In a nation of contrasts, where citizens often lament their country's challenges, Dr. Yusuf Bangura, a foreigner, aptly captured Nigeria's resilience, evident in its thriving food industry, burgeoning cashless economy, and the global rise of Afrobeats.
After a two-week visit to Nigeria—the first in 14 years—I was struck by three remarkable transformations that are reshaping the country: the rise of a thriving local food processing industry, the rapid adoption of a cashless economy, and the overwhelming dominance of afrobeats in public spaces.
Thriving Local Food Processing Industry
Nigeria’s food processing sector has experienced a remarkable evolution. Foods once sold informally and in unprocessed forms are now available in supermarkets, beautifully packaged and ready for consumption. From processed grains like amala and fufu to innovative ready-to-eat meals like moi moi mix and pepper soup, local manufacturers are adding value to Nigeria's abundant natural resources.
This flourishing sector, valued at $20 billion, contributes 22.5% to manufacturing, 4.6% to GDP, and employs half of the manufacturing workforce. However, challenges such as the authenticity of traditional dishes like pounded yam (iyan) and the impact of inflation on consumer spending need to be addressed.
The Move Towards a Cashless Economy
The second surprise was Nigeria’s shift towards cashless transactions, driven by a widespread adoption of debit cards and Point of Sale (POS) systems. These systems are now ubiquitous in urban markets, enabling seamless transactions in a country once heavily reliant on cash.
However, this transformation comes with challenges for non-residents, as the POS ecosystem is designed exclusively for Nigerian debit cards, limiting accessibility for international visitors. While this system strengthens the domestic market, its integration with global payment systems would further enhance its potential.
Afrobeats’ Unrivaled Dominance
Afrobeats has become the heartbeat of Nigeria, overshadowing Western music in public spaces. Unlike the 1980s, when foreign artists like Michael Jackson and Bob Marley dominated, contemporary Nigeria celebrates its homegrown talent. The creativity, variety, and competitiveness of the Nigerian music scene have elevated afrobeats to a global phenomenon while cementing its place in the national psyche.
Conclusion: Bridging the Divide
Despite insecurities, such as the fear of road travel due to kidnappings, and dysfunction at the political level, Nigeria’s private sector is connecting the nation. Industrialists, artists, and innovators are creating a robust domestic market and reshaping Nigeria’s identity.
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