Certain industries have emerged as profitable avenues to tremendous wealth and success in Africa’s diverse economic landscape.
From technology-driven sectors to traditional resources and developing markets, these businesses exemplify Africa’s spirit of creativity, resilience, and the limitless opportunities it provides to visionary entrepreneurs.
In this article, HowNG takes a look at four such industries in Nigeria that have the potential to make ambitious individuals into billionaires.
1. Real Estate
This business has produced a large number of billionaires in Africa. Sijibomi Ogundele, the CEO of Sujimoto Construction Limited, is a prime example of such a person. Sijibomi’s organization has made tremendous achievements in Nigeria, with the goal of revolutionizing the African luxury real estate industry.
You can potentially become a billionaire by capitalizing on this industry. While you might not be able to get land for a large project, you can get started by becoming a real estate agent.
2. Manufacturing
African billionaires such as Aliko Dangote and Abdulsamad Rabiu amassed enormous fortunes in the manufacturing sector. Dangote became concerned about the high sums of money spent by the country on cement importation. This influenced him to pursue a career in cement manufacture.
In addition, his $19 billion refinery, with a capacity of 650,000 barrels per day, will ease Nigeria’s oil problem. The manufacturing business is still producing billionaires; all you need to do is identify an issue and be deliberate about providing a long-term solution.
3. Renewable Energy
The issue of energy is one that Africa is dealing with, with World Bank data indicating that just one in every three individuals in Sub-Saharan Africa has access to electricity. As a result, businesses are illuminating the continent with solar energy and water.
This is why the African solar sector is thriving. In Togo, for example, a solar system company, BBOXX, signed a $4 million collaboration with the government to provide off-grid solar kits to 300,000 houses.
So, join innovative entrepreneurs like M-Kopa and Off Grid Electric in using solar energy to brighten up Africa. Begin modestly by collaborating with existing solar equipment providers.
4. Agribusiness
According to a World Bank report, Africa’s agricultural industry is expected to be worth $1 trillion by 2030. This means that in the coming years, this industry will produce billionaires, and you may be one of them.
Begin by deciding what services and products you wish to provide. Opportunities exist for you to take advantage of, ranging from fish farming to pig and cockroach farming.
