Professional Service Industry – Overview
Keyword: Service
In Nigeria, the professional service industry refers to a broad range of economic activities carried out by professionals or professional organisations. Businesses, talents, skills training, business schools, and professional organisations are all included in this broad category. Accounting, advertising, graphic design, and legal assistance are all services provided by professional service businesses. Professional service sectors offer services similar to those supplied by other industries; however, professional services are often highly specialised, necessitating a higher degree of training and experience.
The professional service business is an important economic activity in Nigeria, with professional services being indirectly tied to various sectors of the economy, including manufacturing. Although Nigeria has many professional service providers, the industry has been underestimated and underinvested. This highly dynamic market has a high turnover rate, minimal entry barriers, significant development potential, and a high need for highly trained and educated people.
Contribution to the Economy – GDP
According to a Nigerian Investment Promotion Commission report, services make up 53 per cent of Nigeria’s gross domestic product. Trade (16%), information and communication (12%), real estate (6%), professional, scientific and technical services (4%), and financial and insurance services (3%) are the top contributing services activities. Because most of the population lives in cities, the service industry is heavily concentrated there. Furthermore, the service industry includes traditional professional services and services provided to the general public by hotels, restaurants, banks, insurance firms, and numerous administrative agencies.
Ministry in Charge of Professional Service Industry
Due to the variety of the professional service industry, many ministries and organisations have been entrusted with promoting their operations. The ministries include the Ministry of Industry, Trade and Investment, Ministry of Labour, Ministry of Health, and other regulatory and management agencies such as the Nigerian Society of Engineers, Nigerian Medical Association, Nigerian Bar Association, and others.
Top Leading Professional Service Industries in Nigeria
In Nigeria, all professional service businesses are performing very well. Some people, though, are doing better than others. They’re known as the “hot cake.” Accounting, auditing, and tax services, legal services, fashion design, fitness services, advertising agencies, architectural services, and facilities engineering or maintenance firms are some of these professional businesses. If you already have skills in this industry, this is the time to develop your own services or enhance existing services to make them meet global standards.
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