9 Reasons Why Making Money in Africa is Easier Now Than 20 Years Ago — Javnyuy Joybert

The Rise of African Wealth: 9 Reasons Why Making Money in Africa is Easier Now Than 20 Years Ago

Africa, often overshadowed by negative narratives in the past, is now emerging as a land of opportunity and economic growth.

Over the past 15 to 20 years, several factors have contributed to making it much easier to make money in Africa. I would like to explore 9 compelling reasons why Africa has become a fertile ground for wealth creation.

These points are from a general perspective to throw more light. I have had the privilege to do some work in over 15 African countries and what I can say is that we are getting better.

1. Urbanization Boom:

Africa is the fastest-urbanizing region in the world, with millions of Africans flocking to cities every year. This rapid urbanization creates concentrated markets, making it easier for businesses to reach and serve their target audiences.

It’s like setting up an ice cream stand at the entrance of a busy park — customers are right at your doorstep! By strategically focusing on key urban centers, startups and large companies can efficiently penetrate these emerging markets and maximize their profit potential.

2. Access to Technology and Connectivity:

Technological advancements, particularly in the areas of telecommunications, mobile banking, social media, have revolutionized the African business landscape.

Mobile phones and the internet have bridged gaps, connecting previously underserved markets to the global economy. It’s like having a digital highway running through the heart of Africa, connecting businesses and consumers across vast distances.

This connectivity has opened doors to e-commerce, digital payments, and online platforms, enabling entrepreneurs to tap into wider markets and expand their customer base exponentially. Javnyuy Joybert

3. Demographic Dividends:

Africa’s young and rapidly growing population presents an unmatched advantage for businesses. With more than half of Africans under the age of 19, the continent boasts a potential consumer base that is larger than China’s in the next 6,000 days.

Just imagine the market potential! If you were a smartphone manufacturer, fashion designer, educational entrepreneur, mobile app developer etc would you miss the opportunity to tap into this vast pool of potential customers, who are hungry for connectivity, technology and to live life?

4. Growing Consumer Market: Africa’s population is rapidly increasing, with more than one billion people expected to be added over the next 20 to 30 years.

This demographic growth translates into a larger consumer market, providing ample opportunities for businesses to cater to the needs and aspirations of this expanding population. For instance, startups and companies targeting the baby care market can benefit from the fact that Nigeria alone has more annual births than the whole of Western Europe.

5. Entrepreneurial Spirit and Local Innovations: Africa has a vibrant entrepreneurial spirit and a culture of innovation. Many local entrepreneurs are creating innovative solutions to address pressing challenges and cater to the needs of their communities.

These innovations span various sectors, including agriculture, healthcare, renewable energy, and financial technology. For instance, startups like M-KOPA Solar and Flutterwave have leveraged mobile technology to provide affordable solar energy solutions and enable seamless payment transactions, respectively.

The entrepreneurial ecosystem in Africa is thriving, attracting investors and fostering an environment conducive to wealth creation.

6. Economic diversification: Many African countries have been striving to diversify their economies beyond traditional sectors like agriculture and extractive industries. This diversification creates new avenues for entrepreneurs and individuals to invest and capitalize on emerging sectors such as technology, renewable energy, tourism, and manufacturing.

7. Rise of entrepreneurship support organizations: The emergence of entrepreneurship support organizations, incubators, and accelerators has provided aspiring entrepreneurs with mentorship, training, and access to networks.

These initiatives offer guidance and resources to help individuals navigate the challenges of starting and growing a business.

8. Access to financing: Access to financing has improved significantly than what it use to be 15 to 20 years ago with the rise of microfinance institutions, venture capital firms, and angel investors. These sources of capital provide funding opportunities for individuals with innovative business ideas, allowing them to turn their concepts into profitable ventures.

9. Access to information and knowledge sharing: The availability of information through the internet, online courses, and knowledge-sharing platforms has empowered individuals to acquire skills, learn about business best practices, and access market insights. This access to information facilitates informed decision-making and enables individuals to seize opportunities.

These factors among others collectively create an environment for individuals to make money and build wealth.

Note: I am currently providing one on one mentorship to 5 people who will like to build thriving careers in Business Consulting and Workshop Facilitation. Professional Certification in Business Consulting and Professional Certification in Workshop Facilitation. Whatsapp +237674949153 for conditions.

Cheers

Dr. Javnyuy Joybert