7 Untapped Business Opportunities in Africa in 2022
All business ventures started with an idea and in our world of today, ideas are unlimited and waiting to be tapped.
There are a lot of business ventures, people indulge themselves in. However, there are still a number of untapped business opportunities across Africa.
Business ideas are unextinguishable and very few people are stepping out of the popular business niches, to see a better picture in the untapped ones.
Here are 7 untapped business opportunities in Africa, with insights on how to successfully launch them on the continent.
Business Process Outsourcing (BPO)
As the name implies, this type of business entails a client outsourcing a business process to a third-party service provider.
In Africa, you can provide BPO services. Africa already has a large number of business process centres. However, there are still plenty of prospects for BPO venture investors.
This is one of Africa’s most exciting undiscovered business opportunities. The expansion of the BPO business will accelerate as internet usage increases.
Agribusiness in Africa
Africa contains a variety of raw materials that may be used to generate food, medicine, and other necessities.
The climates on the continent is ideal for cultivating practically anything. With the current issues in several Asian countries, Africa is emerging as a viable option for those looking to invest in agriculture.
Here are some suggestions for starting an agribusiness
- Transforming unprocessed agricultural products into finished commodities that can be consumed or used as raw materials by other industries.
- Unprocessed agricultural products such as cocoa beans, coffee beans, and palm oil can be packaged in consumer-friendly packing.
- Growing and exporting to international markets some agricultural products like cassava, yams, rice, and bananas.
- Establishing an organic agricultural farm to produce organic items such as fruits and vegetables for local and international markets.
Africa’s food processing industry
This venture does not require a huge starting capital, even small businesses can profit from it. For example, let’s say you wish to turn cocoa beans into chocolate products like flour, powdered milk, and candy bars. Given the current cocoa shortage, your products have a huge market.
With the correct financing and marketing plan, this business idea can turn into a gold mine.
Off-grid solar development and supply business
Several African countries still use kerosene, candles, and dry cell batteries as power sources.
This is a huge market opportunity for those who can provide off-grid solar development and supply services.
The off-grid solar system is a renewable energy source that can power homes and businesses whether or not they are connected to the grid.
Electric bicycle manufacturing in Africa
Electric bicycles are becoming increasingly popular in industrialised countries, especially as gasoline and gas prices rise and environmental concerns grow.
This business may be a viable motor transit option in Africa. And, once again, if you source or manufacture these bicycles locally, you’ll be tapping into an untapped market in Africa.
Untapped e-commerce business opportunity
The e-commerce business is another rich undiscovered business opportunity in Africa. E-commerce is booming in Africa, due to the rising internet adoption and mobile phone usage. Another reason e-commerce is a great business potential in Africa is the continent’s young population.
These young Africans are constantly connected, particularly through their cell phones. They are more trend-conscious and have large discretionary income to spend on the current fashion trends or whatever they see on the internet.
Those interested in the e-commerce sector have a lot of options. Accepting online payments from clients in local currencies is an idea.
Blue Economy Business
This is a favourable business opportunity that is untapped in Africa. Ocean-related industries that aid the economic development, social advancement, and improving living standards for people residing near coastal communities, entails what Blue Economy is about.
Examples of products blue economy deals in are oil exploration, fish farming, manufacturing pharmaceuticals from marine organisms and biofuels from algae.
READ MORE: 7 Things Business School will not Teach You about the Real World
Appeal Court Dismisses PDP’s Suit Against Tinubu, Shettima
The Court of Appeal in Abuja has dismissed an appeal by the Peoples Democratic Party (PDP)…