As an African, or a descendant thereof, it is imperative to keep an eye on the latest developments, opportunities and means to build and develop prosperity in the continent. Although we are a diverse set of people, probably the most diverse, with a wide range of different languages, customs and regions, the continent of Africa is still the land of the “blacks.” That being said, there is no greater land that we can call home, or that we can feel the sense of ownership and belonging to. This is why as a child of Africa in the diaspora and on the soil, it’s important to stay updated an in tune with current developments.
There are quite a few portals and channels of information every child of Africa should be connected to. There you will find valuable information on locations, governments, institutions, and of course opportunities that are linked to the continents success. A few of those resources are provided later on in the article.
According to the Africa Wealth Report by a South African firm, there are a little over 160,000 millionaires in the continent of Africa. Many of those millionaires are from countries that are north of the Sahara and are under the MENA category, but still we have quite a few in the East, West and South. Nigeria, Angola, Kenya, Tanzania and South Africa are amongst the few on the list of countries with growing millionaires. Following the trends and investment patterns of millionaires in these countries is pivotal to knowing how to tune in and become a part of that wealth growing process.
Data and research findings provided by the Africa Wealth Report stated that between the years of 2000 to 2013 the number of millionaires throughout the continent grew by more than 145%. The better news is, numbers are expected to increase. In this article we will provide you with some of the industries that are a part of Africa’s prosperity index. To encourage further independent development, we are only going to name a few. The first on my list is;
As we all know, solar energy is one of Africa’s natural resources. Most countries on the continent bask in more than 300 days of solar energy in a year. Even with that, the electricity infrastructure in many parts of sub Saharan Africa is underdeveloped, making investment in solar power an exciting and lucrative venture. Off the Grid Electric and M-KOPA are two examples of solar power providers that are raking in millions.
Agriculture is the foundation to wealth building. According to the a World Bank Report, Africa’s agribusiness industry is set to be worth 1 trillion USD by the year 2030. Kenya is leading in the dairy industry, supplying over 80% in the market of raw milk. Ghana and Senegal are also major importers of rice. As a whole, rice importation to Africa is valued 3.5 billion USD per year. Amongst these importers are business moguls from the content of Africa.
FinTech is when financial service markets merge with technology. The technology sector has continuously been a factor of exponential growth in the developed world. Mixing that up with financial services is sure to be lucrative. With financial technology platforms and mobile apps that are developed to fill in the gaps of staggering infrastructures, companies like Paystack in Nigeria, Snapscan and TopCheck in South Africa are examples on how the FinTech sector in Africa is a gold mine.
The movies and films industry has taken the continent of Africa by storm, and is speculated to continuing growing. Nollywood, Africa’s leading film industry, and Nigeria’s version of Hollywood has consistently broken local box office records for the last three years. For an example, “The Wedding Party” is the highest grossing African movie of our time. It produced over 400 million Naira (approximately 1 million USD) in less than 60 days after its release. Iroko has positioned itself as the Netflix of Africa, serving around 35 markets throughout the continent, and Filmhouse has opened Nigeria’s first IMAX theatre with locations through the country. Although the entertainment industry is undeserved and underdeveloped throughout most African regions, this is exactly what savvy investors and inquiring business minds need to hear.
In closing, the list of African business opportunities continues to grow and is vast. There is something for everyone. From the telecommunications industry, to arts, entertainment and metal manufacturing, there are quite a few sectors to consider while seeking opportunities to build wealth in Africa. Keep in mind, underdevelopment is a watchword for wealth building. Underdevelopment coupled with open policies and emerging free trade zones are great stepping – stones. As these free trade zones and relationships to foster business opportunities continue to develop, we’re bound to see the Africa’s millionaire list grow.
CREDIT: Laurat Titilola Ogunjobi