Nigeria’s economy overtaken as services surge and oil industry shrinks

• Nigeria falls to fourth place in Africa’s economic rankings due to currency devaluation
• Services and agriculture now dominate the economy, with oil contribution dropping sharply

ABUJA, NIGERIA – Nigeria’s recalculated gross domestic product (GDP) has revealed a major shift in the country’s economic structure, with services and agriculture now leading growth, while the once-dominant oil industry continues to decline.