The Ministry of Industry, Trade and Investment has charged entrepreneurs and investors across the globe to take advantage of Africa’s ever growing market noting that the continent’s consumer spending had begun to increase steadily.
The Minister of Industry, Trade and Investment, Dr. Olusegun Aganga, explained that Africa’s consumer spending has increased by $2.4 trillion dollars maintaining that the spending rate would increase in the coming years. This, he revealed at the inaugural ceremony of Angel Fair West Africa (AWFA), organized by the Lagos Angel Network (LAN), is an exclusive network of angel investors providing early stage, seed funding and mentoring to start up entrepreneurs. He further stressed that the continent has began to attract investments from different parts of the world and growing up to be the most viable continent to do business.
He explained, “This fair is coming at a better time when Africa is central for investment in the world. Investors are in the right place and we also have to start thinking as one. The world needs the African market,” According to him, small businesses contribute about 50 percent of the nation’s development stressing that developing small businesses in Africa is vital for meeting the ever growing demands of the world.