Top 5 Business Opportunities In Africa That Will Create More Millionaires.
In African countries like Zambia, the Government has clearly stated that it is not its duty to provide jobs for its citizens. So the only options left for Zambia’s people is to come up with solutions to emancipate themselves.
Gold mines? Oil revenues? Hell no, not for today’s fast emerging African entrepreneurs and millionaires. Have you been thinking about which sectors you find profitable business opportunities in Africa? Then this piece is for you! Don’t forget to signup and receive weekly newsletter from us too.
Lets look at the major loopholes in this booming platform for African entrepreneurs.
- Media and Entertainment
Africa’s film industry has become a global and cultural phenomenon that has managed to grab people’s attention in and out of Africa.Its no surprise that Africa’s industry is currently the third largest in the world behind Hollywood and India’s “Bollywood”.Movies like ’30 Days In Atlanta’ have grossed over $500 000 in just 30 days soon after release.This is great news for the continent and a sign of more high-grossing blockbusters to come!
2. Retail.Africa’s retail market is a multi-billion dollar business opportunity. With Africa’s over 1 billion population, more Africans are buying stuff due to their growing economies, rising middle class and rapid urbanization. Africa’s homegrown supermarket chains like Shoprite, Game, Woolworths and Nakumatt are more countries and are spreading fast across the continent.
- Internet & Tech
Tech hubs and incubators are springing up across the continent from Accra (Ghana) to Lagos (Nigeria), Jo’burg (South Africa) and Nairobi (Kenya). These hubs have become Africa’s “Silicon Valley” and continue to produce the best tech investors and entrepreneurs Africa has ever seen.
- Real Estate.The demand for both residential and commercial real estate continues to grow across Africa. However, there is still a huge accommodation shortage. In countries like Nigeria, for instance, over 16 million new houses need to be built to solve Nigeria’s serious housing problem. The estimated cost of providing these homes stands at a jaw dropping $350 billion.
Like in any other developing regions of the world, the banking, payment systems and overall financial services industry in Africa is one of the least developed in the world.Over 50% of Africans still don’t have access to formal financial services and a huge number of transactions are still done in cash.Africa presents a unique opportunity to make money in its financial services market. Entrepreneurs who can provide simple, easy and convenient solutions will be well rewarded.One interesting start up to watch in this space is Nigeria’s SimplePay. This platform, which provides payment solutions to online merchants in Nigeria has attracted over $300 000 in investments and plans to raise up to $10 Million this year. If all goes well, SimplePay could potentially become the PayPal of Nigeria, and could make its young founder a millionaire!
These are our top 5 business initiatives that could earn you millions of dollars in Africa. However, there are other more lucrative investments like Food & Agribusiness, Fashion & Beauty, The Green revolution, Building and Construction Supplies and Investment.
We surely hope you got motivated to start your own businesses and pave the way for other Africans too. If you enjoyed this post, subscribe to our weekly newsletter.