The Nigerian economy has changed drastically from the '90s compared to the millennial. The economy has shifted mainly from industrial activities to major services activities now due to the income rise which adjusts the pattern of demand.
In the 90s, the industrial sector was said to contribute the most to the Nigerian economy with 51.94% of 21.46 billion naira of the real GDP. The industrial sector maintained its leadership, though saw a minimal decrease in percentage contribution to the real GDP with a share of 43.56% of the 25.16 billion naira made.
However, there was a significant shift from the industrial sector to the services sector during the half years of the 21st century till now. The services sector witnessed rapid growth which increase the sector's GDP contribution to about 50.79% out of 54.61 billion naira in 2010.
As of 2022, the services sector maintained its growth and made the most contribution to GDP alongside the agricultural sector which also witnessed and overtake the industrial sector with 55.40% and 25.58% respectively.
What is Driving the Decline of Industry in Nigeria?
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