Current or viable growth sectors for SMEs in Nigeria or Africa in general?

Samad E. asked 12 months ago

What sectors are showing growth or have growth potential? If we take Nigeria as an example, there seems to be quite a bit of stagnation-retardation in the economy which would suggest that the environment is ripe for a sub-sector or major sector growth/innovation. Does anyone know of any trends that point to a particular sector that is thriving or could thrive given the right push?

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Nifemi Aluko answered 12 months ago

I would say the agriculture sector is definitely a growth sector. Following that would be manufacturing ( basically any value-added industries i.e industries that involve the processing of raw-material into a finished product).
Besides agriculture and manufacturing, I see  possible growth in the service industry particularly services for small to medium sized businesses (SMEs). A lot of SMEs have very unique problems that services can be provided to make solve those problems. Businesses will pay for a service if it cost less than what they are already paying and it makes them more efficient. These services can come in a variety of forms – logistics, procurements, marketing, book-keeping, consulting, customer service…to name a few.