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

Samad E. asked 1 year 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 1 year 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.