“The best place to find gold is to look where it has been found before.”
The opportunities presented in this article have led to some of the greatest success stories Africa has ever experienced. If you’re looking to boost the chances of establishing your business to be successful or making the best investment opportunity These opportunities can bring your dreams to life.
Top 10 Best Business Ideas.
1. Media and Entertainment
The film industry in Africa has evolved into an international phenomenon with a massive fan base both within and outside of the continent.
The film industry is a source of entertainment for a population who are looking to see African stories of love, drama excitement, comedy, redemption and action. It’s not a surprise that Africa’s film industry is the third-largest in the world , just behind Hollywood and India’s Bollywood.
“Omo Ghetto: The Story” is an Nigerian romance film that debuted in 2020. Africa produces hundreds of films each year, but this film has revolutionized the genre. Within a couple of weeks of the film’s premiere, “Omo Ghetto: The Saga” made over N636,129,120 in Nigeria! It’s the biggest profit ever generated by an African film! This is a great sign for Africa and an indication of the many high-grossing blockbusters to follow!
It’s not just the film industry in Africa which is on the rise. African music is now hot as well! In Nigeria across to South Africa, there’s a new wave of young and promising talent in music that is spreading all over the world. 2022 is bound to be a fascinating year for the entertainment industry in Africa!
2. Food & Agribusiness
Opportunities in Africa’s agriculture and food area are vast and will not fade out of style any time very soon. With more than one billion people in need of food Africa’s food and agricultural market is a multi-billion-dollar business opportunity for entrepreneurs who are aware of where to look.
Food production is an incredible and thrilling chance. Milk, grains and all kinds of semi-processed and raw agricultural products are imported into Africa despite the fact that Africa has the capacity to manufacture these. Entrepreneurs who are able to create food items locally can gain huge profits.
Opportunities in the agribusiness and food industries include a wide range of products in the value chain. For 2022 I anticipate that a number of African entrepreneurs will earn fortunes in this sector. There are many possibilities and still unexplored.
3. Retail
The retail market in Africa is a multi-billion-dollar business opportunity. Alongside its more than 1 billion people More Africans are purchasing goods because of their rapidly growing economies and rising middle class and the rapid growth of urbanization.
The retail market in Africa is experiencing a major change. The retail industry is slowly moving away from trading on open markets and towards organized retailing in shopping malls and online stores. African supermarket chains that are homegrown like Shoprite, Game, Woolworths and Nakumatt are expanding into more countries and expanding quickly across the continent.
The rapid growth of the online retail market in Africa is truly astounding. Jumia is one of the fastest-growing businesses in Africa’s online retail is now worth over $500 million. It has a presence in a variety of African countries, including Egypt, Cote D’Ivoire, and Nigeria, Jumia is now considered to be one of the “Amazon of Africa.”
Another market for online retail that has an important breakthrough can be found in Konga (Yudala). It was ranked the top Startup on the continent of Nigeria in the Startup Countries for 2015. Some other promising new startups include Dealdey as well as Kaymu.
Despite the explosion of online retailing in Africa the segment currently is only a fraction of Africa’s total retail market. There’s plenty of space to meet the needs of the African market, and lots of money could be made.
Seizing Africa’s Opportunities in Retail is a comprehensive report that offers a fascinating review of the potential in Africa’s retail market. The report states that Rwanda, Nigeria, Namibia, Tanzania, and Gabon are currently the top potential for retail in Africa.
4. Fashion & Beauty
Africa’s market for beauty and fashion is growing at a rapid growth rate. The continent’s large and youthful population is a prime source for fashionable fashion. Any kind of clothing that are made locally, such as locally-produced fabrics and designer labels from abroad, are now popular in the rapidly growing urban areas of Africa.
Africa is home to hundreds of promising stars who are developing successful companies in the beauty and fashion business. I’ll give you a few fascinating examples.
Suzie Wokabi is among the most prominent entrepreneurs in Africa entering the personal and beauty market, which is dominated by multinational giants such as Unilever, Procter & Gamble, L’Oral, and Mary Kay. Suzie Beauty Cosmetics, the cosmetics company she established around seven months ago, within Kenya is now hugely profitable.
Kunmi Otitoju is yet another inspirational entrepreneurial entrepreneur who has established a profitable business with her luxurious label, Minku. Minku is a young company that produces high-end leather bags that are made of Aso-oke fabricwhich is which is a hand-loomed fabric woven in Nigeria by the Yoruba people. Her distinctive designs have become an instant hit in luxury shops in Nigeria.
There are many promising African entrepreneurs who are creating profitable enterprises in the fashion sector is impressive. This is an intriguing sector to keep an eye on.
