10 african businesses that would make you a billionaire everyone wants to do a business
that is lucrative and innovative and for this to be possible you must choose the right market
sector to invest in africa is a highly resourceful continent with a great return on investments if
you can be able to strategize and tap into the huge market with a population that is almost
equal to 1 billion people your market cannot be bigger the problem however being faced by
a lot of people is knowing the right african business idea to invest in it may be a bit more
challenging for those who may not fully understand the african market investing but one thing that is
more than certain is the huge opportunities the black continent offers to potential investors
and marketers in recent years most of the new billionaires have been young entrepreneurs and
investors who have created promising businesses and invested in the creative sectors of africa's
fast-growing economies africa is fast developing and foreign investors know there is much money to
be made many foreigners from places like middle east india united states are looking for unique
problems and how to solve them the growing number of people in the continent is developing new
and innovative products and services that are capturing global attention attracting millions
from both local and international investors these are the recent trends about entrepreneurship
in africa there are wide lists of businesses in africa but our top 10 today are those that really
stand out for decades business opportunities in africa were created through traditional sources
but nowadays things have evolved and there are many other new and unconventional opportunities
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number one food processing africa spends billions on imports of food and non-food items yearly
apart from traditional local commodities like crude oil cocoa coffee and minerals what else
of value can they export there is a lot of local products on the continents that have the capacity
to work brands the problem is we often minimize them recently in ghana some entrepreneurs are
turning local african products into global brands by producing organic chocolate made
by coco in 2018 the business raised about 50 000 euros from export investors africa has a unique
chance to create strong product brands that can attract premium prices from foreign consumers
this will lead to the creation of thousands of jobs and small businesses which will be created
and supported by adding value to cocoa and coffee beans however cocoa and coffee are only
the beginning of much bigger ways of emerging business opportunities for value-added food
africa's biggest problem is not food production but food processing and marketing if africa
possesses more food the produce waste will be limited and there will be a drop in imported food
number two crowd farming across the world farming is a big business and most farmers are wealthy but
this is still backward in africa this business in africa is expected to be worth one trillion
dollars by 2030 according to united nations the estimate isn't impossible because africa has a
large domestic market and owns 60 of the world's unused arable land have abundant labor resources
and favorable climate in most parts it is shocking to find out that africans spend about 30 billion
on food imports annually this is because most food stoves are produced by local farmers in
rural areas most poor people use local farming methods as they have later intervision capital
but what if people in the city pull funds together and invest in this rural farmers and take part
in the profit at harvest time wouldn't it boost production cut down the country's import bill and
make more money for both the investors and farmers the business model is called crowdfarming and it's
a trend that could likely transform the face of adult business in africa for example in nigeria
two crowdfarming platforms exist which enables working-class nigerians to crowd sponsor farming
projects and earn returns at harvest time same thing is common in somalia south africa
as africa's population doubles over the next years the business opportunities
in africa's agric business space are very likely to produce a league of millionaires
number three digital health care like the saying goes health is wealth
with the increase in health crisis especially due to the pandemic that plagues the world there is
need for medical personnel globally especially in africa as it is noted for low standards of living
in countries like ethiopia it is one doctor for over 20 000 patients healthcare facilities in
africa is in stagnant and frozen states but there is hope because entrepreneurs across africa are
looking into these challenges this is by creating digital and innovative healthcare solutions
some of the innovations like e-prescriptions and other health apps which are helping to
fill up the congested health facilities from dealing with non-life-threatening conditions
are focusing more on those with urgent needs number four financial technology
also known as fintech it is an economic industry composed of companies that use this technology
to make financial services more efficient this is one of the newest and fastest emerging industries
in africa it involves the use of technology to support and enable banking and financial services
making it easier faster and cheaper to meet africa's demand for financial services
within the continent access to financial service is very poor in most cases just
about one in five adults have a bank account and most transactions are still done manually
but since the revolution of services like mobile money solution which has transformed
financial services several fintech products and services have erupted across the continent in 2019
fintech startups in africa raised 284.6 million dollars from investors by using mobile phones and
the internet fintech entrepreneurs across the continent are depending financial inclusions
and unlocking outstanding market opportunities in financial services it is estimated that over the
next three years africa's fintech industry will grow by at least 40 billion dollars and contribute
up to 150 billion to africa's gdp due to this huge market potential investors are eager to
invest in africa's fintech company as the fever for fintech in africa continues to trigger both
local and foreign investors the industry will ever likely remain one of the most lucrative businesses
in africa number five renewable energy according to the world bank studies it is estimated that in
