Opportunities for entrepreneurs and investors in African consumer economy

Africa’s economy is like a gold-mine, with untapped resources and undiscovered wealth. There are so many opportunities that makes Africa a perfect place for investors and entrepreneurs that wish to make profit and generate significant revenue.

There are so many reasons why Africa has the potential for economic acceleration in business and investments, such as:

1. Africa’s fast-growing population

It is projected that by 2030, Africa’s population would have reached a total of 1.7 billion people, and most of this population increase would occur in the cities, setting Africa up as one of the fastest-urbanizing continents.

These statistics tip off the balance between demand and supply in Africa, making demands so much more than the current supply. There is demand for more production in almost every sector of the market, from food to education, agriculture, pharmaceuticals, beverages and even healthcare services.

2. Africa is gradually building its infrastructure

One of the various reasons many investors fail to consider Africa as a place of interest was the poor and inadequate state of infrastructures. This used to impede growth significantly, making Africa generally undesirable for business. However, this is no longer the case as Africa is making constant and steady progress in its basic infrastructural development.

3. Africa is the birthplace of useful natural resources

Africa has always been blessed with nature-given resources and endowments. For a long time, these resources remained dormant and unexplored as Africa battled with oblivion and ignorance. There was a long term struggle for knowledge and technological advances and development that would help convert these resources to tangible wealth. However, in recent times, Africa has found ways to harness both mineral and agricultural resources as raw materials for further production of useful products.

4. Africa is growing in its mobile and digital influence

Everyone knows that the internet is drastically taking over most of the tasks we formally do manually. There are now online marketplaces, online banking, online education and even most of our data is being backed up by digital codes and programs. The potential and opportunities the digital world has to offer can never truly be overemphasized, we can talk about the speed, the wide audience reach, the accuracy, the ease by which tasks are carried out , and even the convenience. These benefits are essential if you want a growing, blooming business that would  rise steadily to the top.

The good part is that Africa is not left behind in these new discoveries, Africa is also gradually joining this new trend and incorporating the digital world into its banking system, production and manufacturing sector, transportation system, health and medical sector, communication sector and even its business sector. 

So, it’s safe to say that Africa is almost at its peak of financial independence, with its abundant supply of resources that is sure to build income for entrepreneurs, business owners and investors. But, not only does Africa have these potential for greatness, there are also several business type that is sure to thrive in this great continent, some of which includes:

1. Fashion: The fashion industry has a vast and widespread value chain, we have the cultivators who grow silk, cotton and so many other natural fibers, the big industries and companies that transform these fibers to different forms of textile and clothing materials, the industries that brand and label such materials and the distribution chain industry. There are so many capacities to fill and a large audience to satisfy. 

2. Healthcare: Africa has about 15% of the total world’s population, but suffers about 25% of the global disease crisis. This is what makes Africa perfect for investors who are passionate and interested about medical care. 

3. Housing and building: with the increase in population density in Africa, comes the need for more residential buildings, commercial buildings and industrial properties.

Other businesses that are bound to bloom in Africa include Virtual education, food processing and branding, solar panels and renewable energy, film production and entertainment, e-commerce and financial services, among many others.

Conclusion

Africa is a market that is constantly on the move, so much is being done, so much is improving and so many crude practices are being left behind. This great continent is like a door waiting to be unlocked, it just needs right and ready minds prepared and willing to make huge impacts in the world.

 

 

Conduct Research in Africa

If your products/services are built for the global audience, do not miss out on the world’s second largest continent.

AfriSurvey helps businesses and market researchers reach out to and get quick responses from thousands of Africans for their opinion polls, brand awareness, concept testing, product testing, market research, user research etc.

Please visit our website to learn more and start getting responses for your survey research.

We can also assist in fully conducting your research on the African audiences. Our research team will do your questionnaire design, data collection, data analysis, and report creation.

Reach us via business@afrisurvey.com