There are many misconceptions and stereotypes about Nigeria, so many people are surprised to learn that its economy is ranked as the 23rd most powerful in the world. Indeed, the Nigerian economy is comprised of a range of industries, imports and exports. Understanding these sectors can help you find success in business, whether you are an international businessperson or an individual considering career options. Nigeria is economically fertile, and many entrepreneurs have noticed. If you are looking to make business moves in the country, you should know about the following about the top industries growing in Nigeria.
The following are the six top-grossing and fastest-growing industries in Nigeria. These sectors support the national economy and provide employment to many of the country’s 186 million people. If you are considering bringing your company into the Nigerian market, knowledge of the following industries will help you prepare. Read on to better understand the various sectors supporting the economy of Nigeria.
Oil, Gas and Petroleum
Nigeria is notable for many geographic and topographic features, including its wealth of natural oil. The oil, gas and petroleum in the area make it a top industry within the country. It is estimated to account for up to 15 percent of the nation’s economy. In addition to drilling for these resources, the crude materials must be refined, too. Much of this process takes place in energy plants that are staffed by Nigerians and managed by foreign countries. Brands such as Exxon Mobil, Shell and Statoil dominate this portion of the market.
Medical and Pharmaceuticals
The medical and pharmaceutical industries also play a major part in the economy of Nigeria. Medical technology is rapidly evolving in the country with access to medicine and quality of care improving. This is due in part to a wave of entrepreneurs working to revolutionize medicine in Nigeria. It is also due to the existing presence of pharmaceutical companies who have established a major marked in the country. There are companies in Nigeria both developing and manufacturing medications for local use and export. The emergence of this sector has benefitted Nigerian citizens and boosted the country’s economy massively.
Farming and Agriculture
Medicine is not the only industry seeing the benefits of a technological revolution in Nigeria. Agriculture, too, is growing at a rapid rate due to better equipment. Just as Nigerian land is fertile for oil, it is also fertile for crops. Some of the crops that are most popular include rice, cassava, plantains and pineapples. Livestock, poultry and catfish are also commonly farmed in the area and provide major support to the country’s economy. Though the economy is changing, for a long time, agriculture was the biggest component of the Nigerian economy—and it is still a major part.
Computers and Information Technology
Entrepreneurs such as Sjamsul Nursalim of Indonesia have made waves in international business by bringing technology to new markets and expanding business opportunities. Indeed, many entrepreneurs have developed the computer and information technology sectors in Nigeria to become the asset to the economy that they are today. Nigeria’s IT sector is thriving with new technology being developed every day and exported around the world. This progress has made the country one of the top in terms of IT technology development. Entrepreneurs looking to get in on the profits have invested and seen impressive returns.
Film and Entertainment
When you think of Nigeria, you might not think of blockbuster movies, but the entertainment industry in the country is indeed one of the most lucrative sectors. It is actually the third most successful film industry in the world, Behind Hollywood and Bollywood, and it produces countless movies every year that locals love. Sjamsul Nursalim of Indonesia has even been said to be an investor in some of the industry’s top films. In addition to movies, Nigeria produces quality TV shows and music, too, that are equally as popular and lucrative.
Nigeria produces a number of products that are exported throughout the world. In addition to the aforementioned IT technologies, pharmaceuticals and oil, Nigeria boasts a thriving manufacturing industry that makes retail products and other goods to be sold in other countries. These items are commonly exported, and there are many products imported into the country, too. International trade is one of the most important parts of the country’s economy and it produces much of the tax revenue that the government collects. Businesspeople should not write off Nigeria as a potential market for international trade.
Needless to say, misconceptions often cloud people’s opinions of Nigeria. The truth, however, is that it is a strong and economically powerful country with a diverse set of growing industries. If you are looking to invest internationally, any of the aforementioned sectors will likely provide lucrative returns. If you are looking for career options, too, these industries may offer promising opportunities for you to pursue.