AMENA AFRICA

A Lens into Africa’s Top Growth Industries

Africa is a beast and a beauty. Poised to be the world’s second fastest-growing region in 2024, the African continent is ripe with opportunities for business potential and growth. 

Africa’s soil is abundant with fast growing economies and companies that are capitalising on natural resources, technological innovations, and shifting demographic demands. 

First Gaze into Africa’s High Growth Economies

Whilst there are high risk views of the social, political and historical challenges of the continent, the reward is high for those who are willing to plough their investment, resources and expertise, along with immense faith and bold ambition into Africa.  

The numbers are unfolding an economic story according to the Global Economic Prospects report released by the World Bank 

  • Niger is predicted to lead the continent’s growth with a 12.8% GDP expansion in 2024 
  • Senegal is set to be Africa’s second-fastest growing economy in 2024, with a projected expansion of 8.8%, up from 4.1% in 2023 

 

  • Niger, Senegal, Rwanda, the Democratic Republic of Congo (DRC), Côte d’Ivoire, and Ethiopia are noted to become the top 10 fastest-growing economies in 2024 

 

  • Driven by the services sector, the East African Community countries – Ethiopia, Kenya, Uganda, Rwanda, Tanzania, and the DRC are expected to record growth between 5-6%. 

 

  • Growth in Sub-Saharan Africa (SSA) is projected to be 3.8% in 2024, up from an estimated 2.9% in 2023.  

 

  • Nigeria, South Africa, and Angola who hold as SSA’s largest economies, are expected to drag the regions overall growth 

 

Africa’s Top 3  

High Growth Economies  

High Growth Industries in these countries 

Niger 

Large-scale oil production and exports 

Boost in agricultural production 

Senegal 

Oil and Gas 

Infrastructure 

Transport 

Information Technology 

Tourism 

Agriculture 

Rwanda 

Tourism 

Construction activities 

Agriculture 

Meetings and conferences sectors 

ICT 

Top five exports (gold, coffee, tea, zirconium ore, and tin ore) 

The pick of the crop of the fast growing industries in Africa with high potential impact on economy and business include:  

  • Technology and Innovation 
  • Agriculture and Agri-tech 
  • Energy and Renewables 

These industries not only have high growth potential but also contribute significantly to job creation, economic development, and innovation across the continent 

1. Technology and Innovation

There is a big drive for digitisation across the continent for mobile penetration and increased Wi-Fi access to accommodate the rise in digital banking and financial inclusion. 

Countries like Kenya, Nigeria, and South Africa are hubs for tech startups and innovation. The opportunities in Fintech, e-commerce, software development, and digital services have been stimulated due to major growth in mobile technology and internet penetration. 

There is a technological revolution in the Fintech Sector, with companies like M-PESA in Kenya providing access to financial services to millions of unbanked individuals.  

M-PESA provides more than 51 million customers across seven countries in Africa with a safe, secure and affordable way to send and receive money for private and business use. 

Nairobi’s iHub and Lagos’ Co-Creation Hub (CcHub) have set the trend by creating Innovation Hubs for start-ups and entrepreneurs offering them with resources, coaching, and funding channels. 

Nigeria’s E-commerce Platforms such as Jumia and Konga are transforming digital retail in Africa for both consumers and businesses. 

2. Agriculture and Agri-tech

Agriculture is a core economic activity in Africa, employing approximately 43 percent of Africa’s working population (Statista), however, the arable land and land under permanent crops occupy only about 6 percent of Africa’s total land area. 

In the middle of the digital and technological revolution, the agriculture sector is also experiencing major advancements. Modern techniques like precision farming and the use of drones to monitor crops are increasing productivity and efficiency in farming.  

Major investments in agricultural value chains and processing industries are creating fresh economic opportunities, thereby decreasing the dependence on exports of raw materials and products into the continent, 

A major move in Agri-tech, is showcased by Farmcrowdy in Nigeria, a digital platform that provides tools and connects farmers and investors for funding. 

Agribusiness opportunities include mechanization, value-added processing, agri-tech, and export of agricultural products. 

 

Small-hold farmers hold the key to development in most African countries, and access to the internet can help them increase their profitability. This support can help farmers enhance business operations and streamline purchasing and payments systems. 

3. Energy and Renewables

With abundant solar and wind resources, and together with the need for reliable and sustainable energy solutions, renewable energy is a rapidly growing sector in Africa.  

Countries like South Africa and Kenya are leading the way in renewable energy with large-scale wind, solar and hydroelectric projects, for example, The Lake Turkana Wind Power project in Kenya. It is the largest wind farm in Africa. 

Off-grid solutions have become a growing need in urban and rural areas. Companies like M-KOPA Solar are making solar home systems affordable and accessible to millions of households. The loadshedding dilemmas in South Africa and on the continent provides several opportunities and investment in this sector. 

Governments and private investors are increasingly focusing on solar, wind, hydro, and other renewable sources to meet growing energy demands. 

A Bird’s Eye View to Africa’s Fastest Growing Companies Strongly Highlights Africa’s High Growth Industries

Africa’s 50 fastest-growing companies by the Financial Times and Statista for 2023 revealed that sectors such as fintech, renewable energy, healthcare, commodities, and agriculture were able to phenomenally grow their businesses in recent years, even during the pandemic period. 

The report highlights the fastest growing companies that strategically further unfold the story of industries with high growth potential in Africa.  

 

 

Rank 

 

Company Name 

Brand 

Country 

Sector 

1 

AFEX Commodities Exchange Ltd. 

AFEX 

Nigeria 

Agriculture, Forestry & Fishing 

2 

Moniepoint, Inc. (formerly TeamApt, Inc.) 

Moniepoint 

Nigeria 

Fintech, Financial Services & Insurance 

3 

Sokowatch Ltd. 

