CVL ECONOMIC GROWTH SECTOR CELEBRATION SERIES
In our tradition of celebrating leaders and excellence, CVL initiated sector celebrations to acknowledge and appreciate the contributions of key sectors to economic growth in Nigeria. Working with a team of professionals (The Sector Evaluation Committee), CVL honours key individuals and companies based on their contributions to the GDP. The purpose of the sector celebrations is to showcase the contributions of these sectors as an exemplar to other sectors and upcoming professionals or entrepreneurs.
In the past, we have celebrated the following sectors for their valuable role in the economy
- ICT Sector
Nigeria has emerged as Africa’s largest economy, following a recent statistical “rebasing” exercise, with 2013 GDP estimated at US$ 502 billion. The Nigerian economy has continued to grow at a rapid 6-8% per annum (pre-rebasing), driven by growth in agriculture, Information Communications Technology (ICT), Entertainment and services. The emergence of GSM networks in 2001 resulted in faster economic growth in the sector, with multiple GSM providers operating nationally and a subscribership base nearing 80 per 100 persons. From 450, 000 connected lines in 2001 to a mind-blowing 184 million lines as at September 2014. Data from Nigeria’s National Bureau of Statistics (NBS) reveal that the telecoms industry in the country contributed NGN 1.34 million trillion or 8.38% to its GDP in the first quarter of 2015.
- Entertainment Sectors.
In 2013, Robert Orya, managing director, Nigerian Export-Import Bank (NEXIM), said Nollywood ranked third globally in gross earnings. According to him, the revenue the film industry has generated in the last three years was between $300m and $800m. The sector has also attracted foreign collaborations and investors
- Agricultural Sector
Nigeria’s agricultural sector, which comprises crop production, livestock, forestry and fishing contributed 26.63% in real terms to the Nation’s GDP as at the 3rd quarter of 2014 as against 20.89% in 2nd quarter of the same year. We are also aware that Nigeria was declared the biggest economy in Africa and one of the 11 global growth generators last year. (The Economist, April 2014). This rapid growth has been accounted for based on the contributions of key sectors (particularly non-oil sectors) in the economy.
RETAIL TRADE SECTOR (October 11-13, 2016)
By October this year CVL will be celebrating Retail Trade Sector to its contribution to the Nigerian Economy.
Nigeria has attracted investment of about N205.4bn ($1.3bn) into the retail sector in the last two years, according to the former Minister of Industry, Trade and Investment, Mr. Olusegun Aganga, The minister, who noted that the retail sector was a major driver of economic growth, job creation and wealth generation globally, stressed that Nigeria had great opportunities for existing and new investors. “The retail sector is the glue that binds economic activities together, by connecting the final consumers to products from the producers. The impact of retail in Nigeria cannot be over-emphasised because anywhere in the world, it is a major driver of the economy. “Globally, retail trade accounts for 27 per cent of the world’s GDP, which means we have about $19tn of retail sales each year. Retail also employs 17 per cent of the global workforce, which is about 800 million people.” In the United States alone, the minister said one in every 10 people was working in the retail sector. He added, “Nigeria is a retailer’s delight. With a population of 167 million people (the seventh largest in the world), consumer spending well in excess of $100bn a year, and a fast growing middle class, this is definitely the most promising market on the continent. In addition, over 80 million Nigerians live in metropolitan areas, creating huge opportunities for formal retail to thrive. The third largest contributor to GDP, the Nigerian retail market is experiencing burgeoning growth, steadily evolving from a large-scale informal sector toward formal spaces, encouraged by state government in an effort not only to provide better living conditions and quality of life for citizens but also to improve the standard of products and diversify the economy.