2020 was poor economically for Nigeria and saw it slip into recession during the latter part of the year. The third quarter of 2020 for example saw Nigeria’s GDP shrink by 3.62%. However, 2021 has brought reports of a 0.11% GDP rise in quarter four of 2020 which suggests the latest recession may be over. While this is welcome news, the 7.96% unemployment rate recorded in 2020 is still a worry, as is the countries reliance on a few sectors to generate revenue. For many, the key to making Nigeria recession proof is not only diversifying industry in the country but also investing in recession-proof sectors to stimulate employment.
But which sectors might this be?
Sports betting
Sports betting is big news in many countries globally and brings much need employment in its wake. Nigeria does legally allow people to bet on sports currently to be fair and there are some great sites to sign-up with. These sites are not only simple to use but simple to create an account with – as bet9ja registration shows.
Many people in Nigeria though believe that the Government could do more to attract greater numbers of big-name sportsbooks to open up in the country and bring much needed jobs with them. This seems a sensible option, as people would be employed in a global business not affected by recession or local economic issues within the country.
IT and tech sector
To keep the spectre of recession from appearing every few years, Nigeria must become less reliant on physical products and commodities. One recession-proof industry which many in the country are looking to is IT support services and tech. Both have grown to become key to all businesses globally and are likely to become more crucial in future. If Nigeria can harness its existing tech talent and lead the way in outsourced IT or tech/software development, this would only be a good thing for jobs. With Elon Musk in talks to bring SpaceX’s Starlink satellite to Nigeria, this may already be happening
Healthcare
Healthcare is one of the most recession-proof sectors around and is one that will always play a key role in society. Despite recent improvements, the Nigerian healthcare system certainly does not play the role it could in creating jobs. Many Nigerians believe that the Government should look at investing more into this industry and help to create a huge number of new jobs as a result. The additional bonus is that the healthcare system in the country would improve even more.
Nigeria needs recession-proof sectors to rely on
The simple fact is that Nigeria cannot continue to bounce in and out of recession every few years. It must also quickly solve the unemployment issue in the country and start to facilitate industries which are recession-proof. By doing this, it will become much stronger economically and provide more opportunities to citizens.