WhatsApp web page that’s tailored to you.

How to Use It: Go to Settings or Business Tools > tap Meta Verified.

WhatsApp Business is packed with features designed to help small businesses grow, stay organised, and engage with customers effortlessly.

By leveraging these features, you can enhance your customer experience, increase efficiency and ultimately drive more sales. Start your own journey with the WhatsApp Business app here.