A pandemic took our globalized world by surprise and stopped some of the most active hubs dead in their tracks. As New York, Paris, London, and other economy-defining cities froze, in Africa the dynamic development has not slowed down. A fresh wind of youthful countries are too strong to hold down. They have seen mistakes made in other parts of the world and are avoiding them, taking the best of technology and entrepreneurship to move ahead swiftly.
TECH STRIDES Already world-leading in many cases, there are no proprietary older solutions to hold Africa back. Governments, local authorities, and businesses are going direct to mobile solutions and avoiding the paperwork that plagues other economies. Quarantine is the perfect occasion to make electronic transactions standard for all.
FINANCE is, of course, central to the recovery. Mortgage lenders have gained consumer interest, as have various kinds of insurance businesses. African financial establishments were already state of the art in terms of new technologies and products offered. Now these previously exotic advanced services are absolutely vital.
TELECOM ROCKETS African telecom providers and banking solutions had also made important innovations on a global scale in terms of e-payments and mobile money in the past decade. Now is the time to make the most of them, with the tech more affordable than ever and consumers in the region ready to accept it.
REGULATION AND LEGAL FRAMEWORKS Dealing with a massive global crisis like the pandemic demands flexibility. Taking into account the new health and safety demands in combination with new technology and the emerging different global business climate in mind is Africa’s big opportunity! From taxation to new investment plans, these are exciting times for everyone involved.
AGRICULTURE the new motor of the Nigerian economy is more energized than ever. Food producers in massive end-to-end projects are going all the way from the field to the final product on supermarket shelves. They are not only giving the country financial independence but moving ahead to exports to help other countries in their time of need.
MANUFACTURING never slowed down in Nigeria. The booming young population and dynamic new middle class can’t be easily stopped in their demand. Enormous long term investments are setting Nigerian manufacturers on track to be pan-African or even global leaders in their sectors with a stream of innovations and exciting verticalization of production.
INNOVATION IN HEALTHCARE and particularly the booming private healthcare sector is receiving a much-needed publicity boost. Consumers are now more open to thinking about private health coverage and associated services.
ENERGY, OIL AND GAS was always in the spotlight in Nigeria. Recent developments, however, have put the entire sector in a whole new light with exciting modern facilities taking environmental concerns seriously and integrating best international practices into their ambitious future plans.
EDUCATION, always a major issue when discussing Africa has taken a boost from the quarantine as well organized private and public educators are taking advantage of remote learning tools to expand into new markets and new audiences.
AVIATION in Nigeria since 1958 and the establishment of the national carrier has developed and adapted to international challenges and local market needs. Lagos is firmly entrenched as a central hub for travel to Africa.
Lagos Chamber of Commerce and Industry
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