Top 5 viable sectors of the Nigerian economy

If you are interested in being among the rich and wealthy in Nigeria, below are some of the economic sectors in the country that would be wise for you to invest in as they ensure that you make profits from them.


Agriculture

In the early days of Nigeria’s development as a nation and its entry into the world economic market, the agricultural sector of the economy was the main driver for growth. The country was a major exporter of crops like cocoa, rubber, groundnuts, and cotton among other crops and then the agricultural sector was responsible for over 80% of the nation’s GDP and it provided employment for a lot of Nigerians. But with the advent of oil exploration and mining in the country, the agricultural sector was quickly abandoned for the oil sector because oil was on high demand in the international sphere and the boom of the 70’s saw to this.

Be that as it may, a lot of scholars and economists encourage people to invest in agriculture as it is one sector that can contribute to the development and growth of the nation. There are a lot of crops that deliver high yield and great profits like rice, cassava, beans, maize and more.

Real Estate

When you speak of profitable businesses or sectors of the Nigerian economy, you will be making a huge mistake if you fail to mention real estate. Not just in Nigeria alone, but in other parts of the world real estate investment has proved to be capable of producing a sizeable amount of profit. A lot of the wealthy persons in Nigeria make investments in real estate. It does not matter what you are interested in selling; be it a house, a building for offices, a supermarket, you are guaranteed to really make something out of it.

The major opportunities provided by real estate include land flipping, open space leasing, starting a real estate agency, property development, house/office rent and so much more.

Another interesting thing about real estate is that you don’t have to be a billionaire “swimming in money” to go into the business, in fact you can go in without having any money at all.

Entertainment

It is no secret that the entertainment sector in Nigeria is packing a lot of money every single day. Each day there are a lot of people who are venturing into entertainment, and there are a lot of talents out there. The movie industry in Nigeria known as Nollywood is progressing and with every passing day new faces are showcased and when we talk about music, we have stars out there like Wizkid, Davido, Phyno, Olamide, Falz, Mayorkun, and so much more. These individuals have made a huge impact with their skills and by so doing they have raised the standards of the country internationally and a lot of countries have come to respect Nigeria for the vibrant nature of its entertainment industry.

That’s not all, the entertainment industry in Nigeria is a very profitable sector of the nation’s economy and this is the reason why a lot of people want to go into entertainment, be it music, movies, and comedy.

Tourism

In Nigeria, the business of providing services to tourists is another viable business that one who is interested in making investments should look into. The country has a lot of tourist centres with tourist attractions that get visitors from within and outside the country. In Abuja (the nation’s capital territory) for example, there are various amusement parks and the biggest among them is the Millennium Park. These parks offer visitors a really great time with fun and games. Wuse Park has a 4D cinema, a lawn tennis court, a paintball arena and different restaurants that provide an assortment of local dishes.

However, Abuja is not the only place in Nigeria that has parks, and tourist attraction sites. Other places in Nigeria where you can find tourist centres include Bauchi (Yankari Games Reserve), Calabar (Obudu Cattle Ranch). People want to have a good time, when you are willing to provide them with it, you are sure to make money off them.

e-Commerce

Electronic Commerce, more commonly referred to as e-commerce is a way of doing business that is relatively new in Nigeria. With leading companies like Jumia, Konga, Jiji, and OLX, the business of e-commerce is gradually growing in the country. e-commerce allows any individual who wants to purchase an item to do it right within their houses, dorm rooms, class rooms, or anywhere else they could be as long as they have a phone or computer with which they can access the internet. All they have to do is visit the site of the company from which they want to purchase the item and order the item and the company will transport the product to the branch of the company within the buyer’s location.

e-commerce is contributing to Nigeria’s economy in that it is rapidly providing jobs for unemployed youths within the country. Investing in e-commerce is a modern way to do business and it guarantees huge profits.



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