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Economy, Services

Nigerian economy, formal sector, service economy, traditional healers, services account

Services are a vast, poorly defined part of the Nigerian economy that include most informal and many formal enterprises. In all, services account for about one-third of the GDP. The informal service sector is made of small-scale enterprises that rely on family labor, including traders, hairdressers, entertainers, porters, tailors, auto mechanics, and traditional healers. In larger cities, many of the same services are provided by formal-sector entrepreneurs, who often rely on nonfamily labor. Other businesses, including law offices, banks, and travel agencies, fall exclusively within the formal sector. Tourism in Nigeria is a small part of the service economy; in 2000 the country received 813,000 tourist visits. Most tourists come from neighboring African countries.



Article key phrases:

Nigerian economy, formal sector, service economy, traditional healers, services account, auto mechanics, GDP, porters, tailors, travel agencies, hairdressers, tourists, traders, entertainers, law offices, banks, Tourism, country, businesses

 
 

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