Meaning of Service Industry, Examples, And Contribution of Service Industry in Nigerian Economy

Meaning of Service Industry, Examples, And Contribution of Service Industry in Nigerian Economy

In this page you read about the Meaning of Service Industry, Examples, And Contribution of Service Industry in Nigerian Economy.

 

Meaning of Service Industry

Service Industry: Is made up of company that primarily earn revenue through producing intangible products and services I.e ( the service industry that provide service for the people but does not result in the production of goods).

Examples of service industry

1. Communication

2. Transportation

3. Banking

4. Advertising

1. Communication:  it include all channel of communicating I.e rapid transmission of message from sender to receiver from one place to another.

2. It is concern with the movement of goods and services to where they are needed .

3. It involve people who assist other to have money for their daily needed, They also provide capital for those embaking on industrial activities and saving facilities e.g bank.

4. Advertising: It involve the business of providing information about that existence of a product to the potential buyer.

Contribution of Service Industry in Nigerian Economy

1. Generation of employment opportunities.

2. Provision of aid to trade.

3. Integration of different regions in the economy.

4. Infrastural development.

5. Generation of revenue to the government.

6. Diversification of the economy.

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