7 Most Lucrative Business Ideas With Strong Profit Potential To Start In Africa

7 Most Lucrative Business Ideas With Strong Profit Potential To Start In Africa
We'd be listing out some lucrative, yet unsaturated business ideas that every wise entrepreneur would want to venture into in Africa.
There was a time when investing in oil and gas was the norm, but nowadays, a lot of things have really changed. The trend is no more about opening banks or buying a telecom company, but you could be making a lot of money by just investing your savings on a newer business idea.
Don't worry, ride with me as we unveil some real great ideas you might never have thought of before.

What are the most lucrative business ideas to venture into in Africa?

The ideas I'm about to list are not specific to one country, you have to read them, think about the possibilities of excelling on it and then research on how to start it.

• Manufacturing of matches in Rwanda

Imagine a company with a population of not less than 12 million importing match-sticks? Literally, every household in Rwanda makes use of matchsticks but no one has ever thought of starting a matches manufacturing company there.

Starting a match-sticks manufacturing is not hard and the raw materials can be sourced locally. If you're presently in Rwanda or interested in moving there, this could be something you'd want to try out.

• Converting street hawkers into entrepreneurs

I recently shared an article on how a Lagos hawker makes more than ₦1 million monthly from selling Gala. If you go through the post, you'd discover how he managed to upgrade from a road side hawker making as low as ₦40,000 monthly to an entrepreneur.
There are many others like Africans Chinedu who have the potential of managing businesses very well if given the opportunity.
Converting the teeming hawkers on the streets of Lagos, Accra and Nairobi into powerful brigades of marketing activators can seriously disrupt many industries, [including]  private health/education, banking, hospitality, insurance and many others that are currently struggling for their next infusion of animal spirits.

• The middle-class really matter

Industries that produce consumer goods should never make the mistake of underestimating the purchasing power of the rural areas.
No matter how poor an individual is, his family will still need palm oil, cooking salt and other basic things. So for the success of your business, endeavour to target both the rich and the middle class citizens.

• Waste management business

You could actually become a millionaire from waste recycling business without investing much. One issue that is being faced in most parts of Africa of Africa is hygiene and cleanliness, perhaps because of widespread poverty.
If you can find out easy ways of disposing these wastes and if possible, convert them into something useful again, you might be the next big thing to happen in the Africa continent.

• Electric motorbikes and motorbikes

The world is advancing and gradually ditching petroleum products. One advantage of the electric cars and bikes over the petrol-powered ones is that they are cheaper to maintain.
Also, electric bikes and cars don't emit carbon monoxide. Internal combustion gasoline engines produce extremely high carbon monoxide concentrations which isn't good for the health.

• Solar energy in Nigeria

Most Nigerian cities can't boast of regular light and it's a big issue that investors are still looking for how to tackle. One good advantage of solar energy is that it is renewable, unlike petrol that gets used up.
In addition to that, solar doesn't emit carbon monoxide while burning. One big issue that is being faced is that the available solar power plants are expensive and inaccessible by the middle class. If you can solve this and make it available, what more can be more lucrative than tens of million citizens patronising you?

• Cheaper internet

If you know how much African browse on data cheats, you will understand how far a business offering cheaper internet would go.

See the list of the countries with the cheapest internet in the world:

  - Syria (Asia)
  - Ukraine (Europe)
  - Russian Federation (Europe, Asia)
  - Romania (Europe)
  - Belarus (Europe)
  - Bhutan (Asia)
  - Iran (Asia)
  - Kazakhstan (Europe, Asia)
  - Lithuania (Europe)
  - Vietnam (Asia)

I was shocked to discover that no African country made the list. Inasmuch as network providers are providing very affordable data plans, you can still invest in something that can make Africans enjoy their browsing experience.

What do you think? What did I miss? Don't forget to drop us a comment and share with your friends. Before you leave, also check out our previous article on 7 challenges of doing business in Nigeria. It won't only enlighten you on the challenges, but also tutor you on how to conquer them.
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