Will Nigeria’s services sector continue to retain top spot?

Nigeria's services sector continues to play a vital role in the country's Gross Domestic Product (GDP), as data from the National Bureau of Statistics reveals the significant contributions of activities such as crop production, trade, telecommunication, and information services. However, there is a growing need for the government to implement strategic reforms to revitalize key sectors of the economy and address challenges affecting consumption levels. Emmanuel Onasami, Lead Partner at Cardinal Professional Services, shared insights on these pressing issues in a recent interview with CNBC Africa. As Nigeria grapples with declining middle-class income, rising inflation, and limited spending power, the government's Accelerated Stabilisation and Advancement Plan aims to boost productive sectors and stimulate economic growth. By focusing on key sectors like energy, health, and agriculture, the government aims to address barriers to entry and enhance the overall economic landscape. With the newly unveiled implementation committee for the plan, there is hope for a more sustainable and inclusive economic recovery in Nigeria. Onasami highlighted the importance of supporting the productive sector to reduce production costs and increase consumer spending. By providing relief and concessionary access to resources, the government can create a conducive environment for businesses to thrive and contribute to economic growth. The interview shed light on the urgency of addressing economic challenges and implementing effective strategies to enhance Nigeria's economic resilience and sustainability.