5 Ways to Make it Big in Africa

Africa has a catalogue of problems that entrepreneurs can solve to succeed financially. If you desire to make it big then you need to look for serious problems around you and identify interesting ways to tackle them. 

Successful entrepreneurs know that problems are blessings in disguise. So proferring solutions to problems like hunger, diseases, unemployment, and transportation in Africa, can be your stepping stone to success. In this article, we will show you five ways to make it big in Africa. Let’s get in.

Solve energy problem

The World Bank reveals that millions of people in Africa lack access to electricity. It noted that only three countries in West and Central Africa are on track to give every one of their people access to electricity by 2030, adding that with this slow pace, 263 million people in the region will be left without electricity access in the world. These data show that the energy problem is a serious one that must be solved. 

If you are looking to make it big in Africa, you can join entrepreneurs like Patrick Ngowi of Tanzania in making millions by proferring solutions to the problem. Patrick who was a phone seller discovered that his customers struggled to charge their phone batteries. He decided to understudy the subject of solar energy, so he enrolled at Dezhou University, China.

While studying renewable and alternative energy with a special emphasis on solar power in China, Patrick got involved in the sales of building materials. He will purchase materials for traders and builders in Arusha from China since they were cheaper.  After his studies, Patrick returned to Tanzania and launched his company, Helvetic Solar Contractors, with the funds he accumulated from his building business. The company has installed over 6,000 rooftop solar systems in his country and four other East African countries-Kenya, Uganda, Rwanda and Burundi. 

Turn livestock into gold

Getting into a business that has anything to do with food addresses Africa’s problem of hunger and has the capacity to make you big. Livestock farming is very profitable in Africa and they do not require high-quality machinery for a start. From poultry farming, snail farming, goat farming, and fish farming to pig farming, entrepreneurs are making millions for themselves.

One such is Anna Phosa, who founded her Soweto pig farm with $100. She decided to go into pig farming when she bought two pigs from a family friend in 2006. Her pig farm which first started with 4 pigs secured a contract with Pick ‘n Pay, the South African supermarket chain. The contract required that she supplied 10 pigs per week. 

From 10 pigs it grew to 100 pigs per week. Anna Phosa was able to raise capital to expand the business from this contract. Today, she makes millions of dollars as one of Africa’s most successful pig farmers.

Launch a fintech solution

One of the problems of the continent is financial inclusion. Worse is a large percentage of Africans still struggle with taking control of their personal finances, securing loans, trading cryptocurrencies and investing in world companies. The global industry revenue of the fintech market continues has been predicted to grow up to $188 billion by 2024. 

This means that launching a fintech solution is a good way to make it big in Africa. Techprenuers like Shola Akinlade and Ezra Olubi have made it big by launching Paystack, a technology company solving payments problems for ambitious businesses. Paystack builds technology to help Africa’s best businesses grow. They make it easy for businesses to accept secure payments from multiple local and global payment channels, and provide tools to help retain existing customers and acquire new ones.

Tap into e-commerce

Reports say that the penetration of e-commerce in Africa increased to 31.6 per cent in 2022. It is also estimated to increase to 44 per cent by 2027. So, if you are looking for how to make it big in Africa, it is time to launch your e-commerce store. Also, understand that it is one thing to launch an e-commerce store and another thing to excel at it. 

So as you launch your store, determine to be the best seller in your industry, and make a name for yourself by delivering quality services, soon your loyal customer base will usher in the millions you desire.

Turn foreign solutions into African solutions

Another way to be big in Africa is by replicating foreign solutions in Africa. Most Africans admire the good life they see in foreign countries and aspire to relocate there. However, only a few understand that they can replicate the good life they see there on their continent. Are there areas of development your country struggles with, and a foreign country has provided that solution? Understudying the solution and creating a similar solution will make you big. Fara Ashiru Jituboh, co-founder, CEO and CTO of  Okra, Africa’s First API Fintech ‘Super-Connector’ makes a huge amount of money today because she turned a foreign solution into an African solution.

According to her, she was inspired to start Okra when she discovered that the Mint app she used to manage her funds in the US was not available in Nigeria.