Africa is a rapidly-growing continent which means there is enough of money to be earned there. There are many opportunities in Africa that many investors have no yet tapped into, especially due to the continent’s tiny economy and underdevelopment.

Africa has evolved greatly over the years, as there are several countries that have witnessed economic reforms and are some of the best places to invest in 2024. This is because the returns can be much higher than those found in the developed countries.

According to UNDP, Africa’s Indicative Rate of Return is between 15 – 20%. Africa is home to nine of the world’s twenty-five fastest growing economies. The African continent is not only rich in farmlands, but also in people and natural resources. These resources will grow in importance as the world’s population grows.

Here are 5 businesses to go into in 2024 in Africa:

1. Cybersecurity

Yearly, cybersecurity breaches cost African companies over $4 billion. Because of the potential damages and losses at stake, cybersecurity is quickly becoming one of Africa’s most important emerging business opportunities.

Individuals and organizations of all sizes are under attack. From basic email scams to large-scale data theft, fraud, ransomware, espionage, critical infrastructure sabotage, and other harmful actions, the assaults vary from simple to complex.

According to the Africa Centre for Strategic Studies, up to 96% of cybersecurity events in Africa go unreported or unsolved, implying that cyber dangers on the continent are likely far greater than government figures indicate.

Solving these challenges puts a business in the billion dollar mark immediately.

2. Internet Access and Communication Technology

The internet market in Africa is projected to reach $180 billion in 2025. It is no surprise that digital juggernauts like Google and Facebook are working hard to enhance internet access for millions of Africans. Google’s Project Loon and Facebook’s Free Basics are just two of many audacious efforts to link Africa.

Despite the competition, some African entrepreneurs are already making significant entries into the internet access industry. One example is ‘BRCK,’ a Kenyan business that has developed a rugged internet modem device intended for tough settings with limited internet access and power. The modem can switch between Ethernet, Wi-Fi, 3G, and 4G networks and has an eight-hour battery life.

There is more that can be done to push this sector further.

3. Power Supply and Off-Grid Solar Installation

While politicians in Europe and North America argue the best energy transition plan for their respective nations, Africa offers a clean and open slate for renewable energy both in Hydro and solar.

The battle to distribute solar electricity throughout Africa has grown into a multibillion-dollar business that attracts entrepreneurs and investors from both within and outside the continent.

The enormous potential for off-grid solar solutions makes solar one of the most appealing business opportunities in Africa right now. And the demand is massive. Over 600 million Africans are suffering power cuts or lacking access to power all together. Considering a continent with over 300 days of sunshine in many areas, it’s difficult to match the value proposition of a device that bypasses the central power system and fulfills your energy requirements by tapping directly into the sun, a free energy source.

This is an undoubtedly massive sector to go into in 2024.

4. Agriculture

Africa is an excellent place to start an agricultural business because of its favorable environment and enough rainfall. Africa is well-known for its agricultural exports such as cocoa, coffee, and tea. As a result, agriculture is obviously one of Africa’s untapped business opportunities.

You may engage in chicken farming and either export or sell the eggs locally. You may also buy dairy or meat cattle. Having a milk processing plant will be advantageous since you will be able to process value-added dairy products such as yoghurt and cheese. Fish farming is also a profitable business venture in Africa.

Agriculture has a ready market, and Africa’s climate is favorable. This business is appropriate for nations with a favorable agricultural environment.

5. Low-Cost Private Schools

The quality of education in public schools in Africa is rapidly deteriorating. This is due to corruption, inadequate budget, and population explosion.

As a consequence, most African parents choose private schools to guarantee their children get a superior education. The African private higher education sector is a $50 billion sector.

Establishing a private school is one of the business ideas in Africa that some entrepreneurs have already implemented, and they are seeing a decent return on their investment.

Education is the most potent weapon you can use in order to alter the world (Nelson Mandela).