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.
Nollywood’s modern journey began in 1992 with Living in Bondage, a low-budget thriller by Kenneth Nnebue that became a massive hit and proved local films could be commercially successful. Its success sparked a wave of direct-to-video films, sold on VHS and later DVDs, outside formal cinema channels. Creators like Amaka Igwe shaped the industry’s early identity, blending storytelling with Nigerian music, language, and culture.
By the 2000s, the industry exploded in volume, becoming the world’s second-largest film producer after only Bollywood. However, it operated informally for years, battling piracy and lacking infrastructure.
Between 2010 to 2019, there was a turning point. With better tech and digital platforms like iROKOtv and Netflix, Nollywood entered a new era of quality, reach, and professionalism. Blockbusters like The Wedding Party, Sugar Rush and King of Boys demonstrated demand for the industry’s creative storytelling.
Today, Nollywood produces over 2,500 films annually and contributes approximately 1.4% to Nigeria’s GDP. PwC’s 2024 Media Outlook estimates the industry generates $9.1 billion annually, supporting over a million jobs.
Its growing influence is also boosting Nigeria’s cinema sector, with revenue expected to rise from $8 million in 2023 to $10 million by 2028, driven by a 4.8% annual growth rate, cinema chain expansions, and rising local interest in theatrical releases.
Despite streaming competition, Nollywood’s cultural and economic footprint keeps expanding across Africa on platforms like YouTube and the global diaspora.
With its foundation rooted in local stories, Nollywood is scaling globally without heavy government backing.
