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Nigeria's fastest-growing sectors revealed

10 March 2016, 19:27Okoro Chinedu

Lagos – Education has emerged the fastest growing sector as the services industries exceeded other sectors in terms of growth in the past year.

This is according to research by a local financial institution, which indicated education had maintained its lead from the third quarter of 2015.

According to First Bank of Nigeria, education was again the leading sector, posting growth of 8,1 percent year-on-year from 8 percent in the third quarter of 2015.

"It has government and private components: the first should benefit from the new administration's spending plans and the second from its position as a core element of household budgets," FBN explained.

It said the fastest growers all belong to the services sector, as in the last quarter of 2015.

Additionally, other services recorded very strong growth of 17 year-on-year, which we exclude from the top five because of its miscellaneous status.

Also read: WTO urged Nigeria to diversify economy

Finance and insurance posted the second highest growth in the period, at 6,4 year-on-year.

The sector provides services for middle income and corporate Nigeria.

The telecommunications sector grew by 4,2 percent.

FBN noted the first quarter of the year is generally the weakest for growth, not least because of delays in approving the budget and therefore in releasing funds for capital investment.

Household spending also dips after the holiday season.

"2016 is unlikely to prove an exception," said FBN. 

- CAJ News

Tags economy

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