Fidelity bank banner Bayelsa State banner
Real Estate, ICT fastest growing sectors in Nigeria -- UN

By News Express on 24/07/2015

Share on facebook Yahoo mail icon Gmail icon Share on Google+

Views: 2,209


Real Estate, as well as Information and Communication Technology (ICT) have been identified by the UN as some of the fastest growing sectors in the Nigerian economy.

Head, Poverty and Trade Department, UN Conference on Trade and Development (UNCTAD), Mr. Patrick Osakwe made this known in an interview with the News Agency of Nigeria (NAN) on Thursday in Lagos.

Osakwe said that real estate, as well as information and communication technology; in conjunction with the financial services sector have the capacity to drive economic growth, if well harnessed.

He spoke against the backdrop of the recent Annual Report on African Development by UNCTAD, which has been presented to the public in 15 African countries.

``In Nigeria, the fastest growing sectors would be real estate, as well as Information and Communications technology.

``That is peculiar to Nigeria, among others, and these sectors are suffering from a level of deficit that needs to be addressed, to maximize their potential.

``According to the UNCTAD development report, Africa’s fastest growing services sub-sectors are transport, storage and communications, which grew at 5.8 per cent, while others like hotel, retail and wholesale trade grew at 5.0 per cent.

``The services sector accounted for 50 per cent of the Gross Domestic Product (GDP) growth rate of most African countries.

``The report actually focused on the services sector as an untapped sector, which has contributed immensely to the GDP of most African countries in the last five years,” he said.

NAN reports that a part of the report stated that access to reliable sources of energy is low in Africa, with about 74 per cent of the population without access to electricity.

The report also said that the cost of closing the energy gap would cost up to $93 billion (N18.32 trillion) annually by 2030, which has caused a setback in the growing sectors like real estate and ICT.

NAN reports that real estate experts asserted that the population of people living in the suburbs of major cities like Lagos and Abuja would increase by 50 per cent by 2025.

According to them, the reasons for the population increase was huge rural-urban migration and the poor living conditions like lack of portable water and huge rent expenses. (NAN)

 

 

Source News Express

Posted 24/07/2015 04:51:11 AM

 

Share on facebook Yahoo mail icon Gmail icon Share on Google+


 

CLASSIFIED ADS

 

You may also like...
Buhari hails Super Eagles for thrashing Indomitable Lions...

COAS reiterates Army’s commitment to ending Insurgency by...

Devil incarnate: Lagos businessman ties apprentice for 10...

How Buhari’s policies will affect the economy in...

Buhari’s Agric Agenda: An Introspection

Hezbollah Islamic Resistance Movement accuses US of favouring...

Ambode’s convoy apprehends power-drunk Air Force cadets, rescues...

They are still alive! They are still alive!!...

ICPC advocates special courts for corruption cases

NIMASA DG proffers solution to prostate cancer threat...

U.S. announces $630m aid for Nigeria, 3 other...

1,000 Rivers APC members decamp to PDP

 

Latest News Political godfathers at war BOLA AJIBOLA: Before he bows out 2019: Ambode offered ‘big federal job’ to abandon governorship bid Woman sells baby to raise money for Christmas Delta community petitions Buhari over Army’s refusal to return occupied land Leadership tussle tears Enugu APC apart Disease outbreak looms as floods spread National Assembly passes another amended version of Electoral Act Amendment Bill Buhari, 87 other Presidents to address 73rd Session of United Nations General Assembly Over 100,000 cases pending in Federal High Court, CJ reveals Ohanaeze seeks to promote Igbo language in Lagos 1.3bn people at risk of tuberculosis — WHO

 

Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (394,311 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (375,622 views) Shameless Genevieve Nnaji exposes breasts in public (307,125 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (249,755 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (231,260 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (221,120 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (199,223 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (180,836 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (164,920 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (162,912 views) Lagos plane crash: Journalist releases victims’ names (157,575 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (146,463 views)

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (62) Business & Economy (3,608) Business Verdict (51) Columnists (929) Complaints & Requests (94) Enterprise & Opportunities (207) Entertainment (546) Features (651) Global Business Monitor (299) International (2,407) Interview (164) Live Commentary (28) Love Matters (143) News (38,968) Opinion (1,105) Pidgin (11) Politics (6,626) Religion (866) Sports (1,693) Stock Watch (33) AMA & Al Jazeera Global Update

 

CBN banner

Firstmobile banner

 

 

NEWS EXPRESS TV

I am Imo State's New Governor -- Okorocha's son-in-law Uche Nwosu...

 

APO Group Partner

 

 

CLASSIFIED ADS

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera

Advertisement