7 Proven Business Opportunities That Will Produce More Millionaires in Africa in 2022
- The opportunities for business growth in Africa and in Nigeria is an ever-expanding one with the huge population in Africa
- It was projected that about 16.7 million Nigerians would be hit by food crisis which paves way for business opportunities in that sector
- Also, the fashion industry has evolved into a multi-billion dollar business in Africa worth over $4 billion
Media and Entertainment
According to a recent report, technology has impacted the entertainment industry in Africa and turned what was once just fun into a multi-billion dollar industry.
Statista projects that total revenue in the Entertainment segment in Africa is projected to reach$32.19m in 2022. Furthermore, total revenue is expected to show an annual growth rate of 8.02 per cent, resulting in a projected market volume of $43.83m by 2026.
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Food and Agribusiness
According to recent research, in Nigeria, the food and grocery retail market share had total net revenue of $45.7 billion in 2020, which represents an annual growth rate of 5.8 per cent between 2016 and 2020, with combined total revenue of $35.1 billion, which is 76.9 per cent of the market's overall value.
The food business in Africa has a market share of over one billion people, which is the net population in Africa.
Entrepreneurs with agribusiness and food processing skills are projected to become millionaires before 2022.
Retail Business
Statista said that in 2020, seven per cent of retail purchases in Nigeria were done online. Online retail was the highest share of e-commerce retail among the five African countries. Egypt followed with four per cent, while e-commerce in South Africa, Kenya, and Morocco accounted for two to three per cent of the total retail, respectively.
Africa is home to a multi-billion dollar retail market with business opportunities for entrepreneurs, given the continent's rapid urbanisation and the rising middle class.
Fashion and Beauty
The fashion industry in Africa is ever-growing, with a projected annual net revenue of $4.8 billion.
In 2020, research showed that the retail apparel market in Nigeria was valued at $4.8 billion, a growth rate of 5.5%, and an estimated value of $6.3 billion by 2022.
The industry is also expanding on the continent due to Africa's young population, with Nigeria leading with a projected population growth of 300 million by 2050.
Real Estate
The GDP report published by the Nigeria Bureau of Statistics says that the country's real estate market grew by 1.77 per cent, contributing 5.28 per cent to the GDP of Nigeria in 2021, which amounted to $5.3 billion.
Nigeria's lucrative real estate sector is ever-burgeoning despite a dip in the country's GDP in 2022.
Investing in landed properties is a sure way to make some million bucks in 2022. Also, leasing, sale, home renovation flips and vacation rentals are considered the in-thing in real estate.
Internet and Technology
The International Finance Cooperation said that internet use in Africa and the involvement of technology is rapidly rising on the continent.
Internet access in Africa is about 40 per cent, with an additional 10 per cent potential in 2022.
About $180 billion in projected revenue will be from internet use in Africa.
Nigeria, South Africa, Ghana, and Kenya lead the continent with various tech incubators and hubs. Skilled Africans can become millionaires with innovation by solving challenges and problems with technology.
Financial services
The World Bank said many Africans do not have access to formal financial services and are still stuck in transacting businesses in cash.
Financial services present opportunities for budding entrepreneurs looking to tap into the country's enormous fintech potential.
Digital payment platforms like Flutterwave, Paystack and others are worth over $1 billion and are projected to grow by 2025.
Nigeria is home to some of the continent's biggest fintech firms, with Flutterwave said to have a market share value of $3 billion.
Top 5 businesses that are growing really fast in Africa
Legit.ng reported that Africa has proven to be a fertile ground for investment as more investors pour into the continent as it boasts a young and virile population.
Rising inflation and insecurity notwithstanding, businesses are fast-growing in Africa.
Firms with good financial standings make huge profits from the continent’s fast-growing population and rich resources.
Source: Legit.ng
