The latest Africa Wealth Report by New World Wealth reveals there are now just over 160,000 millionaires in Africa. Interestingly, from 2000 to 2013, the number of millionaires on the continent grew by more than 145 percent, compared to the worldwide growth rate of 73 percent. In recent years, most of the ‘new millionaires’ have been young entrepreneurs and investors who have created promising businesses and invested in lucrative sectors of Africa’s fast-growing economies. This year, more new millionaires will join the club. In this article, I’ll share with you the top business opportunities on the continent that will make more millionaires in 2016. Let’s meet them… 1) Solar Power Solar energy is one of Africa’s most abundant natural resources. Most parts of sub-Saharan Africa enjoy more than 300 days of free God-given sunlight every year. Still, over 600 million people on the continent, especially in rural areas, don’t have access to reliable electricity. In most cities and towns, power outages are the norm and people often have to rely on noisy petrol and diesel power generators. Solar energy is free, absolutely clean and abundant. And it provides the best alternative for people in remote parts of Africa who are out of reach of electricity grids. Interestingly, some smart entrepreneurs are rising to the challenge of lighting up Africa through solar energy, and are very likely to join the millionaires club. I’ll share a few interesting examples… Off Grid Electric, a solar energy provider in Tanzania recently raised $25 million from international investors and won a $5 million grant from USAID. The company is already on track to provide solar power to 1 million homes in East Africa by 2017 and has recently expanded into Rwanda. M-KOPA, which provides ‘pay-as-you-go’ solar power systems has attracted investments of up to $40 million. This Kenyan-based business has already provided solar power to nearly 300,000 homes in Kenya, Tanzania and Uganda. 2) Agribusiness Agribusiness is Africa’s untapped goldmine, and a major potential source of millionaires in 2016. According to a World Bank report, Africa’s agribusiness industry is expected to be worth $1 trillion by 2030. With up to 60 percent of the world’s uncultivated arable land, fertile soils, abundant labour, and all-year sunshine, sub-Saharan Africa surely has the potential to become the world’s biggest exporter of food products. Even if Africa decides to ignore export markets, the continent’s one billion people provides a huge and ready market for agribusiness. Still, every year, African countries import more than 70 percent of wheat consumed, over 300,000 tons of chicken and spend more than $10 billion on imported grains, especially rice. Interestingly, more African entrepreneurs are tapping into the vast opportunities in Africa’s agribusiness market. And with the continued harsh impacts of low crude oil prices in 2016, sleeping agribusiness giants like Nigeria and Angola are finally putting a strong focus on agribusiness as a means to diversifying their economies. This means that governments in these countries are now more open and supportive of agribusiness initiatives. 3) Smartphones The phone in the picture is one of the versions of the Obi Worldphone; a low-priced smartphone that’s specifically targeted at the African market. Guess what? It sells for just about $129, and it’s selling like hot cakes. Africa is currently the second fastest growing market for mobile phones, after Asia. However, the first wave of Africa’s mobile phone revolution is almost over. These days, African consumers are looking to upgrade from ‘first generation’ feature phones to smartphones. It’s no surprise that the continent’s growing population of technology and fashion-savvy youth now presents a multi-billion dollar market for smartphones. However, most ‘new-age’ smartphone devices like iPhone, Blackberry and Samsung are quite expensive for the average African. This has created a huge opportunity for low-priced smartphones that are now hitting the African market. Better still, many of these smartphones are built on the Android operating system, have similar features to the ‘high end’ smartphones and most are just as stylishly designed. In the last eighteen months, over a dozen low-priced smartphone brands have debuted on the African market. Given the market potential for these phones, they’ll very likely make more millionaires for the entrepreneurs behind them. 4) Internet Access Africa’s internet market is worth billions of dollars. It’s no surprise that tech giants like Google and Facebook are scrambling to improve internet access to millions of Africans. Google’s Project Loon and Facebook’s Free Basics are just two of several bold initiatives to connect Africa. However, some smart African entrepreneurs are already making impressive moves to conquer the internet access market. One example is ‘BRCK’ a startup company in Kenya that has created a rugged internet modem device that’s designed for harsh environments with limited internet connection and electricity. The modem can hop between Ethernet, WiFi, 3G and 4G, and comes with eight hours of battery life. This African-inspired invention has already sold thousands of units in 54 countries, even in faraway places as India. Their biggest customers have been schools. Recently, BRCK raised $3 million in funding from investors to extend the reach of this amazing device. The entrepreneurs behind it will surely be smiling to the bank, after all the hardwork is done. 5) Education Africa’s