Trade & Investment
Nigeria is one of the most open services markets in Africa, with an overall rated score of 27.1 (virtually open) on the Services Trade Restrictions Index (STRI) published by the World Bank. The Nigerian services sector has remained resilient in the face of hard-hitting economic circumstances. The strength of the sector has hinged on its consumer-facing nature which has seen it grow into a significant economic force. Over the last decade, the sector has met pent-up consumer demand and served a fast-growing middle class. Buoyed by government policies and increased private investments, growth in the sector has driven the diversification of the economy. Services currently accounts for 53% of the Nigeria’s gross domestic product (GDP). The top contributory services activities are trade (16%), information and communication (12%); real estate (6%); professional, scientific and technical services (4%), and financial and insurance (3%). Foreign investors have ample opportunity to invest the capitals and add value to them.