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Service sector potentials in the transformation of the Nigerian economy

Modinat Olusoji () and Anthonia Odeleye
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Modinat Olusoji: Management Department, Centre for Management Development, Lagos, Nigeria.
Anthonia Odeleye: Department of Economics, University of Lagos, Nigeria.

BizEcons Quarterly, 2018, vol. 2, 24-35

Abstract: This paper focuses on sectoral contributions to economic growth in Nigeria using quarterly data from 1981 to 2015. Multiple regression analysis is employed to examine the relationship between the Gross Domestic Product (GDP) and some of its non-oil components (agriculture, non-oil manufacturing and services). The results of the analysis indicate that agricultural sector is the highest contributor to GDP followed by the service sector during the pre-rebasing period (1981-2013) but the results differ slightly when the period is extended to cover post-rebasing period (1981-2015). The extension of estimation to post-rebasing period shows an increase in the service sector’s contribution to GDP, which is an indication that the service sector has potentials to contribute immensely to GDP if more attention is given to it. It is suggested that more attention be focused on investment in the service sector to boost the growth of GDP.

Keywords: Service sector; GDP; Rebasing; Diversification (search for similar items in EconPapers)
JEL-codes: O14 O30 (search for similar items in EconPapers)
Date: 2018
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