Africa is a rapidly developing continent, with a number of countries looking to modernise and rival Europe and the West for business expansion and innovation.
We’re seeing a number of sectors enjoying considerable growth in Africa, and consumers across the continent are spending more on a variety of different products and services. Let’s take a look at the fastest-growing industries across Africa and discuss where the region could be heading in the future.
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Agriculture
Africa has long been a global centre for agriculture. Its vast open plains and grasslands and predictable rainfall make it the perfect place to grow a wide range of different crops, fruits, and vegetables.
Agriculture is a big business in Africa. Research has revealed that as much as 60% of the sub-Saharan African population is involved in agriculture. However, until recently the industry has been stuck in the past and has struggled to adopt and integrate modern methods and ways of doing things.
This isn’t the case anymore. Now, African farmers and landowners are increasingly implementing new methods and techniques to optimise their processes and improve results. Now, we’re seeing increased use of automation, data analysis, and even highly sophisticated technologies such as AI and blockchain. This has significantly accelerated the growth of the African agriculture industry and propelled it to new heights.
Transport
Africa is an increasingly urbanised continent. As towns grow into cities, more and more transport links are opening up, and this is particularly important for people travelling from city to city in what is an enormous region.
The population of Africa is growing too, which means there need to be more transport options to cope with the increased numbers of passengers. Much of the highway and road network is in the central area of Africa, with countries and regions closer to the coastline far less accessible. This is changing, we’re seeing road networks expand outwards to better connect the continent.
It’s not just about passengers. As businesses and industries grow, Africa needs better options for goods transport and more efficient logistics systems. As such, we’ve seen a rapid expansion of rail networks and ports to meet the increasing industrial needs of the continent.
Healthcare
Healthcare has always been a challenge in Africa, given the region’s huge population and remote, often isolated communities.
However, in recent times we’ve seen the healthcare industry come on in leaps and bounds, and it’s taking real steps forward as it attempts to modernise and offer better care and outcomes for patients.
Improved infrastructure investment has been bolstered by support from non-profit organisations and international groups. Combined with the use of modern medical technology, the healthcare industry in Africa is improving at an exponential rate.
Online Gambling
The online gambling industry has enjoyed incredible growth all over the world. Once reserved for computer experts and sports fanatics, online gambling is now the most popular kind of gambling in the wider industry, eclipsing traditional, in-person gambling which had long held the top spot.
We can see this trend across Africa too, with 10Bet, the fastest growing betting company in South Africa, one of the region’s most-visited online gambling platforms.
But what is behind the rise of online gambling in Africa? Technology has certainly played a part. Now, a huge segment of the population owns smartphones, which means they can easily access online gambling platforms.
A relaxing attitude towards gambling is also a contributory factor. Previously, gambling was frowned upon and even completely outlawed in many African countries. Now, it’s a far more socially acceptable activity and we’re seeing laws and regulations eased to allow the industry to flourish further.
Space
Space exploration industries have traditionally been reserved for global superpowers like the US, Russia, and China. However, we’re now seeing an increasing number of developing countries and continents launch their own space sectors, a move that will certainly democratise the idea of space travel and help us learn more about the universe.
The African space industry is being driven by a combination of government funding and private companies.
Kenya and Angola in particular have been at the forefront of the African space industry. As infrastructure is established, these countries will soon look to launch their own rockets and satellites, which will represent a giant leap forward for the space industry in the continent.
Finance
Modern countries and regions need efficient and effective financial structures to support them. Africa’s finance sector has long lagged behind the rest of the world, but the industry is rapidly expanding as it looks to support burgeoning companies and businesses across a number of sectors.
Regulatory overhaul and the consolidation of major banks and financial companies have helped to create more financial options for African citizens. At the same time, technological advancements like mobile banking now allow more people to take control of their finances and manage their money.
Oil and Gas
The world is attempting to move away from traditional fossil fuel energy sources such as oil and gas, due to the way in which they harm the environment and contribute to the climate emergency.
Nonetheless, oil and gas are still enormously lucrative industries, and regions like Africa rely on them to power their economies and support the growth and expansion of other sectors.
Africa has massive oil reserves, which have until now failed to realise their true potential. With recent improvements to pipeline infrastructure and refinery capabilities, combined with increasing digitisation and investment, the African oil industry is going through boom times.
What’s more, Africa accounted for approximately 40% of global gas discoveries between 2011 and 2018. This is a clear indication that there are still plenty of opportunities for the oil and gas industries in Africa and that they still have a significant role to play in the industrial future of the continent.
Conclusion
Africa is a rapidly developing region with several nations enjoying a period of sustained growth and success. Agriculture, transport, healthcare, online gambling, space, and oil and gas are among the fastest growing industries in Africa and are leading the way for the modernisation of the continent.
