A Lens into Africa’s Top Growth Industries
First Gaze into Africa’s High Growth Economies
- 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 |