The Financial and Professional Services Sector and the Transformation of Nigeria into an International Financial Centre in Post Covid - 19: An Evaluation
Abstract:
The study is on the Financial and Professional Services Sector and the Transformation of Nigeria into an Inter national Financial Centre in Post Covid - 19: A Critical Analysis. The foremost essential task before developing countries is to attain higher rate of economic growth through the provision of services. The service sector is a crucial constituent of every country’s economy, and it has been recognized as a sector with the competence to become a major driver of persistent growth in Africa. The service sector has the budding to increase economic growth in Nige ria. Financial and professional services sector is a critical aspect of service sector of any nation. The financial and professional services sector reinforces the global financial system and the global economy more broadly. This study relied heavily on secondary sources of data; the approach deployed for analysis is qualitative method. The study reveals that the Nigerian economy has for a very long time disregarded the service sector, as economic activities are mainly controlled by the activities in the oil sector, hence restraining the service sector from attaining greater productivity, full employment and potential. Nigeria has not been able to achieve sustainable development due to her incessant dependence on the oil and gas sector. Which form the bulk of the nation’s revenue and the foreign exchange earnings which is majorly obtained from the crude oil export, thereby making the country susceptible to oil price volatilities. The contribution of Nigerian service sector to economic growth is pertinent. Diversifying and harnessing the complete benefits of the service sector will shrink Nigeria’s overreliance on the oil sector, as inventions in the service sector play a fundamental role in increasing both the productivity levels and also economic development. Services sector offers an innovative growth path for development in Nigeria. Governance through policy reforms can reposition the service sector to engender economic transformation in Nigeria.
