Nigeria's finance minister stressed the importance of diversifying the economy. "We have to grow our non-oil economy," she said, according to Reuters.
According to a note by Renaissance Capital, agriculture and telecoms are two of the bigger economic sectors which saw growth in the second quarter of this year, though this was slower than previously.
Agriculture, which accounts for one fifth of Nigeria's GDP, saw growth of 2.5 percent in the second quarter of this year, said Renaissance Capital's note. But, while this was down 0.7 percent year on year, Yvonne Mhango, a Sub-Saharan Africa economist behind Renaissance Capital's note, told CNBC via telephone that the organisation was "not expecting negative territory for crop production."
As for the promise of telecoms, Mhango explained that the sector was "still growing."
Nigeria's services sector, which is worth 50 percent of GDP, shrank by 1.3 percent year on year in the second quarter of 2016, according to Renaissance Capital's note. The sector's decline can partly be attributed to zero percent year-on-year growth of its largest subsector, wholesale and retail trade, explained the note. But, Mhango was positive, and said that the second quarter "was the first time services saw a contraction," and because "its decline is not as deep [as elsewhere] – it has the best prospect of recovering."
With regards to Facebook chief executive Mark Zuckerberg's visit to Nigerian tech start-ups last week, Mhango was also upbeat, and explained that in Nigeria's current climate of a squeezed job market and high unemployment, tech "allows for entrepreneurs to exist," which is "great in terms of [allowing them to] generate more income for themselves."
Reuters contributed to this report.
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