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Opportunities in different sectors in the nigerian economy
1. OPPORTUNITIES IN DIFFERENT SECTORS IN THE NIGERIAN ECONOMY
Presented by angela ihunweze(mrs)
Ceo angela itambo company
startbusiness101@gmail.Com
08033280453
2. FACTS ABOUT NIGERIA
Nigeria is the most populous black nation with over 174million people 37
million households
A significant 11 to18 percent of urban households – numbering over 2
million –have purchasing power and annual incomes over $10,000,
which puts them in the modest affluent class. Half of the country’s
growth in wealth will come from these households.
Over 90% have discretionary income
Over 30% of population unemployed
Real GDP (2005 based) is growing at an accelerated rate of 7 percent
(compound annual growth rate) and is expected to hit $294 billion by
2020 , up from $178 billion in 2012. This compares to a growth rate of just
4 percent in South Africa.
the emerging middle class – there is also considerable growth. Nigerian
households with incomes of more than $5,000 a year will increase from
a current 20 percent of the population to 27 percent by 2020.
3. FACTS ABOUT NIGERIA part 2
Nigeria’s rate of urbanization is one of the fastest in the world, with
almost half of the population living in urban areas in 2011 and an
ongoing urbanization rate of 4 percent a year. Eight Nigerian cities
containing 16 percent of the nation’s population will drive 36
percent of its growth, as per capita consumption in large cities is
much higher than in Nigeria as a whole
4. FACTS ABOUT LAGOS STATE
Lagos has a population over 20million
The World Economic Forum (WEF) says Lagos is the fastest-growing
city in the world, with a growth of 85 people per hour.
GDP is estimated to be $136.6bn.
According to published data; the state generates the largest
amount of waste in the country, which is about 11,000 metric tonnes
daily, adding that 60 per cent of the waste Lagos remains
uncollected and is estimated to provide 500,000 jobs
Consumer online expenditure is projected to be $297m by 2018;
which would be twice its current size. Wholesale and retail is one out
of the seven sectors that emerged as a major driver of Lagos
economy, contributing over eight per cent to its GDP. Consumer
spending is projected to exceed $45.6bn by 2030.
5. FACTS ABOUT LAGOS part 2
Lagos residents spends over N3billion daily on food
the rate of waste generated by residents has hit 13,000 metric tonnes on a daily
Housing demand estimate in Lagos state is roughly 4.4 million units, the
estimated current supply of housing in the state is 1,417,588 units, and the
estimated gap between housing demand and supply for Lagos state is roughly
3 million units.
The state has the following public schools:
1. A total of 1001-primary schools
2. 339 Junior Secondary Schools
3. 319 Senior Secondary Schools
6. PROFITABLE SECTORS TO INVEST
Agricultural sector: With the ever increasing population, there is a
consensus that the agricultural sector is a viable sector to invest.
The sector is categorized into the following:
Crop production: Nigeria has over 930 thousand hectares of arable
land spread across 36 states. And it can produce major crops and
minor crops . Major crops such as , BEANS, CASSAVA, MAIZE, YAMS
,TOMATOES,VEGETABLES essential food stuffs for making our daily
meals.
Animal rearing: rearing of animals for their meat, Poultry, cattle and
goat ranch, pigs, rabbit, grass cutter, cat fish
Food processing and production(processing of cassava to garri,
starch, flour, processing of plantain to plantain flour, chips e.t.c fruit
juice production
8. CONSTRUCTION SECTOR
The Nigerian real estate market at N6.4 trillion ($41.2 billion), with the
Lagos sub-segment accounting for at least 40 per cent of the total
market.
Growth, it added, continues to be driven largely by new to market
residential and commercial properties in Lagos, Abuja and Port
Harcourt.Nigeria's construction and real estate sectors are growing at
more than 10 and 12 percent respectively.Deficit in housing units in
Nigeria and failure of government to address these challenge is an
excellent opportunity.
Opportunities
Especially the provision of affordable housing, 1 bedroom self
contained to 2 bedroom self contained
Construction of halls for events
Construction of public toliets
Block making production
Sale of building materials
9. Educational sector
Demographics of Nigerians are as follows:
1. 0-14 years: 42.79% (male 40,744,956/female 38,870,303)
15-24 years: 19.48% (male 18,514,466/female 17,729,351)
2. These group needs basic education from early education to
tertiary education
3. Youth illiteracy of Nigeria increased from 5.19 million number in
1991 to 9.43 million number in 2015 growing at an average annual
rate of 24.32 %.
4. Youth female illiteracy of Nigeria fell gradually from 66.1 % in 1991
to 62.1 % in 2015(However the rate is high)
5. Mass failure in WAEC and Jamb
6. A larger population unable to afford private schools due to
decadence in the public education system
10. Education sector
According to published report Internet penetration in Nigeria has
increased to 53 per cent, which is the highest in Africa. Also, mobile
subscription in the country has increased to 81 per cent, similar to
Africa
Opportunities
On-line school
Tutorial centers
Low cost schools from early to post secondary school
Vocational centers
Adult literacy schools
11. INFORMATION TECHNOLOGY
Nigeria, with a population of over 186 million people, has been
ranked as the number one African country with the highest number
of internet users, with over 97.2 million users
This translates to 63% of the population subscribes to mobile
telephony. Approximately 48% has internet access, which is primarily
via mobile devices
1. Computer programming, consulting and related services
2. Information services
3. Telecommunication
4. Production of computer, optical, electronic products
12. FASHION AND LIFESTYLE
Global apparel market will grow to 2.10 trillion dollars by 2025
irrespective of the global slow down
The Nigerian Textile Manufacturers Association of Nigeria (NTMA) has
revealed that Nigerians spend N1.29 trillion annually importing
textiles and readymade clothing.
According to the Fashion designers association of Nigeria(FADAN)
the nation’s fashion industry is worth about 10 billion dollars
Opportunities
1. Production of textile
2. Production of apparel
13. MANUFACTURING
Manufacturing especially
1. in the production of table water, it is estimated that with over170 million
people we donot have enough to meet the demand. In addition
2. Industries in agro and agro-allied sub-sectors including fruit and vegetable
processors, cereal milling, feed mills and vegetable oil processing.
3. Industries which support food production programmes
4. local manufacture of chemicals,
5. equipment and light commercial vehicles in particular, and
6. chemical as well as petrochemical based manufacturing industries
7. Production of leather and related products
8. Production of wood and cork related products
9. Production of furniture
10. Production of fabricated metal products
11. Production of plastic and rubber related products
12. Production pr paper and paper products
14. RETAIL
The growth of online retailing is also on the rise and offering new sales
avenues for fashion and other consumer goods. With 56 million internet
subscribers and 120 million active cell phone lines in September 2013, e-
commerce has witnessed an impressive growth in Nigeria over the past few
years, and will continue to grow as infrastructure and confidence in online
retail both grow.
Supermarket
Discount chain
Whole chain
Gift shop
Bukateria
Boutique