human talent is one of its most ignored and underexplored assets. With one of the world’s youngest populations (over 50 percent of Africans are younger than 31), the continent is rich with creative and innovative talent. However, poor access to quality education is a serious threat to Africa’s human capital. Currently, a couple of interesting businesses and initiatives are achieving remarkable successes as they tackle Africa’s education problems head-on. Bridge Academies (in Kenya and East Africa) and Omega Schools (in Ghana and West Africa) have built an incredible education model of low-cost primary schools that allow pupils to pay as low as $1 a day as school fees. Another interesting business on Africa’s education scene is Andela. Through its free and highly rigorous training program, Andela develops promising African talents into top class software developers who are hired out to the likes of Microsoft and other tech giants in the USA and Europe. This interesting business model is called ‘talent-as-a-service’. Andela recently attracted $10 million in investment and is on track to train 100,000 world class African software developers over ten years. 6) African Art How much do you think African art is worth these days? You’ll be surprised. In November 2014, a collection of antique African art from Mali, Gabon, Congo and Liberia was sold in New York at Sotheby’s for a record-breaking price of $41 million. This is the largest ever sum realized from the sale of African art in the USA. Not too long ago, a set of wooden sculptures by the Nigerian artist Ben Enwonwu sold in London for over $500,000, three times the expected price. New World Map, the aluminium and copper sculpture of El Anatsui, the Ghanaian artist, sold for roughly $767,000, one of the highest prices ever fetched by the work of an indigenous African artist. After decades of neglect, both antique and contemporary works of African art are attracting high prices in the world’s major art markets. In 2017, more investors and collectors will be upping the demand for African art, and more millionaires will be made in the process. 7) Retail In April 2016, the Mall of Africa opened in South Africa. This massive 131,000 square metres of retail space is the largest shopping mall in Africa ever to be built in one phase. Recently, the Two Rivers mall opened in Nairobi, Kenya. It’s the largest shopping mall of its kind anywhere in East Africa. Across the continent, both local and international supermarket brands like Shoprite, Game, Checkers, Woolworths, Edgars and Spar are expanding as they scramble for every inch of available space in shopping and retail infrastructure developments. Interestingly, the battle for retail supremacy in Africa isn’t only happening in physical retail chains. eCommerce giants like Konga and Jumia have grown quite impressively in the last few years. Both internet-based retail businesses now have a combined worth of over $1 billion. In fact, the battle ground for Africa’s retail market is moving beyond the continent’s shores. New eCommerce entrants like Mall for Africa and Shop to my Door now make it possible for Africans to shop directly from retailers in the USA, UK and China. Amazing! Africa is now one of the fastest growing retail markets in the world. A large and growing middle class, increasing local spending power, and a boom in the number of expat workers are fueling the shopping trend on the continent. 8) Apps and Online Services There’s a digital revolution taking over Africa. These days, many services now have an app or are going online. Africa’s digital economy is growing really fast. These days, there’s almost an app or online service for anything you want. If you’re looking for a suitable hotel accommodation in Nigeria, Hotels.ng and Jovago.com are now the biggest online services in the hotel booking business. Recently, Hotels.ng attracted an investment of $1.2 million. If you want to watch African movies on the fly, there’s an app for that. IrokoTV is an app that gives you access to 5,000+ African movies on your mobile phone. Recently, IrokoTV secured an additional $19 million in investment funding to expand its presence across Africa. If you’d like to order bespoke furniture pieces without having to run after artisans or worry about quality, there’s an online service for that too. Showroom.ng is a Nigerian startup that’s changing how people buy furniture in Africa’s biggest economy. In 2020, more apps and online services will launch across Africa to solve problems and provide value. And more millionaires will be made in the process. 9) Payment Solutions Every year in Africa, over $100 billion in transactions are still done in cash. This presents a huge and lucrative financial services opportunity for savvy entrepreneurs. Since M-Pesa was introduced in East Africa, the transformational mobile-based money transfer and payment service has proved to be phenomenal in Kenya and Tanzania, where the platform handles over 200 million person-to-person transactions every year. In other parts of Africa, there is a huge scramble for Africa’s next big money transfer and payment service. In Nigeria alone, several promising businesses are jostling to dominate Africa’s biggest economy. Some of the top contenders are Paga, PayAttitude, SimplePay and PayWithCapture. Less than six months ago, Paga attracted a $13 million investment to expand its business within and outside Nigeria. It’s a huge bet that has the potential to really pay off. Payment solutions will be a key area to watch in the coming years. 