Nigeria’s Minister of Industry, Trade and Investment, Dr. Olajumoke Oduwole, has credited the private sector for positioning the country as a continental leader in technology-enabled services, with government policy now stepping in to scale the momentum.
Speaking to Arise News, Dr. Oduwole said services now account for over 53 per cent of Nigeria’s GDP, with fintech, financial services, and other technology-driven industries dominating regional markets. She described these sectors as “low-hanging fruit” for job creation and global competitiveness while infrastructure gaps are addressed.
Private Sector Leads, Policy Follows
Nigeria’s fintech sector, already recognised by the African Union for its impact, has achieved global visibility through private-sector innovation. “The private sector led the way… we as government are coming behind them to try to support them,” she said.
Dr. Oduwole highlighted that President Bola Tinubu has made the sector a priority, recognising its potential to create jobs and position Nigerian youth competitively on the global stage. She noted that the President received a personal commendation from his African Union peers for the administration’s enabling policies in this space.
Why Services Hold the Advantage
Dr. Oduwole linked Nigeria’s advantage to the global economic shift toward services. She noted that services require less infrastructure investment than manufacturing or heavy industry, allowing entrepreneurs to scale faster. By layering technology over traditional service sectors, from tourism to back-office outsourcing. Nigerian businesses have created profitable pathways despite logistical and energy constraints.
Training for the Next Growth Wave
The Ministry recently partnered with the World Trade Organization’s International Trade Centre to host its first dedicated services training for 60 members of the national tech and services ecosystem. The aim is to deepen sector capabilities and expand Nigeria’s role in regional and global service exports.
Editor’s Note
As infrastructure investments progress, the service economy is likely to remain Nigeria’s fastest-growing segment. With private innovation setting the pace and government policy aligning behind it, the country could consolidate its position as Africa’s hub for technology-enabled services, exporting not just products, but skills and expertise.