5. Real Estate
The demand for commercial and residential real estate is increasing across Africa. But, there’s an acute shortage of housing.
In nations like Nigeria such as Nigeria where there are over 16 million homes are needed in order to tackle Nigeria’s severe housing shortage. The estimated cost to build the homes is more than $350 billion!
The possibilities in Africa’s real property market are in investing in real estate and land (properties) to profit of rising property prices. There’s also huge potential in developing countries with low and middle incomes. office and housing spaces to lease, sell or rent.
6. Internet & Tech
The African Internet & Tech space will be an exciting thing to watch in 2022. Tech incubators and hubs are popping all over the continent, starting from Accra (Ghana) up to Lagos (Nigeria), Jo’burg (South Africa) and Nairobi (Kenya). These hubs have evolved into Africa’s Silicon Valley, and continue to attract the top entrepreneurs and innovators in technology Africa has ever witnessed.
A few months ago, the acquisition of Saya the mobile messaging app created by two entrepreneurs in the early stages of their careers from Ghana has made headlines. The simple application for feature phones was launched in 2011 began to replace SMS texting and was a huge success across West Africa and even in distant India!
Saya is one of the many success stories that have been reported in Africa’s online and technology industry. African entrepreneurs utilize technology and the internet to address the challenges and problems across the continent. In everything from mobile payments to taxi service solutions and motorbike delivery services African technology startups are abuzz with ideas and potential.
In the last few weeks, HotStop.com, a navigation service created by an Nigerian businessman, Chinedu Echeruo, was reportedly bought from Apple Inc. for $1 billion as part of Apple’s efforts to upgrade its mobile and web mapping infrastructure.
7. The Green Revolution
All over the globe, the demand for eco-friendly, sustainable goods and services has been growing quickly. Because of the threat of climate changes, any solution that protects the natural ecosystem, cuts down on pollution and waste as well as encourages recycling and reuse has become an enormous business opportunity.
A number of African startup and entrepreneurs are taking advantage of this opportunity and are becoming extremely successful.
In Ethiopia Bethlehem Alemu’s Solerebels is now the first eco-friendly footwear brand. The highly successful company makes shoes from recycled materials and sells its shoes to clients in North America, Europe, and even Japan.
There’s Also Thato Kgatlhanye, the founder of Repurpose Schoolbags, which creates environmentally friendly bags using up-cycled polymer shopping bags. Also, there’s Patrick Ngowi, the Tanzanian businessman who has created a multi-million dollar company using solar energy. Biogas production using organic waste is an emerging opportunity in Africa.
The Green Revolution will definitely be an exciting time to be watching!
8. Building and Construction Supplies
Africa is experiencing construction booms which will definitely bring in lots in the way of money for people across the continent.
It’s not surprising that Africa’s richest man Aliko Dangote is heavily involved in cement industry. Cement is among the most essential materials used in construction and building roads, workhouses, structures bridges, roads etc. Africa used to invest billions of dollars on imports of cement. But that’s not the case anymore. Dangote as well as other cement makers like Lafarge are expanding rapidly all over the globe.
Cement is one of a variety of construction and building products that are increasing in popularity across Africa. Steel demand is another multi-billion-dollar business opportunity, which is probably more than cement. Timber (wood) roof materials, glasses plumbing, paints, and electrical equipment are some other items which are in high demand because of the current construction boom across the globe.
9. Financial services
As with other developing regions in the world The financial, banking as well as the general financial services sector in Africa is among the poorest developed regions in the world.
Over 50 percent of Africans do not have access to official financial services and an overwhelming majority of transactions continue to be conducted with cash.
Africa provides a unique chance to earn money from the financial services sector. Entrepreneurs who provide easy, straightforward and practical solutions will be rewarded.
One startup that is doing very well in this field can be found in Nigeria, Paystack. The platform that provides payments solutions to merchants online within Nigeria has already attracted investment and is growing its customer base.
10. Investment
In the face of slow growth across North America and Europe, more investment is being directed to rapid-growing regions like Africa. In search of higher returns increasing numbers of investors are seeking to invest in Africa. If you are planning to channel money into the stock market in Africa or invest directly into African businesses, the potential for high rewards has never been better.
At the close of the year in the last quarter of 2013, an Nigerian billionaire investor Tony Elumelu, committed to invest $100 million into African entrepreneurs and startups in at least 10 years. This is only one of a number of bold investment plans that are expected to provide enormous opportunities and riches for entrepreneurs who are able to profit from the opportunities.
One fascinating thing I’ve noticed is the increase in startups and venture capitalists. crowdfunding platforms that cater specifically to African investments market. A lot of these platforms will begin operations in 2022. There’s never been an opportunity to make a bet on Africa’s future!
Covenant.