10) Real Estate Africa’s real estate market is a multi-billion dollar opportunity, and several new millionaires will build their fortunes in this market. In almost every corner of the continent, real estate projects are emerging. The biggest attractions are high-rise hotels and office buildings, residential homes and apartments, and shopping malls. In Nigeria alone, there is a shortfall of 17 million housing units, with a funding requirement of $363 billion. In Angola’s capital, Luanda, prime office rents are among the highest in the world at US$150 per sq metre per month. In Mozambique, property prices at the sea ports, particularly for warehouses, are one of Africa’s most expensive. The key markets for real estate on every investor’s agenda are Angola, Nigeria, Egypt, Mozambique, South Africa and Kenya. All of these countries are experiencing a real estate boom like never before in history. Africa’s large and youthful population, an expanding middle class, increasing urbanization, influx of expatriates and multinational companies are the key drivers of demand for both commercial and residential real estate. 11) Startup financing Investing in startup and early-stage businesses is on the rise globally, accounting for 67 percent of all venture capital (VC) funds in North America and increasing 19-fold in Europe. Across Africa, start-up companies are attracting the interest of venture capital, private equity, social impact funds and angel investors who are looking for higher returns on invested capital. In 2015 alone, the amount of capital invested in African startup businesses was roughly $0.5 billion. And in 2022, this figure is expected to double. As Africa’s young entrepreneurs continue to come up with brilliant business ideas that have the potential to significantly disrupt both new and established markets, it’s almost impossible for investors to ignore the lure of attractive investment returns. As of January 2019, there are now more than 250 investment organisations, firms and platforms that are focused on investing in early-stage African businesses.

Ethiopian and Kenyan governments have evicted local farmers to sell their land to agribusinesses from China and India As drought and famine threaten millions of lives in the horn of Africa, global food security — or rather insecurity — is at the forefront of development discourse. What’s more, Harvard University demographers forecast that before the end of the 2018, the world’s population will reach 7 billion. In light of these daunting statistics and what the United Nations is calling “the worst humanitarian disaster in the world,” one cannot help but wonder: how will the planet continue to feed itself? To find an answer, international aid agencies are searching for the roots of famine. Some problems contribute more directly to food shortages than others — in the case of East Africa, climate change is severely restricting crop yields and driving up prices. Studies show that crop-killing droughts in Somalia have become more frequent and long-lasting over the past fifty years. From 1950 to 1970, they came roughly once every seven years. Since 2000, Somalia has suffered three major droughts.     But as the world grapples with and tries to learn from the East African famine, experts are arguing that food shortages and high prices in the developing world are also attributable to a lower-profile issue: irresponsible land use. For instance, in recent years the Ethiopian and Kenyan governments have evicted local farmers to sell their land to agribusinesses from China and India. While these sales generate governmental revenue, the agribusinesses generally produce solely for foreign markets and leave local food markets strained. A report by the International Food Policy Research Institute announced that between 15 and 20 million hectares of farmland in Sub-Saharan Africa were sold to foreign interests between 2006 and 2009. Land Africa Another hot-button land issue in the developing world stems from the expansion of the global biofuels industry. In another type of land deal, governments are leasing available farmland to biofuel plants, forgoing traditional agricultural production and driving up food prices both locally and globally. During the international food crisis of 2008, for example, the IMF estimated that increased biofuel demand accounted for 70 percent of global corn price increases and 40 percent of soybean price increases. So while land deals provide income for developing nations, unless that income is re-invested in infrastructural or agricultural development (which it often isn’t), they may leave populations vulnerable to famine during emergencies like the East African drought. To combat short-term thinking and its adverse effects, we have to demonstrate the benefits of long-term investment in responsible land use. CI is making the case for sustainability as a top priority in field program countries through participatory land use planning, a process which encourages local input in determining the best use of land from both conservation and economic perspectives. To put the food security issue in perspective, Harvard’s research predicted that 97 percent of the projected population increase of 2.3 billion over the next half-century will occur in underdeveloped nations. The population may be surging, but we have a fixed amount of land to work with. Managing it with a short-term mindset only creates problems down the road. We have a lot of work to do — 2050 is just two generations away.

