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5 fastest growing businesses in Africa by 2022

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Please note that we have consulted several authoritative sources in compiling this list. will be

1. Financial Technology Business

Financial technology businesses continue to outperform many startups on the African continent with their problem-solving innovations. Africa is her second fastest growing and most profitable payments and banking market in the world after Latin America, according to Tech Crunch. There are over 500 financial technology companies on the continent, mostly in Nigeria, South Africa and Kenya.

According to the World Bank, about 66% of the population in Sub-Saharan Africa is unbanked. The unbanked population is another reason financial technology companies thrive on the African continent. They are using technology to change, automate and enhance financial services for consumers and businesses.

According to Business Elites Africa, 75% of financial technology start-ups in Nigeria earn an average of $5 million annually. Given the continued funding of financial technology companies in Africa, the sector will continue to grow with internet penetration and smartphone usage.

The food business is one of the fastest growing businesses on the African continent as many investors benefit from Africa’s resources. According to the Business Standard, the African food industry will grow by 3.6% in 2020-21 and 3.9% in 2021-22. Food is a basic need for everyone and is profitable for business for entrepreneurs in this sector.

This growth is being fueled by surging demand for processed and frozen foods and bulk consumption of dairy products. Expansion and innovation in the food and beverage industry are other growth factors. A more severe food crisis is looming in Africa, according to Nirametrics.

The war between Russia and Ukraine, low purchasing power, political instability and conflict have pushed food prices to unprecedented levels on the continent. Meanwhile, an agricultural entrepreneur benefits from feeding his billion-plus people. Entrepreneurs earn huge rewards locally by storing and packaging food in a superior transportation network.

Due to Africa’s large population, there is a high demand for commercial and residential real estate, resulting in a thriving real estate business. According to Nairametrics, the Nigerian real estate market grew by 1.77% in 2021 and 10.84% ​​in the first quarter of 2022. Egypt’s real estate market will generate $10 billion, with 8% growth in 2021.

According to Nairametrics, Egypt’s property market is expected to grow by 6.5% in 2022. Kenya’s property market is projected to grow by 5.2% in the third quarter of 2021 and by 5.9% in 2022. The real estate business is one of his most valuable businesses. In Africa, entrepreneurs earn income from leasing, buying and renting commercial and residential real estate.

The real estate business is highly profitable but requires knowledge and experience. To start your African real estate business, consider seeking advice from an experienced real estate agent and learn from past mistakes. Learn about the industry’s strengths, weaknesses and how it works.

E-commerce is a rapidly growing business in Africa due to technological advances and innovations. Companies in this sector enable individuals and businesses to trade goods and services through the Internet. According to Vanguard Newspaper, Africa’s real estate market value is expected to reach $180 billion by 2025. The report further reveals that African e-commerce ventures will secure more than $256 million in funding in 2021, with 40% growth since 2020.

According to Africa Business Communities, the e-commerce industry is expected to generate $46.1 billion in annual revenue by 2025. Favorable industry business involves facilitating the sale of goods and services between companies and their customers. Our e-commerce business also facilitates the sale of goods and services through third parties. Jumia, eBay, Konga, and Kilimall are examples of African e-commerce platforms.

Logistics business is a profitable and fast-growing business in many African countries. Whether in Mauritius, South Africa, Ethiopia, Ghana, Kenya or Nigeria, entrepreneurs are earning substantial rewards in the industry. According to Market Watch, the African logistics market will grow from multi-million to multi-million dollars from 2017 to 2022. Egypt’s Suez Canal to record revenue of $704 million in July 2022, up from $531.8 million reported in July 2021, according to reports from Sawya is shown. .

According to Research and Markets, the Nigerian logistics and freight market is expected to grow at a compound annual growth rate (CAGR) of over 3% from 2022 to 2027. We work with traditional retailers and online retailers. Carriers streamline the transfer of goods to customer destinations. Research the pros and cons of your business before investing and consider focusing on building a promotional online presence.

Sources

1/ https://Google.com/

2/ https://africa.businessinsider.com/local/markets/5-fastest-growing-businesses-in-africa-in-2022/1dy7ws6

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