Oil & gas industry is a major industry in the Nigerian economy. Other sectors like banking, aviation, agriculture and health are also very key in Nigeria of today. Nigeria’s economy is the biggest in Africa. Nigeria is Africa’s leading oil producer beating North African countries like Libya and Morocco where oil can also be found. Nigeria belongs to some notable international organizations like the African Union, the United Nations, OPEC and even the Commonwealth of Nations. All these bodies help foster unity, inter-dependence and establish trade and boost the important industries in the country.

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Here are details of the top 10 major industries of the Nigerian economy that contributes greatly to her GDP.

1. Banking Industry

The banking industry in Nigeria plays a very significant role in the economic development of the country. This industry plays a vital role in the economic development of Nigeria by mobilizing savings and channeling them for investment. Today, operations in the banking industry are controlled and regulated by the Central Bank of Nigeria (CBN) which is headed by the CBN governor.

Banks are traditionally financial institutions where people save or keep their valuables. Today, top banks in the country are more involved in investing monies, assets to generate more revenue and interest. Nigerian banks also help in boosting the economic development of the country. The banking industry is one important sector where financial transaction is carried out to facilitate local and international trade.

2. Agricultural Industry

This is one main sector of the Nigerian economy that has been underrated for long. It used to be the major economy of Nigeria before the oil boom. Research shows that agricultural farm produce in Nigeria has greatly improved over the years, outranking other African countries as one of the major producers of food in the continent and 6th worldwide.

The closure of the country borders has led to an increase in homegrown crops with many farmers now actively producing highly demanded cereal such as rice.

Major agricultural products in Nigeria exported overseas that helps generate revenue for the country include cocoa,  corn, cassava, millet, groundnuts, palm oil, rice, sorghum, and yams. All these farm produce grow in different regions of the country due to the different types of soil and favourable weather in the country.

The agricultural industry boomed during the 1970s. During this time, cocoa was the main foreign exchange earner for the country which helped improved other sectors of the Nigerian economy like the educational sector where scholarships where given out freely.

Even though Nigeria is more dependent on crude oil than agro-industry, agriculture is popular in the rural parts of the country. The Northern part of Nigeria, for example, are involved in cultivating onion, cotton, tomato, rice, sorghum and cassava while the Southern region which is less populated produces more of fisheries, livestock, oil palm, etc.

3. Construction Industry

Top firms like Julius Berger, Dormalong, RCC and others all operating within the country are under this industry. These companies help in building structures around the country. Structures like bridges, hospitals, road, buildings, houses, companies, stadiums, etc.

Here are some of the largest construction projects currently ongoing in Nigeria.

• Centenary City: Estimated to cost $18 billion.
• Dangote Refinery: It is expected to be Africa’s biggest oil refinery and the world’s biggest single-train facility, upon completion in 2020.
• Olokola Deapsea Port: It is expected to cost $12 billion and will directly or indirectly create over one million jobs in Nigeria.
• Port of Onne Complex: The port is expected to cost $2.7 billion to construct.
• Lagos – Badagry Expressway Expansion Project: The expressway connects Lagos, Nigeria with Dakar, Senegal. Construction work is expected to cost $1.9 billion.
• Lagos – Ibadan Railway Modernisation Project: Set to cost $1.5 billion, the Lagos – Ibadan Railway Modernisation Project is among the largest construction projects in Nigeria.

4. Consumer Goods Industry

Consumer goods is a major industry in the Nigerian economy responsible for the manufacturing of products used by consumers.

Under this sector, manufacturing companies, pharmaceutical companies that produce beauty products, dishes, bulbs, batteries, beverages, medicines fall under this category.

5. Healthcare Industry

In the health sector, there are registered companies that offer healthcare services all over the nation. Medical services ranging from dental care, eye treatment, medical checkups, x-ray services etc are just a few of the services provided by these firms

The pharmaceutical industry is also part of the healthcare sector as they are responsible for supplying drugs as prescribed by doctors to patients.

Under the health sector, there are privately owned hospitals and government-owned hospitals that offer medical laboratory services cum health services at affordable prices within the healthcare industry.

6. ICT Sector

Thanks to the ICT industry, Nigerians now use mobile phones, laptops, desktops and even have access to the international network (internet). The telecommunications sector is dominated by companies like MTN, GLO, Airtel and 9mobile. These firms allow its users to make calls and use data services to browse the internet which enables users to connect with other people across the world.

Nigeria is blessed with software developers who can develop software applications that are addressing socio-economic challenges within and outside the country. An example is Remita, which was developed by SystemSpecs that has helped the Nigerian government to consolidate and monitor its account with Nigerian banks.

The ICT sector has also helped many Nigerian businesses go digital. Companies are now raking more in profit because they moved digital at a lower cost than before.

7. Oil and Gas Industry

This is the most important Industry in Nigeria today that generates about 80% of the country’s revenue. Since crude oil was founded in 1958 at Oloibiri, the oil and gas sector has been the main source of the country’s wealth with Nigeria heavily dependent on this sector.

This dependence on oil has caused the economy of the country to decline in recent times. Government has been trying to diversify the economy and possibly revive other sectors in the Nigerian economy.