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Problems and Challenges facing the Nigeria entrepreneur and the ways of solving them. / How to setup and make money with SMS marketing short codes / 8 Avoidable Factors That Could Easily Damage Your Business /
Nigeria is a country blessed with many capabilities. It is a country that even in the face of failure promises growth. She is the largest economy in Africa and as well plays a vital role in the general economic value of Africa. We had discussed before of Yam production in Nigeria – How to get the maximum value from your yam production. That product alone awards Nigeria an onward economy where others did seem to be failing. Yam production as was explained is a paying enterprise to start. Apart from Agriculture that our government has been instigating its citizens into, there are several companies/ industries (or simply put other spheres of endeavors) that looks promising alike or even more lucrative.
These industries summed together has helped Nigeria to blossom as a country. Nigeria is a developing economic giant and the country is touted to become one of the major powerhouses alongside the likes of India, Mexico and Turkey within the next couple of decades. It is said to be among the top 10 powerhouses of the world in years. This seem unrealistic seeing the present state of the country but that is what was said of the once deemed bountiful nation.
Nigeria as you may conclude isn't a dead entity. Infact, the Nigerian economy is currently the largest in Africa based on nominal GDP. The country is Africa’s leading oil producer and produces about 3% of the world’s crude oil supply.
The country has always been agriculturally inclined and is ranked number one in Africa based on farm output. The major agricultural products in Nigeria include cassava, corn, cocoa, millet, palm oil, peanuts, rice, rubber, sorghum, and yams.
Without much stories ,the different industries in Nigeria would be listed. You might have expected to see listed, the different distinct companies operating in the country but that would have taken years.
List Of Industries In Nigeria
The role of this sector to the country could not be underemphasized. As was already made known, it is one of the bedrock of the blossoming country we have today. Not so many years ago, agriculture in Nigeria was a resonant sector of the country that the revenue from this industry was used to sponsor free education.
It is said that between 1950 and 1970, cocoa was a major foreign exchange earner for the country and the profit from cocoa was used to fund free education in Western Nigeria. Unfortunately, the focus on crude oil led to the gross under-utilization of the agro-industry.
Agriculture is practiced in small scale nowadays. In rural areas 60% of the population is involved in the industry much to the drive of the government to instill the agricultural spirit in citizens.
Different parts of the country are involved in different aspects of the agro-industry – the North East is involved in cultivating cotton, onion, tomato, sorghum, rice and cassava. Fisheries and livestock farming are also practiced in this region.
The South also has its type of plants grown(and aspect of agriculture). They are involved in oil palm, cocoa, rice, cassava and livestock farming as well as fisheries.
The excel of this sector should be credited to the fertile land the nation is fortunate with.
The construction sector in Nigeria couldn't be said of to be pass budding stage as most unique structures are done by firms abroad. From site preparation and construction, property management,sculpturing, and other structures are under this section of industry. Playmakers in this sector include Julius Berger, CAT and Lafarge companies. The products of this industry are all sorts of buildings and non-building structures for sale, as well as engineering services, real estate services.
→ Consumer Goods
This type of industry is one of a direct consumption type. Goods produced in these industries are used directly by consumers without necessarily going through another production process after sale. They are finished product industries.
Consumer products include beauty products, plates, dishes, light bulbs, batteries; tobacco, beverages, medicines and more.
The industry is also involved in the manufacture of these personal use products and food products.
Entertainment in Nigeria is a non comparable in Africa.It is the most effective entertainment sector throughout the continent.
Talk of the music industry in Nigeria as the best continent wise, and you won't see anyone arguing with you. The two deep rich articles on music ››› How musicians make their money and the top musicians in Nigeria will change you mindset of music all about mixtapes. On the otherhand, the emergence of the Nigerian film industry, Nollywood has made the entertainment industry an integral part of the Nigerian economy.
International acts like D’Banj, P Square, Wizkid and Burna Boy have portrayed the country well on the global map.
→ Oil and Gas
In mistakes university undergraduates do make, one of down thinking of prospective leaders of tomorrow is in working in a highly known oil company. The Oil and Gas Industry is practically what drives the economy of Nigeria. As of the data in 2000, 98% of the export earning was from oil and gas exports.
In this sector in Nigeria, the NNPC – Nigerian National Petroleum Corporation is a known brand. It is owned by the Federal Government and plays an essential role in the distribution and regulation of petroleum products in the country.
This industry has to do with the extraction, refinement, distribution and marketing of the oil and gas products and by-products. Also, some of the companies in this sector provide drilling equipment and construction services.
The major private oil and gas companies in the country include Shell, Exxon Mobil, Chevron, Agip, Total and Texaco.
→ Information and Communications Technology – ICT
According to data calculated based on the amount of money people spend to go online, Nigeria was at the forefront. This data was based the per capita income of user with respect to how much they still struggle to pau for online access. The ICT industry is very diverse and has many subsidiaries. Telecommunications companies like MTN, Globacom, Airtel and Etisalat are under this industry.
Others Include. ›››››
Popular tourism events in the country include the December Carnival in Calabar, Argungu Fishing Event in Kebbi and Ojude Oba in Ogun State. The industry is said to provide about 5-7% GDP to the country.
The business of banking was brought forward by the colonial masters to serve the needs of the Colonial Government.
Shortly before the country gained independent in July 1959, the Central Bank of Nigeria began operations in the country.
Banking industry in Nigeria is responsible for holding the financial assets of individuals and businesses.
The life of individuals are maintained on this sector of industry. Healthcare services ranging from actual healthcare (preventive, diagnostic, therapeutic and remedial measures, insurance) and some others like medicine, medical equipment and supplies are all in this same sector.
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