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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.
10. Online Content Creators (Influencers)
Nigeria’s online content creation industry has grown into a multi-million-dollar ecosystem powered by youth, smartphones, and the internet with little to no government intervention.
From skit makers and YouTubers to Instagram influencers and TikTok stars, creators are shaping pop culture, marketing trends, and brand engagement across Africa and the diaspora.
- This boom took off in the late 2010s as mobile internet became more accessible and social media usage exploded. Creators like Taaooma, Mr Macaroni, and Kiekie built massive followings with relatable comedy, commentary, and lifestyle content.
- Today, Nigerian digital creators earn from brand deals, YouTube monetization, affiliate marketing, and direct fan contributions through platforms like TikTok and Patreon.
- Already, Africa’s digital creator economy is valued at approximately $3.08 billion in 2023, it is projected to grow to $17.84 billion by 2030, with a projected annual growth rate of 28.5%.
This self-made industry is not only generating employment but also shaping the country’s global image. With rising demand for African stories and personalities online, Nigeria’s content creators continue to thrive, proving that innovation, creativity, and audience connection can fuel sustainable success without formal government involvement.
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.
Afrobeats, a modern evolution of the Afrobeat genre pioneered by Fela Kuti, has grown into one of Nigeria’s most influential cultural exports. Fela used Afrobeat in the 1970s and 80s as a tool for political resistance, boldly criticizing corruption, dictatorship, and social injustice through his music. His legacy of using rhythm for resistance laid the groundwork for what would become a global musical force.
The 2000s saw artists like D’banj, 2Baba, and Banky W blending traditional rhythms with hip-hop, dancehall, and R&B to birth the Afrobeats wave. Powered by social media, YouTube, and music streaming platforms, Nigerian artists like Burna Boy, Davido, Wizkid and Tems have gone on to win globally recognized awards, headline international festivals, and collaborate with global superstars.
By 2023, streaming platforms responded to rising global demand, paying Nigerian musicians N25 billion. In 2024, Spotify alone paid over N58 billion in royalties to Nigerian artists, up from N11 billion in 2022. Today, Afrobeats contributes over $2 billion to the global music industry.
The genre, once rooted in rebellion, now moves global pop culture while spotlighting Africa’s creative economy. Its rise has occurred with minimal government intervention, driven by grassroots talent, diaspora demand, and digital innovation.
Nigeria’s startup ecosystem has emerged as one of Africa’s most vibrant, raising $3.77 billion between 2021 and 2025, according to data checks by Nairametrics. Driven by youth innovation, digital adoption, and foreign rising investor confidence, Nigeria now leads Africa in startup investment, especially in fintech, healthtech, edtech, and logistics.
This explosion began in earnest around the mid-2010s, following the success of mobile money platforms and payment processors like Interswitch and Paystack. Landmark acquisitions, such as Stripe’s $200 million purchase of Paystack in 2020, established Nigeria’s place on the global venture capital map. Lagos, dubbed “Africa’s Silicon Valley,” is home to most of the country’s top-performing startups, including Flutterwave, Moove, and PiggyVest.
Despite infrastructure challenges, high inflation, and limited public sector involvement, Nigerian founders have built resilient tech businesses by solving everyday problems with scalable solutions from payment access to last-mile delivery. This private sector-led growth has created thousands of jobs, improved service delivery, and broadened financial inclusion.
Backed by a young, tech-savvy population and increasing diaspora involvement, Nigeria’s startup ecosystem continues to expand, proving that innovation and capital can thrive even in the absence of major government intervention.
The ride-hailing industry in Nigeria has become a billion-dollar lifeline for thousands of drivers and passengers, but not without its hiccups. As of 2024, the market generated $1.3 billion and is expected to hit $2.1 billion by 2028, according to the Nigerian Customer Service Index (NCSI). But this growth has been driven more by hustle than policy.
It all started in 2014 when Uber came to Lagos, a city that had long been defined by its yellow taxis and the infamous danfo buses. Uber’s clean interface and card payment options caught the attention of the middle class and youth population. Soon after, others like Bolt (formerly Taxify), EasyTaxi, OgaTaxi and later InDriver joined the party, offering lower fares, local language support and cash payment options to Nigerian commuters.
- Despite the influx of foreign players, local companies tried to get a piece of the action. Homegrown platforms like Oga Taxi launched in the same year as Uber and were celebrated as Nigeria’s answer to Silicon Valley’s ride-hailing boom.
- But the party soon ended. OgaTaxi, like many others, after struggling with limited funding, poor infrastructure and an uneven regulatory playing field, were consumed by macroeconomic shocks.
- According to the Amalgamated Union of App-Based Transporters of Nigeria (AUATON), over 2,500 ride-hailing apps, mostly Nigerian-built, have tried to enter the market since 2014.
But in an industry dominated by global players with deep pockets and advanced tech, local startups found it almost impossible to survive the ride. And yet, the industry persists.
Operating in an informal economy, ride-hailing has become a convenience for passengers and a means of livelihood for thousands of Nigerians. But it hasn’t been easy. The 2023 fuel subsidy removal sent petrol prices up by over 400%, reducing drivers’ take-home pay and sparking protests. Inconsistent regulations across states, arbitrary taxes and city-specific licenses have made it tough.
