Top Five Thriving Businesses in Africa to Invest in As Population Explodes
- There are a lot of sectors in Africa that are thriving and making huge strides for Africans
- Sectors like agric, fintech, and telecommunication are among those attracting huge investments into Africa
- These companies have helped solve real-life problems and provided ease of doing business for people in Africa
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Africa is experiencing a population explosion, and ideas are what rule the world.
The continent is experiencing innovations and an influx of viable ideas worth investing in.
Africa has a huge potential as there is an enormous financial potential and resources to invest in.
Countries like Nigeria, South Africa, and Kenya have seen a lot of revenue generation increase caused by their people's innovation.
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Africa can become a great economic player on the global stage and has seen an inflow of investments in various sectors of its economy.
Transport and logistics
Transport and logistics have become a money-spinner in recent times. The sector is currently witnessing great growth as international travel accelerates.
A report by Business Insider said that Lori, a Kenyan logistics firm digitising haulage, has aided many shippers and carriers move about $10 billion worth of cargo across Africa since it was founded in 2017. Lori is one of the many logistics firms making huge money from the sector.
Real estate has exponential growth in Africa recently and is directly tied to its population growth.
The more the population grows, the more the need for affordable housing arises. AfricaWorks, a real estate co-working space, has been listed as the fourth fastest growing company in Africa by Financial Times.
Internet access in Africa is abysmal, providing opportunities for companies to invest in the sector. As the continent witnesses population growth, the more the need for communication and telecommunication plays a huge role.
As of last year, MTN Group had annual revenue of $5.6 billion with a user base of 277.3 million subscribers across the continent, and Orange Africa earned about $6.8 billion with a user base of 123.7 million.
The need to feed more mouths in Africa provides a huge opportunity for agriculture. Agrictech is a honey pot, and it is driven by technology.
Agrictech has become a lucrative industry to invest in on the continent.
A Nigerian agric-tech firm, ThriveAgric, has recorded the largest fundraising in the sector at $58.15 million. In comparison, Ghana-based Agtech Farmerline raised $12.9 million in equity debt to help farmers access quality supplies.
Following mobile phone access, there has been an explosion of fintech companies in Africa. The growth in the sector is visible in the amount of investment pouring into the sector.
There are about seven unicorns in Africa, and fintech unicorns dominate the list.
Fintech firms like Chippercash, Fawry, and Flutterwave are among the top fintech companies creating value and solving real problems within a large user market.
The space also includes 'soonicorns', or companies that are on their way to becoming future unicorns, such as TeamApt, and Kuda Bank.
Top seven side businesses that will make extra income in 2022
Legit.ng reported that working full-time and jobs on the side can be difficult. But there are some side businesses you can engage in that will give you the flexibility you need to make extra cash, as much as N3m monthly.
According to the Nigeria Interbank Settlement System (NIBBS), the value of Point of Sale business in Nigeria has surged 39 per cent to N8.03 trillion in the first half of 2022.
The Punch reports that PoS transactions were estimated at N5.77 trillion between July 2020 and July 2021.