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by Ifeanyi Onuba
The
Nigeria Entrepreneurs Forum has called on the Federal Government to
carry out comprehensive reforms in the services sector to drive the
newly launched industrial revolution policy of the government.
The Vice President of the group, Mr.
Austin Chigboku, stated this during a media briefing in Abuja to
announce the three-day international conference on how to realise the
potential of the services sector.
He said the need for the reforms became
imperative owing to the importance of the sector in the area of job
creation, poverty reduction and inclusive growth.
Such reforms, according to him, should
cover value orientation, innovations in quality service delivery,
operational training and standardisation, improved income to service
providers, accessibility to operational funds and other enabling
environment to promote the value of service.
Figures released by the National Bureau
of Statistics showed that the services sector was the highest
contributor to the country’s Gross Domestic Product in the first
quarter, accounting for N8.181tn or 52.99 per cent.
The industry sector ranked second with a
contribution of N4.22tn or 27.36 per cent, while agriculture
constituted the smallest sector, representing N3.03tn or 19.65 per cent
of GDP.
But Chigboku said that despite the huge
contribution to the GDP, operators in the services sector were still
experiencing challenge in securing funding.
He said, “Services clearly hold the key
to more jobs in economies plagued by structural unemployment, especially
as services generate jobs for low-skilled workers. Despite the great
potential of the services industry to give jobs to many, it is extremely
difficult to secure start-up capital, especially at the Small and
Medium Enterprises level.
“Some of the challenges faced by the
sector are poor operational orientation and training; poor remuneration
for services rendered; absence of unifying regulations and standards;
and near death of growth and investment in promising knowledge-based
activities.”
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