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The above graphs show that the service industry has significantly overtaken the agricultural and industrial sectors over the years. For example, many Nigerian firms such as Heirs Holdings which is owned by Mr Elumelu himself, invest long term in the most promising sectors such as oil, real estate and hospitality with the hope that this will create economic growth. Heirs Holdings also prioritises creating competition between businesses. The Heirs Holdings company is proving the world that Nigeria is leading example in long term investment and promoting entrepreneurship. Nigeria has created many economic partnerships with other nations. The creation of these partnerships have seen Nigerian exports skyrocket. Nigeria also has a young and growing population which is ready for the industrialisation of the West African nation. Less dependence on exporting raw materials and a growing service sector has seen Nigeria’s GDP grow at a faster rate. A good example would be the opening of Nigeria’s first fruit juice concentrate plant Teragro Commodities Limited. The fruit juice plant has contributed to making fruit juice which can be exported. Prior to its construction Nigeria had heavily depended on just exporting raw fruits of which they could not charge much for as these are primary commodities. The fruit juice plant has also sticks by the goals of Africapitalism which are to create long term investment and social wealth. So far, the company is reaching these goals and have also considered focussing job creation, creating local demand, ensuring farmers get a fair pay and helping alleviate food insecurity. The goals of Africapitalism can be found on the Africapitalism Institute website.

The effects of Africapitalism on the banking sector

The banking sector of Nigeria has seen vast improvements with the deployment of Africapitalist concepts. The United Bank for Africa (UBA), is one of Africa’s largest and most successful banking institutes that was created in 1949. In the year of 2005, UBA merged with a struggling bank called Standard Trust bank. The Standard Trust Bank had been facing rough times since 1997, going into bankruptcy, facing charges over corruption and so on. The two banks merged with a mission of democratizing Nigeria’s banking sector. The first few years were a hassle to get the bank up and running as the public were skeptical on whether they could trust the bank or not given its previo