5 most profitable proven businesses for Africans
Africa has seen a significant improvement in the economy as of late. Although seen as one of the most underdeveloped continents, Africa presents a lot of resources and opportunities. If you are planning to expand or start your business, Africa is a great place for it. Here are some of the most profitable businesses you can engage in,
1 . To begin with, Agribusiness
Some parts of Africa are boasting with climates that are perfect for farming. Africa owns 60% of the world’s arable land. Most farmers in the country, however, do not have access to capital to cultivate their land. Due to this, agribusiness in Africa remains profitable. In recent times the concept of ‘crowd-farming’ is gaining much attention.
Crowd farming is when people in one community put together funds to help farmers produce food. The contributors or investors get a supply of the crops during the harvest. If people continue to support local agri-businesses, the country can produce enough food for its people. This will lessen the importation of food by the government. And intend to create a great deal of wealth for the investor.
2 . Secondly, Automobile Business
There is a lot of migration going on lately. This is all i.e search for greener pastures. Most people move from their rural communities to urban ones. Only a hand full leaves the country. Due to this, the demand for transportation increased as well. It is estimated that the African automobile industry could sell up to 10 million units in the next few years.
Only a few companies are producing vehicles on the continent. To meet the demand, there should be an increase in the number of automobile companies. Making the automobile business an ideal in Africa.
3 . Thirdly, Affordable Housing
With more migrants moving into the urban sector, there is a pressing demand for affordable housing options. Although the government is trying to provide affordable housing, there is still a need to build more houses. This need opens a door to great opportunities for business owners and investors. You can start a real estate or housing company to supply this demand. This will create a profitable avenue for you.
4 . Also, Waste Recycling
Africa produces large amounts of waste every day. Most of these end up burned or washed into the water bodies. This creates the problem of pollution for the African continent. Hygiene and cleanliness are among the challenges Africa is faced for years. Entrepreneurs in South Africa and Ethiopia found a way to turn waste into a useful resource. Agri-protein is a South African invention that turns collected waste into animal feeds.
In Ethiopia, they collect the waste from their cities and convert it into energy. People with the knowledge and means to recycle waste can really profit a lot.
5 . Lastly, Solar Power
Many areas in Africa enjoy at least 300 days of sun all year long. Thanks to that, solar energy is abundant in African nations. But even with that, several African families are still left without electricity.
The best thing about solar energy is that it is free and sustainable. A lot of companies have tapped into this resource to provide electricity to millions of African homes. If you have a knack for sustainable energy, a solar power business might be a good business idea for you.
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