But drivers and platforms have shown resilience and flexibility. Uber and Bolt have gone into delivery services to make up for reduced passenger numbers. Bolt launched Bolt Food in Lagos.
Drivers have also adapted by working on multiple platforms. Some prefer Bolt for higher fares, others InDrive for fare negotiations, though this sometimes means lower payouts. Others go for offline bookings to avoid app commissions altogether.
This is an industry that holds promise, yet the size of the industry remains hard to quantify due to its discreet nature. It is estimated that acquiring citizenship through these programs typically costs around $100,000. Industry insiders suggest some firms facilitate as many as 10 successful applications per month.
Beyond outright citizenship, the sector also includes a growing market for permanent residency options abroad. Nigeria can further tap into the booming $25 billion global industry, allowing individuals to acquire citizenship or residency through significant financial investments.
Significant legislative progress has been made toward establishing one. In March 2025, Nigeria’s House of Representatives passed a constitutional amendment bill for citizenship by investment on its second reading, marking a pivotal step toward creating such a program.
Over half of the world’s countries now offer such pathways, with costs ranging from $230,000 in Antigua and Barbuda to multimillion-dollar investments in the UK and the US.
If successfully implemented, Nigeria’s CBI program could attract substantial foreign direct investment (FDI), boost infrastructure development, and create employment opportunities.
Mauritius and Seychelles currently dominate Africa’s citizenship by investment landscape, but Nigeria’s proposed program introduces unique advantages. Mauritius requires a $500,000 minimum investment in real estate or a $100,000 donation to its sovereign fund, while Seychelles mandates a $1 million investment in approved projects.
Nigeria offers access to Africa’s largest economy and membership in the ECOWAS bloc, which provides visa-free travel to 15 West African countries.
Economically, holders can tap into Nigeria’s N78.37 trillion GDP economy, invest in sectors like agriculture and tech, and benefit from double taxation avoidance agreements with 13 countries.
Nigeria’s e-commerce industry underwent a makeover, evolving from a niche concept to a major economic driver.
The early 2000s saw the very first sparks of online commerce in Nigeria with pioneering websites like ShopNigeria.com and DeNiger. However, these were largely ahead of their time, limited by low internet penetration and a lack of digital payment infrastructure.
The true take-off of e-commerce in Nigeria is widely attributed to 2012, with the launch of major players like Jumia and Konga. These platforms, backed by significant international investment, began to shape the market, introducing Nigerians to the convenience of online shopping
The Nigerian e-commerce market is a force to be reckoned with today. According to a report by Nairametrics, Nigeria’s e-commerce market is projected to reach $8.53 billion in 2024 and is expected to grow to $14.92 billion by 2029, reflecting a compound annual growth rate (CAGR) of 11.82% over the forecast period
This growth is driven by increasing internet penetration, widespread smartphone usage, and a rising middle class with disposable income.
The eLearning space in Nigeria, though still in its infancy, has been quietly evolving. As far back as 2010, platforms like PrepClass and Tuteria began challenging traditional education by connecting students with tutors and offering digital exam prep.
But COVID-19 sealed the deal for the industry’s scalability. The 2020 pandemic shut down schools nationwide, turning smartphones, radios, TVs, and even basic SMS into learning tools. Parents, teachers, and students were forced into digital learning overnight. That crisis unlocked massive adoptionand serious investment.
Popular platforms like Gopius, Coursera, uLesson, edX, 9IJA KIDS, Sololearn, classNotes, Lingokids, LinkedIn Learning, Unicaf, Alison, Elevate, and the National Open University (NOUN) have flourished through market demand and increasing internet penetration.
Among these, uLesson stands out, with over 2 million live lesson attendances, 5 million downloads, and 14 million lessons watched in just four years. Its MIVA Open University subsidiary secured an Open Distance eLearning License from the National Universities Commission (NUC) and launched accredited online bachelor’s degree programs in 2023, offering courses in Accounting, Business Management, Computer Science, Cybersecurity, Data Science, and more.
Yet, despite the lack of comprehensive government frameworks driving this sector, EdTech CEOs have attracted over $50 million in funding cumulatively, according to Nairametrics as of 2024. This reflects strong private sector confidence and a growing market eager to embrace digital learning solutions.
Nigeria’s makeup, beauty, and wellness industry has grown into a vibrant, self-sustaining sector driven by young entrepreneurs, influencers, and a deep cultural appreciation for style and self-expression, all without significant government intervention.
Nairametrics also reported that Nigeria holds a commanding share of $7.8 billion as of August 2023.
The rise began in the mid-2000s with makeup artists like Tara Fela-Durotoye (House of Tara) and Banke Meshida-Lawal (BMPro), who pioneered professional beauty services and training. As Instagram and YouTube took off in the 2010s, a new generation of beauty influencers emerged from Dimma Umeh to Jackie Aina, helping democratize beauty knowledge and product discovery.
The industry now spans skincare brands, organic wellness products, male grooming, spa businesses, and makeup studios. Entrepreneurs like Olamide Olowe (Topicals) and Joycee Awosika (Oríkì) are gaining global recognition for African-made beauty and wellness innovations.
According to Euromonitor, Nigeria’s beauty and personal care market was valued at $1.2 billion in 2023, with projections hitting $2.5 billion by 2027, driven by rising disposable income, youth population, and digital marketing.
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.
[Nairametrics]