Nigeria’s entertainment and media sector is set to grow at a compound annual growth rate of 16.1 percent from $4 billion in 2013 to an estimated $8.5 in 2018, according to a new report by consulting firm PriceWaterHouseCoopers.
"This represents one of the fastest growth rates in the world,” PWC says.
In order to enhance international competitiveness of African small and medium-sized enterprises, the International Trade Centre has launched an e-learning SME Trade Academy to offer practical, vocational training online for SMEs and trade advisors in the public and private sectors.
ITC is the joint agency of the World Trade Organization and the United Nations. ITC assists small and medium-sized enterprises in developing and transition economies to become more competitive in global markets, thereby contributing to sustainable economic development within the frameworks of the Aid-for-Trade agenda and the Millennium Development Goals.
The Nigerian telecommunication industry has grown immensely with the mobile segment being the most active and fastest growing segment. The licensing of Global System for Mobiles led to the evolution of socio-economic activities like e-commerce, mobile payments, and social media.
As part of the Nigerian Government’s efforts for the country to attain food sufficiency, maize production has received a significant boost. Production of the multi-purpose cereal crop is rapidly increasing, and its expansion relatively steady.
The rise in consumer spending and the expansion of broadband services has continued to increase the pace at which e-commerce-based businesses are growing in Nigeria. Also, with the cashless policy initiative introduced in 2012 by the Central Bank of Nigeria, there has been a tremendous growth in e-commerce transactions in Nigeria. The channels used for e-commerce range from the Internet banking websites to online retail stores and mobile payment delivery channels.