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China-Africa Trade Information Service
In the early stages of political independence, many countries in Africa were major exporters of agricultural products.
In the past decade, Africa's total private wealth has increased by 13%, and private wealth totaled $2.3 trillion. These figures are expected to increase by 34% in the next decade and reach $3.1 trillion by the end of 2027.
According to the National Bureau of Statistics (NBS), Nigeria's manufacturing sector is dominated by food, beverage and tobacco production, with the largest production of sugar and bread.
Nigeria has made outstanding progress in the export of agricultural products and manufactured goods in 2018. The export value of agriculture and manufacturing sectors increased by 896.9% and 278.2% respectively compared with 2017, reaching N302.3 billion and N645.7 billion.
Nigeria's economic hub, Lagos has sealed a major partnership with International Finance Corporation (IFC) to enhance provision of infrastructure in key sectors and strengthen the state's long-term financial sustainability.
The International Monetary Fund (IMF) recently predicted that the economies of sub-Saharan African countries will become one of the fastest growing economies in the world this year. The region is expected to have an overall economic growth rate of 3.8%.
Small and Medium Enterprises operators have said that Nigeria's government support at all levels is key to building capacity and enhancing the growth of entrepreneurs in Nigeria.
It is reported that the African Investment Forum has recently brought together the top African business leaders to discuss the future direction of African Agriculture investment.
A Civil Society Organisation (CSO), BudgIT says the Nigerian economy needs to grow by eight percent and not 1.9 percent in order to lift citizens out of poverty.