Author: Kingsley Mayor Omenaiko
Over the years, Nigeria has continued to be a business and investment hub in Western Africa. By virtue of her enormous natural resources, it has created a space in the minds of many.
Therefore, as a developing Country, there are lots of sectors that generate lots of profit to an ordinary business man. it is possible to get a good salary in any sector. But some industries offer lucrative salary and exceptional benefits more than others.
Industries are ranked based on workers’ reviews, corporate cultures, conducive workplaces, work-life balance, and excellent salary structures and benefits.
In this article, you will discover what the biggest employing industries in Nigeria are,. And what future job opportunities you can have in these industries if you study certain courses in the university or acquire certain skills.
List of largest and lucrative industries in Nigeria
Certain skills and qualifications are needed in order to gain employment in these industries that I am about to reveal to you. So with that being said, let me list out the industries
1) Banking industry
The banking industry in Nigeria is quite a successful one. Before I continue, I would like to succinctly define banking.
Banking is the business activity of accepting deposits, issuing loans, and providing financial transactions to individuals and entities.
Irrespective of the current economic challenges been experienced in Nigeria, the banking sector remains one of her Successful industries.
Thus, if you are interested in money management and have an understanding of financial transaction processes, then choosing a career in banking could be a smart move.
Being one of the biggest employers of labour in the country, a lot of Nigerian graduates take up jobs in the banking sector.
Most bankers in Nigeria have at least a bachelor’s degree in a related field.
2) Oil and Gas industry
This is also known as the petroleum industry,. The oil and gas industry involves the processes of exploring and, extracting hydrocarbons, and refining and selling them as petroleum products.
It accounts for almost 70% of total revenue to the government,. The oil and gas industry is one of the best and most sought-after employment sectors in Nigeria.
Nigeria is estimated to have almost 40 billion barrels of proven oil reserves. And also the largest producer of oil in West Africa.
The Nigerian oil and gas industry is a big sector that offers interesting career opportunities for both technical and non-technical professionals.
Some of the diverse career paths that can be found in the petroleum industry include:
- Drilling engineering
- Energy engineering
- Petroleum engineering
- Mud logging
- Petroleum economics, etc.
Some of the biggest players and employers of labor in the Nigerian oil and gas industry include:
- Exxon Mobil
- Nigerian Agip Oil Company Limited
- Total, etc.
3) HealthCare Industry
Healthcare is the practice of providing organised medical care to improve the well-being of individuals or a community.
The healthcare sector is one of the fastest-growing industries in Nigeria. According to the World Health Organisation (WHO),the Nigerian state has one of the largest human resources for health in Africa.
Roles that are in demand in the Nigerian healthcare sector span a variety of fields.
Regardless of where your professional strength lies, you can put your skills to good use in the healthcare sector.
Nigerians aspire to launch their successful careers in the lucrative healthcare sector.
From blue-collar professional roles to administrative roles, to white-collar professionals like doctors and nurses, skilled talents are in high demand in the Nigerian healthcare sector
4) Agriculture Industry
Agriculture is the Science or art of cultivating crops and rearing of animals for the overall benefit of man.
According to a World Bank survey, the agriculture sector is the largest employer of labor and income-generating activity in Nigeria.
The majority of people in the Nigerian state who practices Agriculture mainly produce and process cash crops such as:
- Palm oil
They equally raise animals like cattle, sheep, goats, pigs, and fish for their commercial values.
Nigeria being highly dependent on its oil and gas industry. Agriculture still generates a significant portion of its revenue. It provides 25% of its gross domestic product (GDP) and accounting for about 70% of its labor force.
Agriculture is an important contributor to the lives of all Nigerians. It feeds them and helps grow the economy.
A career in agriculture and farm jobs in Nigeria are both fulfilling and very lucrative.
Working conditions in the Nigerian agriculture industry can varies. From being in a farm growing crops commercially or subsistently to working as an agricultural engineer or extension officer for equipment, machinery and consultation.
5) Information and Communication Technology (ICT) Industry
ICT involves using devices, networking infrastructure and components, software applications, and systems to interact digitally.
ICT professionals support, design, and create electronic information systems using the Internet, wireless networks, cell phones, and other mediums.
The ICT sector also remains one of the fastest-growing in Nigeria and professionals of all stripes are hired all the time.
As an important non-oil economic growth driver, the ICT sector contributed 13.04% to Nigeria’s gross domestic product (GDP) in 2019. The digital world in Nigeria is an evolving sector that has empowered a lot of citizens.
Airtel, Globacom, 9mobile, and MTN are some of the top telecommunications companies in Nigeria.
As digital technology continues to outdate the traditional ways business of doing business in Nigeria. Career opportunities abound in the sector for professionals in a wide variety of fields within the industry.
Some of the top careers that are most in-demand within the Nigerian ICT industry include:
- Software engineering
- Telecommunications engineering
- Network engineering
- Project management
- Sales representatives
- Customer care representatives
- Web developers,etc.
6) Utility Industry
The utility industry responsible for providing basic services and maintains infrastructures for economic and social growth. The utility industry in Nigeria encompasses companies that generate and distribute electricity and water. It has exhibited moderate and largely steady growth in the last 6 years.
The dominant force in the utility industry is the power sector. It currently generates just above 12,500 MW of electricity to power the nation’s economy. Electricity demand in Nigeria has increased organically due to the increasing population and industrialisation.
Even though the Nigerian power sector is underperforming, it currently employs thousands of people. Making it one of the biggest employers of labor in Nigeria.
The state water corporations also employ thousands of people. There are rooms for electrical engineers, technicians, human resource experts, accountants, and much more in this sector.
7) Real Estate Industry
Real estate is an entity consisting of lands and buildings. The real estate sector is the 5th biggest contributor to Nigeria’s gross domestic product (GDP) and one of the largest employers of labor in the country.
The real estate market contributed about 6.4% percent of the nation’s GDP in the second quarter of 2019.
Over the years the real estate sector in Nigeria has struggled to maintain steady growth despite its immense potentials.
The real estate sector offers different ways to make money and a wide variety of career paths including
- Real estate management
- Property management
- Land acquisition
- Real estate legal services
- Construction, etc.
The Nigerian real estate market is expanding fast. Due to its versatility, there are many options for individuals to have great careers and businesses to make profits.
8) Entertainment Industry
Entertainment involves creating activities that provide amusement and give pleasure. It is mainly composed of movies, comedy and music in Nigeria.
The entertainment industry in Nigeria has blossomed over the last few years and enjoyed impressive global recognition.
The Nigerian Film Industry (Nollywood), the major player in the entertainment sector is globally recognised as the second largest film producer in the world.
The entertainment Industry through the works of Nollywood is one of the key drivers of Nigeria’s economic growth. It contributes about 1% to Nigeria’s Gross Domestic Product (GDP) annually.
The multilingual nature of Nigeria is one of the reasons for the massive success of the entertainment industry. As films are acted and produced in English, Igbo, Yoruba, Hausa, and other local languages.
With more than 1 million people currently employed in it, the entertainment industry is rated the second largest employer of labor in Nigeria after agriculture.
Most of the actors, producers, and directors earn payout and salaries that are much higher than the national average.
These are the current booming industries and employer of labour in the Nigerian state.
In as much as the global pandemic has affected the economy of Nigeria as seen in other countries. It remains a great force to be reckoned with and a destination to many in terms of investment.