CONTRIBUTIONS OF SERVICE TO ECONOMIC DEVELOPMENT: THE NIGERIAN EXPERIENCE

Abstract

The paper examines the contributions of service to the development of Nigerian economy for the period between 2002 to 2012. The study utilizes descriptive research to obtain secondary data from the World Bank (Africa Development Indicators [ADI]) for the period under study. The service data were sourced from transport, telecommunication, wholesale and retail trade, hotel and restaurants, post and financial institutions sub-sectors. Findings reveal that of the major contributors to the service output, wholesale and retail trade sub-sector makes the most pronounced contribution to economic development. This is followed by the financial institutions, transport, telecommunication, hotel and restaurants respectively. Descriptive statistical tools like Pie chart, histogram, percentages, tables and graphs are utilized in analyzing the data obtained. Findings also reveal that for the period under review, the contributions of service sector to economic development rises from 20.92percent in 2002 to 34.93percent in 2012. Based on these findings, it is concluded that the service sector contributes significantly to the development of Nigerian economy. In light of the above the study recommended that Government should redi