The last large source of arable land, minerals and fossil fuels, Africa may also be the continent that is the least-equipped to manage and protect its resources sustainably. If pursued with nature’s value in mind, Africa’s future growth could mean long-term prosperity for its people; if not, it could bring unsustainable consumption, resource extraction and environmental degradation. Here are some of the changes facing the future of Africa: 1. There are more Africans than ever before 2. In 2014, one in six people on Earth were African. By 2030, it will be one in five. Africa’s population is projected to more than double by 2060, with 300 million new babies born just between 2015 and 2030. More mouths to feed will put increasing pressure on the continent’s agricultural production, which is already failing to provide enough food for Africa’s current population amid challenges like drought, insufficient financing and lack of infrastructure connecting sellers and buyers. More than half of the African population — and an even higher percentage in East Africa — is dependent on agriculture for at least part of their livelihoods, which means that changes to agricultural productivity would have widespread impacts. Of the world’s 20 countries most vulnerable to agricultural production loss due to climate change, 11 are in Africa.   Given the importance of pollination, freshwater provision and other natural systems that make food production possible, implementing sustainable agricultural practices that increase productivity without depleting nature are critical. Conservation International (CI) led the development of a web-based monitoring system called Vital Signs to do just that; by providing diagnostic tools and near real-time data on factors such as precipitation and soil health, the system helps farmers and governments adapt their practices to changing weather patterns. 3. Africa’s workforce is growing faster than any other continent While this shift reveals the potential of Africa to take a larger role in the global economy, having people ready to work isn’t enough. Michael O-Brien-Onyeka, senior vice president of CI’s Africa field division, explains: “By 2050, one in every four workers in the world will be from Africa — but I’m not sure if all of them will have jobs.” In order for those jobs to be sustainable long term, they must reflect a new economy that accounts for nature’s value. If Africa’s economic growth continues at the cost of its “natural capital” — that is, the forests, fresh water, soil, wildlife and other elements of nature that its people rely on — the continent’s future as a global leader will be in jeopardy. 4. Almost half of Africans live in cities To much of the world, Africa is synonymous with wildlife — but many Africans have never seen a wild giraffe or elephant. As the growing population of mainly young people migrates to cities in search of work, economists are asking the question: Will urbanization in Africa solve any of its economic problems? Cities offer “investment, innovation, skilled labor, and higher incomes”; for many countries, they’re the hallmark of development. But cities can also bring “congestion, the creation of slums, worsening air quality, floods and inadequate sanitation, and joblessness arising from migration from poor rural communities to urban centers ill-equipped to receive them.” Which direction will dominate Africa’s cities? It will depend on the development path its countries choose. 5. Africa’s middle class is growing fast. rising middle class is good news for the economy — and the newly affluent members of that group. But too often it goes hand in hand with overconsumption and a host of environmental issues that affect human health, the long-term availability of natural resources and ultimately, economic stability. In places like China, which is projected to overtake the United States as the world’s largest economic power, the short-term economic gains of a rapidly rising middle class — and its spending habits — have come with serious environmental ramifications like deforestation and increased carbon emissions from more cars on the road. 6. Half of the world’s 12 fastest-growing economies are in Africa The Future of Africa? For Africa to manage its resources for future generations, it will have to account for the value of its “natural capital,” as it does its financial and human capital. The Gaborone Declaration for Sustainability in Africa, a 10-country consortium spearheaded by Botswana, offers a model for bringing the value of natural resources into economic decision-making.

