In 2016 and early 2017, there were several inspiring success stories of African entrepreneurs who built successful businesses out of simple everyday needs, problems and challenges.
It can get very confusing if you don’t know where to look. In this article, Makamba Online will show you six of the hottest business opportunities in Africa that will create more successful entrepreneurs and millionaires in 2017. 2017 will be a lot better as it ends.
The opportunities in Africa’s food and agribusiness space remain huge and will not go out of fashion anytime soon. With over one billion people to feed, Africa’s food and agribusiness market is a multi-billion-dollar opportunity for entrepreneurs.
Food production is still a huge and breath-taking opportunity. The most worrying issue is that grains, milk and all sorts of raw and semi-processed agro products are still imported into Africa even though the continent has an enormous capacity to produce these. Opportunity lies in producing and processing. Entrepreneurs who can produce food products locally could reap very huge rewards. This year we expect that several African entrepreneurs to make a fortune in this industry.
- Media and entertainment
The industry serves an audience that is hungry for African stories of love, drama, intrigue, comedy, redemption, action and more. Africa’s film industry is currently the third largest in the world behind Hollywood and Bollywood.
This industry is growing every day. For example, seven weeks after its release, 30 Days in Atlanta a Nigerian movie grossed over $500,000. It’s the largest revenues ever made by a single African movie. It saves as a sign of more high-grossing hits to come.
African music has become hot cakes too. There is a wave of raw and promising music talents that is sweeping across the continent. 2017 is proving to be a big year for Africa’s entertainment industry.
- Fashion and beauty
Africa’s fashion and beauty market is developing at an impressive rate. The continent’s awesomely young population provides a ready market for trendy fashion. All kinds of apparel, including locally-made fabrics and imported designer labels have become hot-selling products across Africa’s rapidly expanding urban areas.
Africa has hundreds of rising stars who are building successful businesses in the fashion and beauty industry. The list of promising African entrepreneurs who are building successful businesses in the fashion industry is quite impressive. This would be an exciting industry to watch in this period of 2017.
Africa is going through a construction boom, an opportunity that will certainly create a lot of wealth for entrepreneurs on the continent.
Cement is one of the most important materials for building and construction work – houses, buildings, roads, bridges etc. Africa used to spend billions of dollars to import cement. Now players like Aliko Dangote have helped but cement supply still need to be addressed fully. Steel, timber, roofing materials, glass, paints, plumbing and electrical supplies are other products that are enjoying a high demand due to the construction boom that’s happening across the continent.
- Financial services
The banking, payment systems and overall financial services industry in Africa is one of the least developed in the world given that Africa is still developing. Africa presents a unique opportunity to make money in its financial services market. Entrepreneurs who can provide simple, easy and convenient solutions will be well rewarded.
More than 50 percent of Africans still don’t have access to formal financial services and a huge number of transactions are still done in cash.
- Real estate
The demand for both residential and commercial real estate continues to grow across Africa. However, there is still a huge accommodation shortage. In countries like Nigeria, for example, over 16 million new houses need to be built to solve Nigeria’s serious housing problem. The estimated cost of providing these homes stands at $350 billion.
The opportunities in Africa’s real estate market include investing in land and real estate (properties) to take advantage of fast rising property prices. There is also lucrative potential in developing middle and low-income housing and office space for sale, lease or rent.
Author: Gesture Chidhanguro