A couple of weeks ago the news came out that Kenya has seen its economy grow 25% after statistical revision. Officially, Kenya is now a “middle-income country.” A few months ago, a similar type of revision brought Nigeria’s economy to the top of African countries in terms of the size of the economy, surpassing South […]
The informal economy
Several African business leaders have warned me that we foreigners may easily misunderstand some clues that are critical for business. In particular, we may easily miss the role that the informal economy plays in most African countries. Official statistics may be misleading as they don’t include informal economic activities. Let me give you an example. […]
Lagos street vendors
I have the opportunity to observe Lagos street vendors in action on my daily ride to school. At one round-about which is particularly jammed, dozens of them offer drivers all and any kind of products: ceiling brushes, soft drinks, clocks, CDs, flip-flops, chewing-gum, underwear, posters, soccer team flags (including that of Barça F.C.), magazines, windshield […]