TOP 10 BUSINESS OPPORTUNITIES AND IDEAS IN AFRICA 2021
Anyone who is interested in starting a profitable and innovative business must first choose the right market and industry in which to invest. A highly resourceful continent, Africa offers a high return on investment if you strategize and tap into its vast market. Your market, with a population of nearly 1 billion people, can't get any bigger.
Entrepreneurship in Africa is experiencing a new wave of growth, according to Forbes magazine. In Africa, there are many businesses, but our top ten stand out the most. A decade ago, traditional sources of business opportunities in Africa were exploited. Today, things have changed.
10-Films and music from Africa
Africa has a population of over one billion people, 60 percent of whom are under the age of 25. This industry's four most promising business opportunities include motion picture and music production, distribution, and exhibition.
09-Virtual education
As academic inflation rises across the continent, virtual education is becoming more popular. To improve their competitiveness for job opportunities, Africans on the labor market are pursuing higher or specialized academic degrees, diplomas, and certifications.
08-Fashion and clothing in Africa
In Africa, you'll find a wide variety of cultures, each with their own style of clothing. Africa's fashion industry stands to benefit greatly from this confluence of factors, which could boost local economies. It is estimated that Africa owns a small portion of the global fashion industry, valued at 2.5 trillion dollars.
07-Housing at a low cost
Migration from rural areas to urban areas is a problem in Africa. Up to half of the continent's population is expected to live in urban and metropolitan areas by 2030. Despite the fact that urbanization is a positive trend, the bigger question is where all of these people are going to live. En outre, even if the government made every effort, it would still fall short of meeting the high demand for housing.
06- Real estate.
This is a type of property that includes land and structures, as well as natural resources such as crops, minerals, and other natural resources, including water. It is estimated that Africa's real estate market is worth several hundred billion dollars. Many different real estate development projects have been proposed across the continent.
05- Renewable Energy
This is an optimistic estimate based on research conducted by the World Bank. There are still many people who cook with wood and charcoal, putting the continent's forest resources at risk. Solar energy and water are being used by companies such as off-grid electricity and others to provide low-cost electricity to households without access to electricity grids on the continent.
04-Financial technology
Businesses that use technology to improve the efficiency of financial services are known as Fintech, or financial technology. In Africa, the agroprocessing industry is the newest and fastest-growing sector. Using technology in banking and finance to make financial services easier, faster, and more affordable is referred to as FinTech.
03- Digital health
As the saying goes, one's health is one's most valuable possession. Increasing health crises, particularly due to the pandemic that has afflicted much of the world, have led to increased demand for medical personnel around the world, particularly in Africa. A doctor is assigned to every 20.000 patients in some countries, including Ethiopia. But there is reason for optimism because entrepreneurs across the continent are looking at these issues.
02- Crowd farming:
Farmers are wealthy all over the world, but Africa is technologically behind. According to the United Nations, the African business sector is expected to be worth one trillion dollars by 2030. A large domestic market, 60 percent of the world's uncultivated arable land, abundant labor, and a favorable climate in most of Africa's regions make this estimate possible.
01-Food processing
Africa imports food and non-food items worth billions of dollars every year. Besides traditional (local) commodities like crude oil, cocoa, coffee, and minerals, what else can be exported besides these traditional commodities? Untold numbers of locally produced goods exist in Africa that have the potential to be global brands. We tend to undervalue their importance. Producing organic chocolate from cocoa beans, some Ghanaian entrepreneurs have been successful in transforming local African products into global brands in recent years.
Do you have any other ideas for igniting new business opportunities that I haven't mentioned? Please leave your feedback in the comments section.