Email marketing in Africa has been yielding excellent results for entrepreneurs from across the world looking for buyers in the lucrative markets of Africa. By identifying potential buyers for their products in ket African markets and reaching them through targeted email campaigns has become a popular and effective way of marketing one products in the African markets. However, sourcing email database and African business directories is a task in itself. Email databases for Africa are difficult to source and are often priced high. Email Database of African Importers However, Africa Business Pages, one of the oldest African B2B portal, established in 1996 has been compiling databases or various African markets as well as business sectors on a regular basis by providing African companies a free registration service. This has helped the Africa Business Pages to acquire the most reliable and extensive database of companies in Africa.   The email database for companies in Africa is now available for download from Africa Business Pages at cost-effective prices. The email database accuracy is guaranteed through six-monthly updates as well as telephone verifications – thereby making the database of African companies sold by the Africa Business Pages one of the most reliable in the world. Email marketing has a long history as one of the most powerful methods for growing sales and maintaining strong relationships with customers. It has also been found to be an effective way for brands to convert their website visitors or followers into potential customers. As a result, acquiring a reliable database of your target audience in the African markets can go a long way in developing new business relations with your business counterparts in Africa. The email database of African importers sold by Africa Business Pages provide an extensive listing of companies together with their business activities – making it easier for you chose your target audience, thereby making your email marketing campaign yield better results. Available for instant download in Excel format, the database of companies in Africa is a perfect starting point for those looking for buyers in Africa, importers in Africa. Database of companies in Africa As e-mail marketing usage in Africa grows, so does its benefits. Marketers now use e-mail as part of their business-to-business and business-to-consumer integrated marketing mix, as most recipients accept and even welcome targeted, useful e-mails. According to a recent Jupiter Research survey, 60% of business decision makers prefer e-mail and the Internet over other mediums for receiving marketing messages. Even the cost-per qualified lead can be 5% to 15% less when using online media. Whether you are looking for an email database or a complete listing of importers in Africa, you can find them all under one roof. Africa Business Pages, is an award-winning B2B portal dedicated to promoting trade to and from Africa and has been connecting African buyers with international suppliers since 1996. You can download the email database of companies in Africa from: http://importers.africa-business.com

Dubai, UAE – Digital infrastructure and agriculture in Africa are key growth areas that are expected to attract a higher level of investment, a panel of financial experts said during the fourth Global Business Forum on Africa in Dubai. Addressing a panel discussion entitled, “Funding African Business – Deal Makers or Risk Takers”, Eghosa Omoigui, Managing General Partner of EchoVC Partners, Nigeria; Ashish J. Thakkar, Founder of Mara Group and Mara Foundation; and Rob Hersov, Founder and Chairman of Invest Africa, who presented unique and valuable insights on investment trends in Africa. Highlighting primary agriculture as a critical area for growth, Hersov noted that while everyone says Africa needs investments in power and infrastructure, the “most important thing is digital infrastructure because everything will be driven by a smartphone, and that is where we must be investing.” Hersov said that while London and Paris continue to be the key sources of capital for Africa, Dubai has a strong opportunity, as the emirate has the connectivity and innovative business environment that can serve as a platform for attracting investment into Africa. Thakkar said that while technology is going to change the continent dramatically, the digital opportunity is not being takenseriously enough, and called for a change to the “bandwagon approach.” “Digital infrastructure is the tip of the iceberg; it is the beginning (of the big change). We will have 700 million smartphones, which will change the way we live. From healthcare to education to agriculture to trade to truly enabling ecommerce, the impact of digitalisation will be game changing,” said Thakkar. To audience applause, Thakkar said that the key to attracting capital to Africa is for entrepreneurs to know that they are only answerable to themselves. “If we try to please others to come to our continent, it won’t work. If we are authentic and have a long-term ethical mindset, everyone will come, and those who later will kick themselves for not coming earlier,” he said. Omoigui said that the UAE and Dubai have shown their ability to innovate, and said that a lot more investment could be attracted by African countries if governments put more focus on cities and microeconomics as opposed to countries and macroeconomics. “While small and medium enterprises are the engine of growth, there is a complete mismatch when it comes to private equity support. A lot of these companies are not willing or capable of absorbing huge capital infusion, so it is important that we grow the companies – scaling up not just the business but also people,” said Omoigui. The fourth Global Business Forum on Africa, orgainsed by the Dubai Chamber of Commerce and Industry, was held on November 1 and 2, 2017, at Dubai’s Madinat Jumeirah. The high-level event was held under the patronage of H.H. Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai.