The face of Africa is changing and these growing industries in the continent prove it all. Thanks to structural changes in many African countries, productivity revolution is helping many companies to achieve greater economies of scale.
The World Bank forecasts growth of 3.2 % for the year 2018, compared to forecasts of 2.4 % made in 2017. A growth of 0.8 % is a huge representation, which has only boosted the morale of many who want to expand their businesses in Africa. Changing rigid policies in Africa and the fall of hostile regimes has led to a more energised market. Fueling the African economy, the oil and gas industry has boomed owing it to rising commodity prices. An accelerated expansion should be seen as oil prices continue to recover this year. Forecasts growth for 2018 comprises of six African countries of the world’s ten fastest-growing economies. Following all these good happenings, industries in Africa are definitely growing.
Which are the growing industries in Africa?
1.Digital Healthcare
Entrepreneurs across Africa are taking up challenges by creating innovative healthcare solutions. This field has become a lot more promising over recent years. While only some countries in Africa can afford basic healthcare to their citizens, expanding this business seems like a good way towards progress in providing this service to more people.
Digital healthcare mostly involves telemedicine, e-prescriptions, m-health applications, which will help to free up congested health facilities. A lot of pharma firms are looking to partner with digital healthcare firms.
2.Renewable Energy
Did you know that Africa has become an international test base for innovative renewable energy solutions?
For example, the solar energy revolution is in full swing and many businesses have chosen to be associated with climate-friendly energy solutions. As such, many other businesses are turning towards this lucrative market.
3.Transportation
Uber is, without doubt, the best example of innovation pertaining to transportation around many countries in the world, including the African territory.
Entrepreneurs are earning considerably by putting cars on the Uber network and growing their businesses. The new form of transportation businesses is also taking shape which invites entrepreneurs to consider growth in this line of business.
4.Technology & Telecommunications
A technology-driven Africa is no surprise to anyone. Sectors like the finance and mobile telecommunications have witnessed revolution over the years. Many people now have access to mobile phones even in remote areas of Africa.
This is being seen as a never-ending process, as technology will keep on evolving and might even change the actual face of Africa. Growth in this sector is inevitable.
5. Food and Beverages, FMCG
Food production remains a big challenge in Africa, the reason being that food produced sometimes to do not reach the targeted consumers. More focus is being laid on the food processing and its marketing, which is going to enable the proper food supply chain.
The food supply chain is being given a lot of importance in current time as improvement in this sector is vital. Agribusiness opportunities are being pursued by more and more entrepreneurs and investors.
6. Manufacturing
Believe or not, Africa is currently caught in a heat of fashion revolution. Creative geniuses in fashion, combined with entrepreneurial factors are paving way for a successful manufacturing industry.
The African Development Bank estimates have it that Africa’s fashion industry could be worth $15.5 billion over the coming five years. Celebrities like Beyonce and Michelle Obama have already worn creations by young African designers. This is an industry to keep an eye on.
Starting a business in Africa without having a registered company!
Taking your entrepreneurial desires into consideration, Africa HR Solutions assists you in doing business in Africa without the need of having a physical company. Through employing your workers legally and doing their payroll, we ensure compliance for you and take away the risk. With all these growing industries on the territory, there is scope to expand your business by trusting us with your Payroll and Employment outsourcing in which we truly are the experts. We have helped many businesses expand throughout the continent and list keeps on growing. Our presence in more than 50 African countries makes us specialists across the continent. We allow you to focus on your business while we focus on your HR needs.
