Expert forecasts 63% growth in the service sector’s GDP contribution in 2025

Dr. Alban Igwe, a logistics expert and former Vice President of the Chartered Institute of Logistics and Transport, has predicted a 63% growth in Nigeria’s service sector contribution to GDP by 2025. Speaking at the 2024 Nigeria Supply Chain Leadership Summit in Lagos, he highlighted the sector’s Q2 2024 contribution of 58.76% to GDP, alongside a 3.79% growth rate. Globally, the service sector accounts for 67% of GDP and 50% of jobs, underscoring its economic significance.

Africa’s service economy is led by South Africa with a $214.9 billion GDP contribution, followed by Nigeria at $209.7 billion. Dr. Igwe emphasized that Nigeria’s growth would hinge on efficient supply chain management, robust infrastructure, and streamlined trade procedures. He noted that the Gross World Product is expected to rise significantly, creating opportunities for Nigeria to align with global economic trends.

To maximize growth, Igwe advocated for customs modernization, trade capacity enhancement, and technology-driven solutions such as an AI-powered single-window trade system. By adopting these measures, Nigeria could improve efficiency, transparency, and global competitiveness, driving sustained service sector expansion.