GENERAL OVERVIEW OF THE SERVICE INDUSTRY IN NIGERIA

              GENERAL OVERVIEW OF THE SERVICE INDUSTRY IN NIGERIA

The service sector is the lifetime for the social economic growth of a country. It is today, the largest and fastest growing sector globally, contributing more to the global output and employing more people than any other sector of the economy.

The real reason for the growth of the service sector is due to the increase in urbanization, privatization and more demand for immediate and final consumer services. Availability of quality services is vital for the well-being of the economy.

In advanced economies, the growths in the primary and secondary sectors are directly   dependent on the growth of services like banking, insurance, trade, commerce and entertainment.

In alignment with the global trends, the Nigerian service sector has witnessed a major boom and is one of the major contributors to both employment and national income in recent times. The activities under the preview of the service sector are quite diverse: trading, transportation, communication, financial, real estate and business services, community, social and personnel services come within the group of the service industry.

COMMERCIAL ACTIVITIES OF THE SERVICE INDUSTRY

One major branches of the service industry is commerce

Commerce

Definition: Commerce can simply be defined as all those activities involved in the distribution and exchange of goods and services. Commerce deals with the various activities which enables the produced goods to reach the final consumers.

Commercial occupation

This refers to all the people involved in the distribution and exchange of goods produced by the industrial sector.

Examples of commercial workers are:

  • Bankers
  • Transporters
  • Traders
  • Insurers
  • Advertisers
  • Importers
  • Exporters
  • Post masters 

Commerce is the process of buying, selling and distribution of goods and services. It includes all occupation that are concerned with trade and other activities that will ensure effective and efficient distribution of goods and services. These services are referred to as auxiliaries to trade and they are: transportation, banking, insurance, tourism and advertising, banking, insurance, tourism and advertising. Those who belong to this category help to distribute goods and materials produced by the industries.

Types of Commercial Occupation

Activities of those who engaged in commercial occupations are:

  1. Trading: Trading is concerned with the activities of all the people who engage in the act of buying and selling of goods and services. When trading activities occur within a country, wholesalers and retailers are engaged while foreign trade involves import and export.

  1. Insurance: Insurance is concerned with the activities of people who undertake to protect individuals or business against risk in their day – today operation. These people are insurance brokers, underwriters and agents.
  2. Banking: Banking as a commercial occupation includes people who assist others to have money for their daily needs. They also provide capital for those embarking on industrial activities and saving facilitates, e.g. bankers in commercial and merchant banks.

  1. Advertising: Advertising involves the business of providing information about the existence of a product to the potential buyers. Advertising creates awareness for the products, e.g. advertising agents.
  2. Transportation: Transportation is concerned with the movement of goods and services to where they are needed. This is concerned with all the activities that ensure effective transportation system. Those who engage in these services are drivers, pilots and sailors.
  3. Warehousing: The people involved are warehouse managers, clerks etc. they are concerned with ensuring that goods produced are stored until they are needed for consumption. This will bring about steady supply of goods.
  4. Tourism: Tourism is concerned with all the activities of those who engage in creating tourists attractions in different tourist centers, e.g. guides in national park.

  1. Communication: Communication includes all activities which promote rapid transmission of messages between senders and receivers or from one place to another, e.g. courier service providers and telephone operators.
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  1. of demand curve and used
  2. advertising industry
  3. factors of production
  4. entrepreneur
  5. joint stock company
  6. public enterprises
  7. private enterprises

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