Know The Major Industries in Nigeria and What they Produce in 2020
Know The Major Industries in Nigeria and What they Produce in 2020.
Major Industries in Nigeria: We all know there are lot and lot of industries in Nigeria but which of them are the best so far, that is what I will be showing you in this article, Top 10 Major Industries in Nigeria and What they Produce.
Agricultural Industry
Have you ever wondered what Nigeria will be like without the agricultural sector? We’ll all die of hunger. Let’s be realistic here, food is among the basic necessity of life and it happens that the agricultural sector is responsible for it.
So that makes it one of the most important industries in the world.
I don’t need to tell you what the agricultural sector produces because virtually everything you eat and will ever eat is from this sector.
Their product is not just limited to rice or bean, yam, the very product you buy from shops are from the agricultural sector, including your clothes, the cream you rub, etc.
This industrial sector has several sub-sectors, which include crop production, livestock, and one unit that covers hunting, fishing, and trapping.
Oil and Gas Industry
We have two types of industries here – the upstream and the downstream. The upstream is in-charge of the mining of crude oil while the latter deals with the refinery and distribution of crude oil.
This sector is significant to the economy just like the way agriculture is and aids the country to be monetarily buoyant by selling superfluous commodities to other countries for foreign exchange. It also encourages our foreign reserves.
We have the NNPC – Nigerian National Petroleum Corporation owned by the Federal Government and play a dynamic role in the distribution and regulation of petroleum products in the country.
The main private oil and gas firms in the country include Shell, Exxon Mobil, Chevron, Agip, Total, and Texaco.
Natural Resources Industry
What I mean by natural resources is gold, diamond, etc. They act as a money-making machine for a country as some of these natural resources are exported for an enormous amount.
Nigeria as a country is fortunate to have natural resources. Some countries are dying to have what we have but they don’t. This industry nurtures a cordial relationship with other countries.
Healthcare Industry
Doctors, pharmacists, nurses, etc. are all parts of this industry. It is very great and vital to our economy. This sector deals with preventive, diagnostic, therapeutic and remedial measures, medicine, medical equipment, and supplies.
Music Industry
The music industry has industrialized significantly in the last two decades. Music in Nigeria has diverse types; we have the reggae, hip-hop, R & b to mention a few.
This sector has raised the image of Nigeria internationally by making other countries of the world take note of us. This specific situation has boosted our confidence to the extent of giving Nigerian chances to tour and perform concerts globally.
Media and Broadcasting Industry
This industry and the services they render cannot be under-emphasized. They serve as a basis for information between Nigerians not only that, they serve as a source of public opinion for the government to know the needs of the people and channel their resources in providing those needs.
Insurance Industry
This industry tackles losses. It is an industry whereby the government or individual pay some certain fees monthly or annually known as premium.
Any time a loss happens, it will be indemnified dependent on the insurance policies or contracts reached.
Utility Industry
When we talk about utility, we talk about the lawman, water cooperation, and electricity authorities. This industry aids the economy to be a better place by making lives stress-free for the citizens.
The key activities of this industry are to offer services to the member of the country and serve as a means of employment.
Import and Export Industry
This is the buying and selling between countries. This industry tackles this aspect. The buying and selling are done mostly because of the inadequate resources of a country or because of the lack of resources in a country.
ICT (Information and Communication Technology) Industry
Since the world is now in the computer age; this industry helps to foster information distribution. They do this by email, fax, and social media, unlike the media and broadcasting industry which you only listen to on-air or which you only see the visual representation displaying.
The internet is also a good instance of ICT. It also aids Nigerians to communicate with other countries in the world to foster invention and bilateral relations.
Telecommunications firms like MTN, Globacom, Airtel, and Etisalat are under this industry.
Industrial Goods Industry
These goods are just like derived demand – they are expected to provide goods for additional manufacturing usages. Industrial goods are capital goods and they are machinery, plants, etc. Some industries need some of these capital resources to increase productivity.
The key products of this industry are capital goods, such as machinery, electrical equipment, and engineering, building products, and even defense and aerospace. Industrial goods manufacturers make available their products for other industries, as well as to consumers directly.
Consumer Goods Industry
They are goods expected for immediate use or consumption. For instance, are cars, bicycles, etc. This industry helps in producing them.
This comprises of manufacturers of cars and car parts, beverages (both alcoholic and non-alcoholic), personal electronics, foods, tobacco, household products, and durables, textiles, and clothes, in addition to toys and games.
Real Estate Industry
This deals with selling of land, properties. This industry deals with that aspect. Real estate deals with infrastructural facilities also like housing.
Services Industry
This industry only deals with performing services to humanities; they are pretty connected to the utility industry. They complete services in order to get money and this will advance the economy of a country.
Hospitality/Tourism
Famous tourism events in the country are the December Carnival in Calabar, Argungu Fishing Event in Kebbi, and Ojude Oba in Ogun State. The area is said to offer about 5-7% Gross Domestic Product (GDP) to the country.
Banking
Banking Industry in Nigeria began during the colonial era with the establishment of Colonial Banks to serve the commercial needs of the Colonial Government.
The banking system in Nigeria is controlled through the Central Bank of Nigeria. This top bank started operation on July 1, 1959.
The banking industry in Nigeria is responsible for holding the monetary assets of individuals and businesses.
Movie Industry
I hope you know the Nollywood is the number 3rd in the world? Year, it sounds unbelievable but it’s the truth and very soon, I will take over the popular holly wood and Bollywood
If you found this article useful and would love to get more updates like this one kindly subscribe below, by entering your email and hit the share button to share with your friends.
CSN Team.
