Despite the impact of the pandemic, the African economy is expected to increase this year, and the number of new millionaires on the continent is growing at an exponential rate; with its wealth of resources and untapped investment potential, African business possibilities could be a lucrative option for entrepreneurs, individuals and investors. Let’s have a look at the top ten possibilities for generating wealth.
- Recycling of Solar Batteries
Solar batteries are being increasingly used to power homes in Africa, creating a viable and potentially very lucrative off-shoot opportunity. A business model that involves providing recycling facilities for the disposed of batteries would not only be filling a gap in the market but would also have a significant environmental benefit.
- African Art
Investing in African art could be a very wise move, as demand in both contemporary work and antiquities continues to rise, and this appreciation is reflected in the amounts being bid for lots at auction houses such as Sotheby’s. Combined with an increase in the percentage of the African population having a newly disposable income, turning a profit could become, quite literally, an art-form.
African agribusiness could be an extremely profitable investment; with its climate and land resources, Africa has the potential to become a giant of the food export industry, as well as having a continent’s worth of its own consumers to tap into. With government support likely, this investment could be a fantastic entrepreneurial opportunity.
‘Crowd-farming is already an established practice in many African countries,’ says Sara Urbanska, business writer at Originwritings and Write My X. ‘The potential to invest in this sector, for symbiotic benefits, is a rich one.’
- Waste Disposal
A business that could come up with and deliver a solution to disposing of garbage could be a winner. At present, although trash is, largely, regularly collected, what to do with the waste once picked up is problematic. A company that, for example, creates a way to manage and recycle this household waste into renewable energy could be very profitable indeed.
- Provision Of Internet Access
Investment in or the starting up of companies that can improve or provide internet access in Africa could be a great venture. With internet connection still patchy across large areas of the continent, new initiatives in this field may be a golden ticket – with Google and Facebook already getting in on the act, the signs are optimistic.
- Solar Power
Africa has the perfect climate for the use of solar panels in homes and business to provide power, and there is a growing market for this type of energy. An investment in a solar power company could generate huge revenue, tapping into both a sustainable energy source and an already present market demand.
- Card Payments
When it comes to payment solutions in Africa, the entrepreneur would do well to consider this market. With cash transactions still being the backbone of day-to-day commerce, there is huge opportunity here for new innovation.
Mike Skuse, project manager at 1day2write and Britstudent, suggests, ‘platforms that have recently been established in this market are already reaping huge rewards; as an investment this is a viable proposition.’
- Domestic Tourism
A largely overlooked industry, intra-continent travel is a relatively untapped investment opportunity. As an example, many people living in Nigeria may not be able to afford a holiday outside the country, but do have the resources to spend on a more localised get-away or day trip. A company that could capitalise on this uncatered for demand could stand to make a substantial profit.
There is currently a significant gap in the market for the provision of affordable housing, especially in urban areas, which are seeing an influx of workers moving for job opportunities. Investing in or starting up a business to cater to this demand is another option that could yield a healthy return.
10. Investing In A Start-Up
With more and more innovative African companies at the start-up phase, now could be a great time to financially back a new company on the continent. With the rise of African entrepreneurs bringing fresh new ideas to the table, investing in a young business may be the perfect opportunity to not only generate profit, but also to make a real difference to the communities in which these businesses will operate.
Capital And Community Gains
Now is the perfect time to consider investing in one of the many business opportunities in Africa. The continent is alive with innovation and potential, and rich in culture and burgeoning talent; this is a chance to develop a business connection that delivers benefits to your bottom line and to the wider community.
Author: Kendra Beckley (is a business development manager and editor at Assignment writing services and Thesis writing service. She regularly assists companies to enter new markets and to build long-term relationships with their partners. Kendra also writes articles on a wide variety of subjects for Do my coursework.)