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.
Tourism in Nigeria is still in its infancy considering the large accumulation of resources which are yet untapped and the institutional structure which is yet to be regulated to compete favorably with other fast growing tourism destinations. Successive governments have tried in their very best to put the industry in the national economic map but the sector could not meet up with the exclusive listing.
According to bigportal.org.ng, hospitality industry sector comprises of entities of food, beverages, lodging or a combination of these businesses to travelers during their stay in a destination. The Nigerian hospitality industry is growing rapidly, and is set to overtake the rest of Africa as the fastest-growing over the next five years, with a projected compound annual gain in room revenue of 10.5%., PricewaterhouseCoopers (PwC’s) Hospitality Outlook 2015 report, forecast that the number of hotel rooms in Nigeria is expected to more than double in the next five years. The number of available rooms has increased a cumulative 24% since 2010, including a 4.8% rise in 2014.