Growth

Investments in agricultural research and development has tremendously enhanced agricultural productivity in recent decades, representing significant progress in African countries south of the Sahara, according to a new report issued by the International Food Policy Research Institute. In the report tagged “Taking Stock of National Agricultural Research and Development Capacity in Africa South of the Sahara,” the institute found that African countries south of the Sahara will need to double their investment in agricultural research and development if United Nations and African Union targets are to be achieved.
Despite the global economic and financial crisis in recent years, African economies have continued to record average annual economic growth of five percent since 2000. According to African Development Bank, the region’s economies are likely to expand by an average 4.8 percent in 2014 from 3.9 percent last year, rising to 5.7 percent in 2015. In fact, six of the world's fastest growing economies are in Africa, making the continent the world's second fastest growing region. Yet, vulnerable employment remain the reality for the vast majority of youth in the continent.
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.
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.