There are a number of industries that prove to be as lucrative as the ‘almighty crude oil’ our economy depends on and our business men/women can key into this revelation. Although, some of these sectors are not appropriately structured, but with some ingenuity, it will become an unlimited pool of wealth both for the individuals involved and the nation.
In no particular order, here are 6 sectors that can do the magic for the Nigerian economy and guarantee a sustainable economic diversification programme.
Although Nigeria has lost a dominant position since the 1960s, in exports of key crops such as cocoa, groundnuts, ground nut oil and palm oil. In the 1960s, Nigeria had over 60% of global palm oil exports, 30% of global ground nut exports, 20-30% of global ground nut oil exports, and 15 % of global cocoa exports. By the 2000s, Nigeria global share of exports of each of these crops was 5% or less. Today, Nigeria is a net importer of agricultural produce. Large import food products include wheat, fish, rice, and sugar.
The agriculture sector is central to Nigeria’s economy, accounting for over 40 percent of GDP and providing 60 percent of employment. Agriculture is a major source of employment growth. The sector has enormous potentials and faces a large and growing global agricultural market – Rising commodity prices, growing demand for food, and opportunities in bio-fuel all present significant opportunities for Nigeria. For example, global cereal demand will grow by between 31% and 150% by 2050 depending on the region, and global commodity prices are in their second major spike in three years. Agriculture can become the main driver for more equitable income growth, compared to oil and gas sector.