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.
This is one of the most lucrative service sectors in Nigeria despite the challenges of piracy, poor infrastructure, funds etc. the sector faces. The country’s film and music industry is one of the biggest globally with the film sector ranked as the third largest in the world in terms of volume. Imagine when structures like strong anti-piracy laws, film villages, film festivals etc. are put in place and adequate supports are provided, the revenue will definitely take a leap, generating jobs, wealth, favorable image and legacy for individuals and the nation.
The chairman, PMAN, Caretaker Committee, Pretty Okafor, revealed at the Delegates Conference of the musicians’ body, that the Nigerian music industry has the capacity to transform the fortunes of Nigeria especially now that oil prices have crashed. “CNN made the statement that for Nigeria to get out of the mess that we are in, we have to concentrate more on the entertainment industry with a strong bias for the music sector. The Nigerian music industry is one of the biggest in the world and by 2018, if we build structures, the industry will generate $8b and that is N24tr, more than three times our budget. So the opportunities are limitless. We have done our research and I can tell you that we don’t need to depend on oil. Entertainment will save the country,” Okafor said.