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Fastest Growing Business Industries in Africa

Chioma Okeke

Content writer,I am a tech enthusiates,ever learning and growing my knowledge.  Apr 26, 2023
Fastest Growing Business Industries in Africa

Fastest Growing Businesses Industries In Africa


      Africa is the second-fastest-growing and most lucrative payments and banking sector in the world, only behind Latin America.Over 500 financial technology companies are based on the continent, with the majority in Nigeria, South Africa, and Kenya.


     Africa is gaining grounds in the business world, through some major industries which are fast rising and making waves in different African countries.


   These industries include the following industries as outline in this article,but are not limited to these, because there are still so many other industries,springing up from different African countries,and they are gainnig grounds and dominating the business world.


 Agritech


Agri-tech is the use of technology for farming that is developed to improve efficiency and profitability. While most commonly used in horticulture and agriculture, agri-tech is also found in forestry, aquaculture and viticulture.

       

The food industry is one of the sectors on the continent with an increasing growth percentage, with many investors profiting from its resources. Business Standard reports that the food industry in Africa saw growth of 3.6% in 2020–21 and 3.9% in 2021–22.


The demand for packaged and processed meals is skyrocketing, and there is a significant increase in the consumption of frozen and dairy products. Other growth-related causes include the expansion and innovation of the food and beverage industry.


E-Commerce Business


Ecommerce is a method of buying and selling goods and services online. The definition of ecommerce business can also include tactics like affiliate marketing. You can use ecommerce channels such as your own website, an established selling website like Amazon, or social media to drive online sales.

 

    African businesses in e-commerce are expanding quickly as a result of innovation and technological advancement. Businesses in this sector enable the online trade of products and services between people and companies.


Africa’s real estate market worth is anticipated to reach USD 180 billion by 2025, according to Vanguard Newspaper. The report also revealed that funding for African eCommerce projects reached over USD 256 million in 2021, an increase of 40% from 2020.


Africa Business Communities said that by 2025, the e-commerce sector is anticipated to produce USD 46.1 billion in annual sales.


Logistics Business


     Logistics companies help their clients move goods from one place to another. Some cover the entire journey from pick-up to delivery to the end-user, while others help with part of the process—such as transportation, warehousing, packaging, shipping, or even disposal.

    In many African nations, the logistics industry is profitable and growing at a quick pace. No matter where they operate—in Mauritius, South Africa, Ethiopia, Ghana, Kenya, or Nigeria—entrepreneurs reap huge financial benefits.


Africa’s logistics market, according to Market Watch, increased from millions to multi-million dollars between 2017 and 2022. According to Sawya reports, the Suez Canal in Egypt brought in USD 704 million in revenue in July 2022, an increase from the USD 531.8 million reported in July 2021.


With the rise of delivery companies collaborating with both traditional and online merchants, the industry is successful in many African countries.



Real Estate Business

     

   Real estate is defined as the land and any permanent structures, like a home, or improvements attached to the land, whether natural or man-made.


Real estate is a form of real property. It differs from personal property, which is not permanently attached to the land, such as vehicles, boats, jewelry, furniture, and farm equipment.


    Due to Africa’s substantial population, there is a considerable demand for both commercial and residential real estate. The Nigerian real estate market expanded by 1.77% in 2021 and 10.84% in the first quarter of 2022, according to Nairametrics. USD 10 billion, or an 8% increase, was generated by the Egyptian real estate industry in 2021.


Nairametrics projects that Egypt’s real estate market would rise by 6.5% in 2022. Kenya’s real estate market increased by 5.2% in the third quarter of 2021, and 5.9% growth is anticipated in 2022. African entrepreneurs profit by leasing, purchasing, and renting out commercial and residential properties, making the real estate industry one of the most lucrative in the continent.




        Conclusively,any Aspirant of business in Africa can grow and build on any of this industries and expand because of the growing pace of these industries in the African continent.

      Africa has produced a lot of prominent business icons in the business world through these industries and still expanding it's impact through the help of these sky rocketing business adventures.



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Dear Brandies,


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The crucial role of Small and Medium Enterprises (SMEs) in the economic growth and development of Nigeria cannot be overemphasized. They contribute significantly to job creation, poverty reduction, and overall socio-economic advancement. 


However, one of the major challenges faced by SMEs in Nigeria is the efficient management of their supply chains and logistics operations aside from their inadequate capital. Small and Medium Enterprises are basically businesses with small scales of operation, hence always challenged by inadequate capital for their business. By Nigerian definition, Small and Medium enterprises are basically businesses with up to 250 employees. Small enterprise has 10-49 employees while Medium enterprises have 50-249 employees. 


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The Roles of Logistics in Empowering SMEs in Nigeria


The following are the several ways in which delivery service providers assist small businesses in reaching their goals;


1. Enhancing Market Access:

Logistics companies play a pivotal role in enabling SMEs to access new markets and expand their customer base. Efficient transportation, distribution, and warehousing systems are essential for SMEs to reach both domestic and international markets. With efficient logistics companies such as the likes of Kwik Piks, SMEs can rest assured that their products will be delivered efficiently to their customers not minding their locations or time time-frames of expected deliveries. This connects SMEs to regional and global supply chains, enabling them to compete on a larger scale.


2. Cost Reduction:

Effective logistics management can significantly reduce operational costs for SMEs. By optimizing transportation routes, adopting efficient inventory management systems, and implementing lean logistics practices, SMEs can minimize wastage, improve productivity, and achieve cost savings. This, in turn, allows them to allocate resources to other critical business areas such as product development, marketing, and talent acquisition.


3. Supply Chain Integration:

Logistics serves as a crucial link in integrating various components of the supply chain for SMEs. It involves the coordination of suppliers, manufacturers, distributors, and retailers, ensuring seamless flow and timely delivery of goods and services. By streamlining supply chain processes, SMEs can reduce lead times, improve customer satisfaction, and enhance overall business performance.


4. Enhancing Competitive Advantage:

Efficient logistics operations can provide SMEs with a competitive edge in the market. By delivering products promptly, maintaining inventory accuracy, and offering reliable after-sales services, SMEs can build a reputation for reliability and customer satisfaction. Such a positive brand image not only attracts new customers but also fosters customer loyalty, allowing SMEs to compete with larger enterprises.


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Logistics plays a pivotal role in empowering small and medium enterprises in Nigeria.

This is with the now existence of several top-notch third-party logistics companies such as Kwik Pik. They basically take away the stress of packaging and delivering of SMEs products to their client with a web3-based app where customers can track their packages, have different modes of transportation to choose from, arrays of payment options to choose and assurance of the safety of their package till arrival. 


This enables SMEs to enhance their market access, reduce costs, enhance their competitive advantages, and be rest assured of the last-mile delivery of their products to their customers thereby enabling them to focus on other core goals of their enterprise growth and development.


Download Kwik Pik apps on Google Play and App Store here for a seamless last-mile delivery service for your enterprise as an SME. 

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