Wasoko 

Kenya 

E-commerce 

4 

Altech 

Altech 

Democratic Republic of Congo 

Energy & Utilities 

5 

The Africaworks Group of Companies 

Africaworks 

Mauritius 

Real estate 

6 

Deimos Cloud Pty Ltd. 

Deimos 

South Africa 

IT & Software 

7 

Daystar Power Group 

Daystar Power 

Mauritius 

Energy & Utilities 

8 

Sankore Ltd. 

Sankore 

Nigeria 

Fintech, Financial Services & Insurance 

9 

Easy Solar Ltd. 

Easy Solar 

Sierra Leone 

Energy & Utilities 

10 

Chari. Ma 

Chari 

Morocco 

E-commerce 

11 

Globe Medex For Trade And Distribution 

Globe Medex 

Egypt 

Healthcare & Life Sciences 

12 

Bluesky Digital Solutions Pty Ltd. 

Bluesky 

South Africa 

IT & Software 

13 

Africa Healthcare Network 

Africa Healthcare Network 

Kenya 

Healthcare & Life Sciences 

14 

Achill Island Investments Pty Ltd. 

Achill 

Namibia 

Agriculture, Forestry & Fishing 

15 

Victory Farms Ltd. 

Victory Farms 

Kenya 

Agriculture, Forestry & Fishing 

16 

Lipa Later Ltd. 

Lipa Later 

Kenya 

Fintech, Financial Services & Insurance 

17 

Alpha Morgan Capital Managers Ltd. 

Alpha Morgan Capital 

Nigeria 

Fintech, Financial Services & Insurance 

18 

Neveah Ltd. 

Neveah 

Nigeria 

Logistics & Transportation 

19 

Al Karm For Solar Energy S.A.E. 

Karmsolar 

Egypt 

Energy & Utilities 

20 

Bluecamp Ltd. 

Bluecamp 

Nigeria 

Construction & Engineering 

21 

Poa Internet Kenya Ltd. 

Poa Internet 

Kenya 

Media & Telecommunications 

22 

Veritasi Homes And Properties Ltd. 

Veritasi Homes 

Nigeria 

Real estate 

23 

Northam Platinum Holdings Ltd. 

Northam Platinum 

South Africa 

Metals & Mining 

24 

Comercio Partners Ltd. 

Comercio Partners 

Nigeria 

Fintech, Financial Services & Insurance 

25 

Silverlands Vineyards Pty Ltd. 

Silverlands Vineyards 

Namibia 

Agriculture, Forestry & Fishing 

26 

Zambia Seed Company Ltd. 

Zamseed 

Zambia 

Agriculture, Forestry & Fishing 

27 

Tropical General Investments Ltd. 

TGI Africa — Foods 

Nigeria 

Food & Beverages 

28 

Vertice Medtech Holdings Pty Ltd. 

Vertice Medtech 

South Africa 

Healthcare & Life Sciences 

29 

Impala Platinum Holdings Ltd. 

Implats 

South Africa 

Metals & Mining 

30 

Talenteum Africa 

Talenteum. Com 

Mauritius 

Employment Services 

31 

Routed Hosting Pty Ltd. 

Routed Hosting 

South Africa 

IT & Software 

32 

Kawai Technologies Ltd. 

Kawai Technologies 

Nigeria 

Logistics & Transportation 

33 

Sibanye Stillwater Ltd. 

Sibanye Stillwater 

South Africa 

Metals & Mining 

34 

Paga Group Ltd. 

Paga 

Nigeria 

Fintech, Financial Services & Insurance 

35 

Copia Global, Inc. 

Copia 

Kenya 

E-commerce 

36 

Herholdt’S Group Pty Ltd. 

Herholdt’S Group 

South Africa 

Energy & Utilities 

37 

Luxity Pty Ltd. 

Luxity 

South Africa 

E-commerce 

38 

Linkfields Innovations Pty Ltd. 

Linkfields Innovations 

South Africa 

IT & Software 

39 

Foodco Nigeria Ltd. 

Foodco 

Nigeria 

Retail 

40 

Leatt Corp. 

Leatt 

South Africa 

Retail 

41 

Nclose Pty Ltd. 

Nclose 

South Africa 

IT & Software 

42 

Purple Group Ltd. 

Purple Group 

South Africa 

Fintech, Financial Services & Insurance 

43 

Fourth Generation Capital Ltd. 

4G Capital 

Mauritius 

Fintech, Financial Services & Insurance 

44 

Suez Canal Bank S. A. E 

Scbank 

Egypt 

Fintech, Financial Services & Insurance 

45 

Entelect Software Pty Ltd. 

Entelect 

South Africa 

IT & Software 

46 

Cairo For Investment And Real Estate Development 

Cira Education 

Egypt 

Education & Social Services 

47 

Iser Pty Ltd. 

Expert South Africa 

South Africa 

E-commerce 

48 

Hearx Group 

Hearx 

South Africa 

Healthcare & Life Sciences 

49 

Pan African Resources Plc 

Pan African Resources 

South Africa 

Metals & Mining 

50 

M-Kopa Holdings Ltd. 

M-Kopa 

Kenya 

Fintech, Financial Services & Insurance 

Now is the time to Explore and Capitalise Africa’s Top Growth Industries

AMENA-AFRICA has built a trusted reputation and portfolio of experienced tailor-made solutions for doing business in Africa. With their deep market and intercultural knowledge and understanding of how to do business in Africa, they provide boutique services to help entrepreneurs and multi-national companies penetrate the African market.   

The team is real and relevant with country specific relationships and expertise. Which high-growth industry are you Afri-Optimistic about? Join us and make your mark in Africa. It will change your life. 

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