Tips - January 28, 2022

5 Proven Ways to Make Money in Africa in 2022

Although making money here in Africa might be tedious, it is not unattainable.

A lot of people talk about how tedious it is to make money in Africa due to its harsh economic realities, poverty level, inefficient policies, the inability to access loans and the lack of basic social amenities such as good roads, electricity and adequate storage systems. The list goes on. 

Although making money here in Africa might be tedious, it is not unattainable. There are confirmed ways to earn money here in Africa irrespective of the hurdles, with established success stories of Africans who made a change in their society despite the odds being stacked against them. 

The likes of Shola Akinlade co-founder of Paystack Nigeria, one of Africa’s most vibrant payment services providers. Bethlehem Tilahun Alemu grew up in the poor village of Zenabwork, Addis Ababa, Ethiopia, and now owns multiple businesses, which include, “SoleRebels’’, one of the most popular shoe brands not only in Africa but across the world.

Despite the fact that Africa is lacking in some areas, you can take advantage of the manpower, with about 60% of the population being under 25, and the natural resources to make good money. Here are 5 business ventures in Africa you can look into in 2022 and how you can make money from each of them.

Shoemaking

The University of Kansas reveals that the personality of people can be predicted with a striking 90% accuracy based solely on their shoes. For the small group of people who are aware of this fact, they would not hesitate to spend a vast amount of money on shoes. This is why shoemaking remains a very lucrative way of making money, even in 2022. Bethlehem Tilahun Alemu understands this fact. That is why she is able to generate about $1 million in sales annually from shoe-making. Alemu started her business, SoleRebels, in 2004 despite the fact that there is poor access to credit and grants in Africa, it did not set her back; she was able to raise $10,000 to start up the business.

Moreover, she took advantage of the human resources Africa has to offer.. Alemu leveraged the talents around her by recruiting most of the handicrafters around her. Today, SoleRebels is the first footwear company in the world to be certified by the World Fair Trade Organisation (WFTO).

True to leveraging Africa’s resources, Alemu ventured into a new space, in 2014. She launched the Republic of Leather, which involves exporting leather made goods like bags, belts, and other leather artefacts. Currently, SoleRebels, as a brand can be found in more than 50 countries around the world, including the USA, Canada, Japan, and Switzerland, and has employed more than 100 employees. No doubt, there are lots of business opportunities to be explored in Africa.

 

Coding

According to Forbes, tech is considered to be one of the fastest-growing sectors in Africa. Africa’s booming tech hub is fast becoming the backbone of tech. Having grown 40% in 2019 with a high demand for coders, you can take advantage of this growing industry. There are so many free online and offline academies to learn from teaching children and young adults how to code, like Awele Academy in Nigeria, We Think Code in South Africa. With a mobile phone and a service provider, you can begin coding. There’s no prior knowledge required, just your willingness and problem-solving skills. According to the Bureau of Labour and Statistics, the median salary of a software engineer is $107.510 with a great chance at freelancing.

Looking at the likes of Tanzania’s Edwin Bruno Shayo, founder of Smart Codes, and Nigeria’s Omolara Adejuwon co-founder of Kass Africa, who have made a name for themselves in tech, you can also get started with your phone and internet service with almost no capital required.

Fertilizer Production

Agriculture cannot be overlooked in Africa. it still remains the largest sector in Africa, making up 15% of the continent’s GDP. Fertilizer production seems to be overlooked, but it holds huge profit potential. In Nigeria, there is actually a pressing need for fertilizers since the government struggles to meet the demand.

According to the World Bank, it estimated Nigeria’s fertilizer consumption in 2018 at 19.7kg, which is low compared to Ghana’s 29.4kg, contrasting Nigeria’s 19.7kg to Africa’s average consumption rate of 33kg per hectare in sub-Saharan Africa, it is clear that her consumption rate is low. Since there is a high demand for fertilizers, it is a good market to look into in 2022.

Noticing Jean Bosco Nzeyimana, CEO of Habano Rwanda, he was able to make an affordable fertilizer for farmers in Rwanda from waste. He is currently listed on the Forbes 30 Most Promising Young Entrepreneurs in Africa in 2017. 

Data Analysis 

Data analysts are in high demand. On average, a data analyst earns about $112,000. With free online courses, all you need to get started is your phone and internet service with almost zero capital required.

Henrica Makulu has made herself a name in the field of Data Analytics she is from Zimbabwe she currently specialises in automated analytics dashboards at Cassava Smartech.

Pig/Hog Farming 

A report from The Cold Wire shows that Pork is the second most-consumed meat in the world. According to the UN’s forecasts, the demand for meat, milk and eggs in Africa will almost quadruple by 2050. Proving to be a good market for Africans in 2022 and beyond looking at Nigeria her pig industry has grown by 40%, according to figures by the Pig Farmers Association of Nigeria (PFAN). In 2019 about 298,000 tonnes were produced over the last 10 years due to its high demand for pork.

Apart from porks pigs are used for leads, leathers, glue, fertilizers and variety of medicine according to national geography hog farming poses as a good source of making money in Africa in 2022 with returns from hog farming. It takes 6 months for pigs to mature so you can double your returns before the end of each business year. Consider the success stories of Anna Phosa of South Africa, Kelvin Mwaka from Nairobi who has built thriving pig farming businesses on the continent. 

READ ALSO: Best Places Nigerians Can Invest their Money in 2022 According to Experts

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