Top 10 Growth Sectors in Africa 2018, that will make millionaires of tomorrow

Bank of Industy - Top 10 Growth Sectors in Africa 2018, that will make millionaires of tomorrow

Did you know that half of the growing countries in the world today are Africans. Well, if you didn’t now you do. The economy in Africa is growing and millionaires are being made daily.

In this post we are going to be discussing the top 10 growth sectors in Africa, that will make millionaires of tomorrow.

Let’s go straight into the list.

1. Solar Energy: Solar energy is one of the most abundant natural resources in Africa. Most parts of sub-Saharan Africa enjoy more than 300 days of free sun given by God each year. Yet, more than 600 million people on the continent, do not have access to reliable electricity. In most cities, power outages are commonplace and people often rely on gasoline or diesel engines.

2. Agriculture: This sector remains Africa’s untapped gold mine, and a major potential source of millionaires in 2018. According to a World Bank report, Africa ‘s agri – food industry is worth $ 1 trillion in 2030. More African entrepreneurs are tapping into the vast opportunities in Africa ‘s agri – food market. And with the impact of collapsing crude oil prices in 2016, agribusiness giants like Nigeria and Angola are finally putting a strong emphasis on agribusiness as a way to diversify their economy.

3. Smartphone Business: I don’t need to tell you, before you realise how well Smartphones sell in Africa. Africa is currently the second fastest growing market for mobile phones, after Asia. However, most “new generation” smartphones like the iPhone and Samsung are quite expensive for the average African, and this has created a huge opportunity for cheap smartphones. Over the past two years, more than a dozen cheap smartphone brands have made their debut on the African market, and they are making millions.

4. Accessible Internet: The Internet market in Africa is worth billions of dollars, this is obviously why tech giants like Google and Facebook are fighting to improve Internet access for millions of Africans. Some smart African entrepreneurs are already making impressive moves to conquer the Internet access market.

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5. Education Sector: Where I come from, there is this talk that if you want to make money, you either setup a church or a school, and this is nothing but the truth. Africans are highly talented and has one of the youngest populations in the world (more than 50% of Africans are under 31). However, lack of access to quality education is a serious threat to Africa ‘s human capital. Currently, a couple of interesting companies and initiatives have had remarkable success as they address education issues in Africa. Bridge Academies (in Kenya and East Africa) and the Omega Schools (in Ghana and West Africa) have built an incredible education model of low cost primary schools that allow students to pay less than $ 1. per day for tuition.

6. Art: Yes, African Art is going to make millionaires in future, so if you are talented in this field, don’t take your talents lightly. Sometimes in 2014, a collection of ancient African art from Mali, Gabon, Congo and Liberia was sold to New York at Sotheby’s for a record $ 41 million. Not too long ago, a set of wooden sculptures by Nigerian artist Ben Enwonwu sold in London for over $ 500,000, three times the expected price. In 2018, more investors and collectors will listen to the demand for African art, and more millionaires will be in the process.

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7. Retail trade: Across the continent, the two brands of local and international supermarkets like Shoprite, Game, Checkers, Woolworths, Edgars and Spar are growing and jostling for every inch of space available in purchasing and developing retail infrastructure. Interestingly, the battle for retail supremacy in Africa is not only limited to physical retail chains. E-commerce giants like Konga and jumia have grown impressively in recent years. Africa is today one of the fastest growing retail markets in the world.

8. Online Apps and Services: Africa’s digital economy is growing very fast that nowadays, many services have an app or go online. There is almost an online application or service for everything you want. If you are looking for hotel accommodation in Nigeria, and are now the largest online services in the hotel booking industry. IrokoTV is an application that gives you access to more than 5,000 African movies on your mobile phone. This year, more online applications and services will be launched across Africa to solve problems and bring value. And more millionaires will be made in this process.

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9. Payment Solutions: Every year in Africa, more than $ 100 billion in transactions are always made in cash. This poses a huge and lucrative opportunity for financial services for savvy entrepreneurs. In Africa today, there is a huge hustle and bustle for the next money transfer and payment service. In Nigeria alone, several promising companies are scrambling to dominate Africa’s largest economy. Some of the contenders are Paga, PayAttitude, SimplePay and PayWithCapture.

10. Give us a growth sector you think is most likely to make millionaires tomorrow.

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