As the most central continent in the world, Africa is the perfect center for reaching every section on the globe. Africa is the most profitable region in the world and should be a top option for every business venture because; the continent has a high population of adopters, hence a faster business adoption rate than any other continent.
Perfect for businesses wanting to invest in the region, Africa has a young and growing workforce as it is the youngest continent with almost 60% of its population made up of young people under 25. Therefore, unlike the other parts of the world, Africa has an excess of workers who want and need jobs, making it easy for business owners to access the best talents.
As the least developed continent with a fast-growing population, Africa has a massive opportunity for development as its countries are adopting measures to attract investors. With abundant oil, precious metals and gems, Africa is a resource-rich continent, which for its proximity to the equator is perfect for the emerging and highly profitable renewable industry. Rich in diversity and potential, Africa is one of the most largely untapped regions of the world. Its burgeoning workforce presents a unique opening for businesses to achieve their goals and flourish.
Fashion and Beauty
From South Africa, to Nigeria, Kenya and then the rest of the continent, the business of beauty and fashion is booming. It is one of the most lucrative businesses in Africa, as the continent is in the heat of fashion revolution. Estimated to be worth over $15.5 billion by the African development bank in the nearest future, Africa’s fashion and beauty has the potential to create millions of jobs and significantly uplift economic growth on the continent.
Like young Kelechi Anyadiegwu, African entrepreneurs are already earning benefits from the fashion and beauty value chain. Increasing the visibility of African fashion on the world stage by the explosive blend of creative brilliance and entrepreneurial talent, a new generation of designers is exploiting the continent’s rich history, cultures and fabrics to make eye-catching fashion statements. The world is indeed in for a big surprise as more African beauty and fashion professionals unleash their abilities.
Building and Construction Supplies
Currently going through a construction boom, Africa has opportunities that are certain to create a large number of millionaires in the continent. Like Africa’s richest man Aliko Dangote, several building and construction suppliers are growing from the steady high demand across the continent. Cement, steel timber, roofing materials, glass, paints, plumbing and electrical supplies are booming in demand not just in the continent but all over the world.
Think Rich Media, the number one community which provides entrepreneurial, business and personal development content to inform, motivate and inspire you, believes that entrepreneurship, rather than global pity, is the key to Africa’s development. They present a special African development playlist to help individuals and businesses succeed in Africa.
The Green Revolution
Due to the threatening climate change, the quest for green and eco-friendly products and services is expanding across the continent. There is a high need for solutions that preserve the environment, promotes reuse and recycling, and reduces waste and pollution. A number of African entrepreneurs are already exploiting these opportunities and becoming hugely successful, while there is still a wide opening for more entrepreneurs to get in and make millions.
Bethlehem Alemu of Ethiopia and Patrick Ngowi of Tanzania are prominent examples of African millionaires in this domain.
Media and Entertainment
From the film industry, to the music industry and then the other branches of entertainment, Africa entertainment has become a global and cultural phenomenon which is greatly enjoyed in and out of the continent. From North, South, East, West and Center of the continent, raw and promising talents keep emerging, implying that the industry has the potential of making more Africans millionaires.
A prominent example of success in this industry is the Nigerian romantic comedy film Omo Ghetto: the Saga which grossed over 636 million naira just a few weeks after its release. It broke the record of the largest revenue ever made from a single African movie and so signified that the continent has what it takes to produce more.
Startup Financing
Accounting for about 67% of all venture capital funds in North America and increasing 19-fold in Europe, start-up companies are captivating the interest of venture capital, social impact funds, angel investors and private equity in Africa. The amount of capital invested in African startup businesses in 2015 was roughly $0.5 billion but currently, the figure has doubled. It therefore implies that this business opportunity is not just making waves in the continent, but millionaires as well.
Payment Solutions
Over $100 billion in transactions are still done in cash in the African continent annually, presenting huge lucrative financial service opportunities for entrepreneurs. Handling more than 200 million person-to-person transactions every year, M-Pesa found in East Africa is an example of a phenomenal transformational mobile-based money transfer which has made millions in profit from the business. Therefore, in the nearest future, more investors in this domain will make more millionaires in Africa.
Apps and Online Services
Nowadays, there’s an app or online service for almost anything you want, like hotel accommodation and furniture among others. The digital revolution is taking over Africa and so, Africa’s digital economy is growing really fast. In the nearest future, more apps and online services will be launched to solve problems and provide many more millionaires.
