7 business opportunities that will make more millionaires in Africa

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Media and entertainment

A recent report by Punch Newspaper showed how technology has changed the media and entertainment business landscape in Africa, making it exciting and lucrative. In the same vein, the African music and film industry has become a cultural and global phenomenon enjoying massive audiences inside and outside the continent. According to Movie Web, the Nigerian film industry, Nollywood, is the fastest growing film industry in the world.

Meanwhile, The Guardian highlighted 2022 as the biggest year for African music. From Nigeria to Kenya, via South Africa, Ghana and Senegal, the wave of raw and up-and-coming music artists is sweeping across the African continent. Media and entertainment can create the next group of millionaires with global audiences for African music, drama, action, intrigue and comedy.

Food and Agrifood

According to How We Made It in Africa, food and agribusiness is lucrative in Africa, with endless business opportunities. With high-value export crops and over a billion people to feed, the food and agribusiness market represents a multi-billion dollar opportunity for Africans. With Africa importing a lot of food, the market years for more entrepreneurs.

Entrepreneurs with the resources and skills to produce food locally can become the industry’s next millionaire. The market is profitable for entrepreneurs who offer local food cheaper than the mainland imports. For example, the continent imports soybeans, rice, wheat, milk, frozen meat, wheat, coffee and cereals.

Detail

According to Small Starter, Africa has a multi-billion dollar retail market with business opportunities for entrepreneurs. With rapid urbanization and a growing middle class, Africans are growing their economy through the retail market. The continent is home to online stores and malls and is gradually going through a monumental shift.

For example, Jumia, Shoprite, Nakumatt, Woolworths and Game are present across the continent with attractive annual returns. Despite the booming retail market in Africa, new entrepreneurs have the opportunity to earn a lucrative income in the industry. Gabon, Tanzania, Namibia, Nigeria and Rwanda are African countries that offer interesting business opportunities in the retail market.

Fashion and Beauty

According to Guardian Nigeria, the fashion and beauty market in sub-Saharan Africa has seen an annual increase of almost 10% in 2021. Imported fashion designer brands or locally produced fabrics are hot selling products across the continent. , especially in modern cities. Additionally, local and international brands of body care, hair products, and facial products dominate the beauty industry.

The fashion and beauty industry is growing with the extremely young and trendy African population. Nigeria is leading the way, thanks to a large population set to double by 2050. With fashion and beauty poised for unprecedented growth in Africa, the industry could make the next batch of millionaires.

Immovable

According to The Exchange Africa, the real estate market offers lucrative business opportunities and a gold mine for investors. With Africa’s population growing, the demand for commercial and residential real estate continues to grow. Moreover, housing shortage is a major problem in Africa, and closing the gap can make you a millionaire.

Consider investing in land and real estate properties to maximize your profits. You have lucrative potential in the construction of office space and social housing for rent, lease or sale. Home improvement flips, vacation rentals, and contract flips are ways to take advantage of the real estate market.

internet and technology

According to the International Financial Cooperation, Internet use in Africa and the involvement of technology are on the rise. Internet penetration in Africa has increased by 40%, with a further potential of 10% in 2022. With a future forecast of $180 billion, the Internet and technology industry in Africa offers business opportunities profitable to entrepreneurs and innovators.

Nigeria, South Africa, Ghana and Kenya lead the continent with various technology incubators and hubs. Skilled Africans can become millionaires through innovation by solving challenges and problems with technology.

Financial services

According to the World Bank, many Africans do not have access to formal financial services and still transact in cash. Despite Africa’s educated and young population, the continent needs to improve its payment systems, banking and other financial services for business and personal transactions.

The African financial market presents a unique opportunity for new and existing entrepreneurs. Skilled professionals and entrepreneurs who can provide practical, simple and easy solutions to African payment systems could be the next millionaires.

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