By Merit Ibe
The Centre for the Promotion of Private Enterprise (CPPE) has remarked that the services sector grew significantly since independence and now contributes over 50 percent of the country’s Gross Domestic Product (GDP).
Founder/CEO of CPPE, Dr Muda Yusuf, who made the remark, noted that the growth was indication of significant structural change that has taken place in the Nigerian economy since independence.
Yusuf said the economy also witnessed impactful private sector footprints in many sectors, especially in the telecommunications and ICT, aviation, transportation, education, health sector, print and electronic media and many more, adding that the contribution of the Nigerian private sector to the economy has grown in leaps and bounds over the years.
He noted that over the past six decades, the Nigerian economy has transformed significantly from a basically agrarian economy to an economy driven largely by services and oil and gas, noting that while the agricultural sector contributed an estimated 60 percent to the country’s GDP in the sixties, its contribution has reduced to about 23 percent presently.
“The Nigerian economy had recorded impressive growth rate over the past decades although with a few instances of sluggish growth. The challenge of creating an inclusive growth trajectory remains a major concern.
“While the economy had experienced some positive growth trend over the past six decades, especially in the oil boom era, the impact of poverty, inequality and job creation has been very minimal.”
This is what is characterised as growth without development.