For an economy serving over 200 million people and valued at N78.37 trillion, government policies, laws, and regulations play a powerful role in shaping outcomes.
Yet, Nigeria is proof that some of the most dynamic shifts in its economy are happening outside formal policy direction.
In recent years, the private sector has powered more than half of Nigeria’s growth, even as the state struggles to keep pace with industries being rapidly transformed by technology, youth-driven innovation, and informal enterprise.
The country’s economy has moved beyond oil. Agriculture still employs the most people and contributes about 25% to GDP.
Services, particularly telecoms, finance, and trade, now account for over 55%, while industry, including oil and gas, makes up just 20%.
Nigeria’s 3.4% GDP growth in 2024 was largely driven by these non-oil sectors, and that momentum is expected to continue in 2025.
But behind the official stats lies an untold story. A new generation of industry creators, digital entrepreneurs, crypto traders, and wellness startups is booming, yet remains undercounted and underserved. Most operate informally, without government incentives or tailored policies, yet they are creating jobs, building wealth, and reshaping the economy.
This list highlights 10 of those sectors: fast-growing industries that are thriving in spite of, not because of, government support. Together, they reveal the hidden drivers and missed opportunities of Nigeria’s economic future.
The Nigerian crypto industry has faced a lot of resistance from the government through policies and regulatory warnings. But like the proverbial forbidden fruit, millions of Nigerians still latch on to this growing opportunity.
It is no wonder the country sits atop the industry as the biggest driver of adoption on the continent. In fact, Nairametrics reported that between July 2023 and June 2024, Nigeria’s crypto transactions hit a whopping $59 billion. This is deep rooted demand for alternative financial tools in a country with inflation, naira devaluation, among other things.
Yet to get a grasp of Nigeria’s crypto obsession, let’s flash back to the early 2010s when Bitcoin entered the local tech and online payment space.
Initially adopted by freelancers and digital entrepreneurs for cross border payments, it spread to the youth, early adopters and those excluded from mainstream finance. Peer-to-peer platforms like Paxful and LocalBitcoins became popular, especially during periods when banks restricted forex or capital controls tightened.
By the mid-2010s, crypto had become a full-blown movement. Nigerian developers started building platforms like BuyCoins, Quidax and Bundle, while influencers and online communities fueled public education and adoption.
- Even government crackdowns like the 2021 Central Bank of Nigeria (CBN) directive stopping banks from dealing in crypto only pushed the demand further underground, making Nigeria the number one in peer to peer trading volumes worldwide.
- Moreover, Nigeria leads the world in crypto ownership, with 73% of Nigerians owning crypto assets, according to ConsenSys’ second annual Global Survey the highest percentage globally, surpassing South Africa’s 68% and the Philippines’ 54%.
- This widespread adoption is partly driven by Nigerians living abroad who use cryptocurrencies to send money home, bypassing the high fees and delays associated with traditional remittance channels.
Although efforts to create clearer, balanced regulations are underway. The Securities and Exchange Commission (SEC) noted that Nigeria’s cryptocurrency market will hit $52.5 million in 2028. The country’s crypto market in late 2024 was estimated to be worth over $400 million, with about 33% of Nigerians reported to own or use cryptocurrencies.
Now that these industries have proven their worth in building audiences, revenues, and reputations without much state support, the government is finally beginning to pay attention.
Nollywood, long operating in the shadows of informality and piracy, now has access to a N5 billion Creative Industry Financing Initiative from the Bank of Industry and CBN. In the tech ecosystem, the Nigerian Startup Act, signed into law in 2022, signaled a strategic pivot acknowledging startups as essential to Nigeria’s economic future. The 3 Million Technical Talent (3MTT) initiative further shows that shift, aiming to build a digitally skilled workforce ready to support Nigeria’s next generation of unicorns.
If these sectors could rise with little to no support, imagine how far they could go with sustained investment, policy protection, and smart infrastructure.
