Say ‘Hello’ to West African SMEs
By 2035 the number of Africans joining the working age population will exceed that of the rest of the world combined, according to the International Monetary Fund (IMF). Much of this new workforce will originate from West African and Sub-Saharan, countries like Nigeria or Ghana. Nigeria, already Africa’s largest economy and country by population will continue to grow, both in GDP terms and demographically. Today, the country numbers over 182 million people.If that does not put things into perspective, then consider that one in five Africans are Nigerian—soon to be one in four! Furthermore, Lagos, the country’s bustling commercial capital, is already considered a mega-city, with 21 million inhabitants. The city alone accounts for much of the continent’s, region’s, and country’s growth, and produces more start-ups and new businesses than many cities in the developed world.
The large young population has not only attracted significant foreign direct investment levels to these countries, but has also contributed to the birth of a huge SME (Small and Medium Sized Enterprises) sector and a local entrepreneurial base. Today, these small and growing businesses create around 80% of the region’s employment, establishing a new middle class and fueling demand for new goods and services. The scale of this transformation should not be underestimated. The IMF’s Regional Economic Outlook, released in April 2015, says: “Over the next 20 years Sub-Saharan Africa will become the main source of new entrants into the global economy.” African governments are now even more focused on creating the conditions for entrepreneurs and SMEs to support future growth, and prosper.
This new African SME and entrepreneur base will face many challenges on the road ahead, ranging from access to finance, hiring qualified human resources, proper consultancy services, legal- compliance, or applying best-in-class marketing strategies. It is essential for start-ups, entrepreneurs, and aspiring SMEs to have access to the best business support services, not just on an African level, but globally, if they are to be successful. It would be an unquantifiable loss to not only pan-African consumers, but also to those on other continents, to overlook some of the novel, innovative, and new products and services coming out of Africa today.
African SMEs and entrepreneurs- be they any industry or service provider- are unique. Many can offer consumers worldwide a novel or improved product or service, often at a lower price. They are just waiting to be discovered. White Storm Capital and The Growth Partner Alliance (TGPA) of business supporting companies specialize in assisting businesses to succeed. The American- African grouping of companies specializes in a wide range of services, all designed to help a growing SME succeed. From marketing using traditional and social media, tax consultancy, accounting, human resource management, and general consultancy, we are a partner that can propel and Simplify your business growth. We are Africa-based but maintain offices in the United States. Our solutions Simplify the management of your finances, people, time and processes, and allow SMEs to grow, prosper, and be noticed in and beyond Africa! Let’s Grow in Africa today, and in the world tomorrow!
Written By: Robert Romaniuk | White Storm Capital