Retail
The exhibition ground for Africa’s retail market is accelerating beyond the continent’s shores. Like Shoprite, Game Checkers, Woolworths, both local and international supermarket brands are expanding in Africa. Amazingly, the contest for retail supremacy in Africa is also happening with eCommerce giants like Konga and Jumia. So far, Africa is the fastest growing retailers market in the world due to its large and growing middle class, rising local spending power and a boom in the proportion of expert workers. Currently worth over $1 billion, the retail business in Africa is one from which millionaires can emerge.
African Art
After many years of neglect, both contemporary and antique works of African art are attracting high prices in the world’s major art market. As witnessed from the sale of arts from Mali, Gabon, Liberia, Nigeria and Ghana among others, the demand for African art in the world market for art is increasing and so, more investments in the domain will increase the number of millionaires in Africa.
Education
Despite being rich with creative and innovative talents due to its high proportion of young population, Africa’s human capital is still highly threatened by poor access to quality education. However, a number of outstanding initiatives and businesses are tackling Africa’s education problems head-on by establishing incredible low-cost education models. Looking at Bridge Academies in Kenya for example, it is evident that the education sector in Africa has the potential of making its investors millionaires.
Internet Access
Despite Google and Facebook’s scramble to improve internet access to millions of Africans, some smart African entrepreneurs have already made impressive moves to conquer the African internet market. For example, BRCK of Kenya has created a rugged internet device, designed for harsh environments with limited internet connection and electricity. This African-inspired invention has already sold out through the 54 African countries and abroad in thousands of units. Raising millions as profits, this business sector will definitely increase the number of African millionaires.
Smart Phones
Currently the second fastest growing market for mobile phones after Asia, Africa is at the end of its first mobile phone revolution. The continent’s growing population of technology and fashion-savvy presents a multi-billion dollar market for smartphones and so there is need for an upgrade from “first generation” feature phones to affordable smartphones, since new-age smartphones like Apple are expensive for an average African. Several low-priced smartphone brands have already debuted on the African market and given the market potential for these phones, more millionaire investors in the smartphone business will emerge in the nearest future.
Agribusiness
Over the years, agribusiness has been a major potential source of millionaires in Africa. With over 60% of the world’s uncultivated arable land, abundant labor, fertile soils and all-year sunshine, it is regarded as Africa’s untapped goldmine and is expected to be worth $1 trillion by 2030. Sub-Saharan Africa has the potential to become the world’s biggest exporter of food but still, African countries import more than 70% of wheat consumed, over 300 thousand tons of chicken and spend above $10 billion on imported grains like rice. Nevertheless, with Africa’s huge and ready market, more entrepreneurs are interestingly tapping into the vast opportunities and so, in the nearest future, many millionaires will emerge from the sector as it already is the case in Nigeria and Angola.
Solar Power
Solar energy, being one of Africa’s most abundant energy resources, provides the best alternative for people in remote parts of Africa, who are out of reach of electricity grids. Even though the majority of sub-Saharan Africa enjoys more than 300 days of sunlight every year, over 600 million people on the continent, especially in rural areas, do not have access to reliable electricity. Also, power outages have become the norm in most if not all African countries and so people often rely on noisy petrol and diesel generators. However, smart business men are interestingly standing up to the challenge of lighting up the continent through solar energy. Like Off Grid Electric of Tanzania and M-KOPA of Kenya, many more millionaires will emerge in Africa in the nearest future.
Real Estate
In almost every part of Africa, real estate projects are coming to the fore. With the continent’s vast and youthful population, expanding middle class, improving urbanization, high influx of expatriates and multinational companies, there is a high demand for both commercial and residential real estate. The real estate market in the African continent is a multi-billion dollar opportunity which in the nearest future will make several new millionaires from its fortunes. The real estate market is currently booming in Africa, especially in Nigeria, Angola, Egypt, Mozambique, Kenya and South Africa. With over 200,000 millionaires in the continent, most of which are young investors who have created promising businesses and invested in lucrative sectors of Africa’s fast-growing economies, the business opportunities keep increasing and so, the birth of many more millionaires.
Africa’s economy, based on these opportunities, is therefore on the road to the peak and so, our message to all Africans is of encouragement; double your efforts once you are able to grab any of these opportunities for the continent will grow from it.
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