sub-saharan africa only one in three people have access to electricity firewood and charcoal still
remains a primary source of energy for cooking endangering the continent fast depreciating
forest resources across the continent's companies like off-grid electricity and several others are
lightening of the continent using solar energy and water to provide low cost electricity to
households lacking them solar energy is one of the most attractive businesses in africa right now
this is because the significant potential for off-grid solar solutions as a demand is massive
over 600 million africans are tired of waiting for energy from centrally managed power grid
that is inefficient and inflexible to the continents growing power needs
africans enjoy about 300 days of sunlight in many parts this making it hard to beat the value
proposition of a product that by the passes the central power grid and meets your energy needs
by tapping directly from the sun a free energy source that's why solar market in
africa is booming in togo a solar system developer bboxxx signed a 4 million partnership with the
government to supply 300 000 homes with off-grid solar kits this is a business of the future
number six real estate this is property consisting of land and the buildings on it along with its
natural resources such as crops minerals etc africa's real estate market is a multi-billion
opportunity and several new millionaires will build their fortune in this market in
almost every corner of the continent real estate projects are emerging the biggest attractions are
hotel and office buildings residential homes and apartments and shopping malls the key markets for
real estate on every investors agenda are angola nigeria egypt mozambique south africa and kenya
all of these countries are experiencing a real estate boom like never before africa's large and
youthful population and expanding middle class increasing urbanization influx of multinational
companies are the key drivers of demand for both commercial and residential real estate
across the segment of the real estate markets residential official spaces
rated outlet industrial hospital facilities are all in limited supply thus creating an
avenue for investors and developers to tap in and benefit from these underserved needs number seven
affordable housing africa is experiencing a high rate of rural urban migration it is estimated that
up to fifty percent of the continent's population could be living in towns under cities by 2030.
urbanization is great but the bigger picture is where all these people live and even if the
government tried they can't build enough homes fast enough to meet the high demand accommodation
in africa's most populated county nigeria the housing deficit is estimated at 20 million homes
africa's housing crisis opens a lot of interesting opportunities for diverse industries from cement
production and furniture making to building contractors and mortgages in kenya entrepreneurs
are converting shipping containers into amazingly creative residential office accommodation at the
half price of contemporary housing same thing happens in south africa these alternatives are
significantly cutting down the cost of building homes making them affordable to the population the
biggest opportunities will evolve by providing housing at scale and at affordable prices
number eight african fashion apparel africa has diverse culture and these cultures have various
apparels the combination of these can create world-class impact thereby boosting african
fashion industries globally fashion is worth 2.5 trillion dollars but africa currently owns just a
thin percent of it the fashion industry globally has a very vast complex global chain which
stretches from farmers who grow cotton silk and other natural fibers to the production factories
that spin the fibers into textiles and that which transforms the textiles to apparels with
rising label costs in the countries like china and asia it's forcing factories to seek alternatives
in africa where labour is cheap several april producers are already setting up shops on the
continent for example prime marks which are now outsourcing from africa also specialized
april producers like c and h garments factory in rwanda are producing uniforms safety vests which
are exported to the usa however africa's fashion industries estimated the african development bank
should be worth 15.5 billion dollars over the next five years this makes it a very promising business
number nine virtual education across africa there is a trend for academic inflation
to compete for job opportunities africans in the labour market
are investing in higher or specialized academic degrees diplomacy and certification in order to
make their cvs more impressive and boost their chances of employment
promotion and career progression while the demand for quality education in africa has drastically
evolved the supply side remains the same as it was for more than 40 years university campuses can no
longer match the current growth and sophistication of demand for higher education on the continent
people want flexible options that allow them work learn and earn at the same time
africa's higher education system is ripe for disruption and there are few entrepreneurs
investors and players leading the church the african virtual university is a trailblazer
disruption of which is the conventional mode of higher education on the continent in partnership
with universities within and outside africa the inter government organization has already trained
43 000 students using its platform the growth in the virtual education space will be one of the
most interesting business opportunities in africa to watch in the coming years
number 10 african movies music having a population of over 1 billion people of which 60 are young
people below the age of 25 africa presents a very fertile ground for its local field and music
industry the four biggest business opportunities in the industry are in film and music financing
production distribution and exhibition with less than one cinema per 1 million people africa is
the most understaffed cinema market in the world when it comes to music the growing fame of african
music into the west world is generating millions of dollars for stakeholders in the industry
finally we have come to the end those were the top 10 businesses in africa
that will make more millionaires it is now evident that entrepreneurship holds the
key to africa's transformation not global pt do you know of any trending business opportunities
that i didn't mention let us know what you think in the comment section below