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Business Ideas that will create millionaires in Africa in 2021 and beyond
With a population of over one billion people, Africa has become the continent with the highest investment opportunities. Investing in businesses that are both innovative and lucrative is key.
Africa is a continent with a lot of resources and investing in the right market sector using the best resources and the best strategies and taking advantage of the huge market will yield High Return On Investments.
But there is a problem.
Coming up with a business idea and developing it into a multimillion-dollar business has been a major problem. This is because the African market has not fully been understood. This is one of the major reasons that has made investing slow in the continent.
But once this market is understood, investors or potential investors stand to benefit from the huge opportunities and the chance to be billionaires especially if they are early and efficient in their chosen business sectors.
In recent years, most of the ‘new billionaires’ have been young entrepreneurs and investors who have created promising businesses and invested in lucrative sectors of Africa’s fast-growing economies.
Everyone knows Africa is the future, that is why many foreign investors from China, the United States, and India are coming to invest in Africa. They have identified markets and they are succeeding.
There is a wide list of businesses in Africa that you can invest in and make so much money but our top 10 today are those that really stand out. For decades, business opportunities in Africa were created through traditional sources but nowadays, things have evolved and there are many other new and unconventional opportunities.
Number 1: Real estate.
This is property consisting of land and the buildings on it along with its natural resources such as crops, minerals, and more. Africa’s real estate market is a multibillion-dollar opportunity and several new millionaires will build their fortune in this market. In almost every corner of the continent, real estate projects are emerging. The biggest attractions are hotel and office buildings, residential homes and apartments, and shopping malls. The key markets for real estate on every investor’s agenda are Angola, Nigeria, Egypt, Mozambique, South Africa, and Kenya. All of these countries are experiencing a real estate boom like never before. Africa’s large and youthful population and expanding middle class, increasing urbanization, the influx of multinational companies are the key drivers of demand for both commercial and residential real estate. Across the segment of the real estate market residential, official spaces, retail outlets, industrial and hospitality facilities are all in limited supply thus creating an avenue for investors and developers to tap in and benefit from these underserved needs.
Number 2: Renewable energy.
According to World Bank studies, it is estimated that in sub-Saharan Africa only 1 in 3 people has access to electricity. Firewood and charcoal still remain the primary source of energy for cooking endangering the continent fast depreciating forest resources. Across the continents, companies like off-grid electricity and several others are lighting up the continent using solar energy and water to provide low-cost electricity to households lacking them. Solar energy is one of the most attractive businesses in Africa right now. This is because of the significant potential for off-grid solar solutions as the demand is massive. Over 600.000million Africans are tired of waiting for energy from a centrally managed power grid that is inefficient and inflexible to the continent’s growing power needs. Africans enjoy about 300 days of sunlight in many parts. This makes it hard to beat the value proposition of a product that bypasses the central power grid and meets your energy needs by tapping directly from the sun, a free energy source. That’s why the solar market in Africa is booming. In Togo a solar system developer, BBOXX signed a 4million dollars partnership with the government to supply 300,000 homes with off-grid solar kits. This is a business of the future.
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