Africa is the second largest continent in the world in terms of population and land mass. It is also blessed with valuable natural resources more than any other continent in the world. Yet, when it comes to making money, several investors overlook its output.
While most countries in the continent do not boast of a stable economy, others have somewhat remained consistent by GPD evaluation and are pushing the hardest to remain productive. The truth is, there are over 1000 untapped business ideas in Africa, and here are some of the countries in the continent where you can make a fortune.
10 African Countries To Make Money
1. Egypt
With a GDP of 1.38 trillion, it’s not hard to see that Egypt’s economy is fast growing. By this estimation, the country is the richest in Africa after overriding Nigeria which was previously on this spot.
It maintains a competitive economy that is obtained from agriculture, petroleum imports, natural gas, and tourism. As such, several opportunities are available to job seekers and investors.
Here are a few business ideas for you to make money in Egypt
i. Grain Farming – This aspect of agriculture is very lucrative as grains are largely consumed by most families in Egypt. With a capital of EGP 300,000 ($12154 ), you can buy at least 500kg of grains (Maize) from farmers and resell them to the locals at EGP 4750 ($192.78).
This is expected to yield at least a 20% increase within a month which is EGP 47200 ($1914).
However, if you wish to invest greatly, then you may need to export grains from other countries to make bigger profits.
ii. Food Cart Business – This is one of the most lucrative and profitable businesses in Egypt. For this business, what you would need is a startup cost of EPG 500000 ($20,352) to buy a cart, get a space, and other basics.
In an inexpensive restaurant, a plate of food costs at least EGP 80 (3.24) while midrange restaurants charge EGP 200 ($8.10). Going by this, you can easily make a daily income of EGP 4000 – EGP 10,000 ($162 – $405) if you are patronized by at least 50 customers.
Importantly, be also ready to go through a series of legal considerations including business entities, licenses, permits, and health and safety insurance as per Egypt food policies.
2. Nigeria
It is common knowledge that Nigeria is the most populous country in Africa. Unsurprisingly, It is the second richest country with a GDP of $1.14 trillion (now that’s a lot).
The abundant raw materials the country enjoys as well as agricultural inputs make up for its income. Needless to say, it is the largest crude oil supplier and some of its major agricultural exports include cocoa, peanuts, rubber, and palm oil.
While you may not have the resources to start the exportation and importation of input, you can easily get started at the local level with the following business ideas
i. Poultry Farming: In the agricultural sector, poultry farming is one effective way to make money in Nigeria. While this may be capital-intensive, you can also start small. Here’s a practical example; with a capital of 500 thousand Naira ($1,124), you can buy at least 100-day-old broilers and feed them with a minimum of 15 bags of feed until table size at 6 weeks. You would likely make a profit of 100-150k ($ 224 -$337) based on their market value.
ii. Importation of Thrifts: In a typical Nigerian market, you would always find a space for used clothes mostly called “Okrika”. This business is very lucrative as sellers only need a little space to spread their clothes.
To get started, all you would need is at least 250 thousand Naira ($562) to buy a bag of cloth known as a “belt”. From this, you can get at least 1000 clothes. If you were to sell each at 500 Naira, then you would be making a profit of at least 250 thousand Naira ($562) after selling.
Read Also: Richest State In Nigeria: 10 States By Their IGR and GDP
3. South Africa
Considered one of the most industrialized economies in Africa, South Africa stands as one African country with a business-friendly environment. The country’s GDP of $861.93 billion makes it the third richest country in Africa.
If you are looking to start a new life and business, then South Africa is open to you. Some businesses that will thrive in this country include:
i. Beauty Saloon: The beauty industry in one niche that pays well in South Africa. One would need at least R 100000 ($5658) dollars to start an average saloon. This money should at least get you a convenient space, basic equipment, and a beauty kit bag.
Aside from beauty services such as makeup, hair styling, and nail painting, you can also sell beauty products and earn. From our estimation, you should make at least R 20,100 ($1,135) as income monthly.
ii. Interior Designing: If you know a thing or two about interior designing then you should consider wrapping up your skills and moving to South Africa. With an average capital of R 50000 – R 80000. ($2829 -$4526) you can get set up your interior design space.
As an interior designer, you could sell out your ideas and have someone else do the practical. You can also do both and earn at least R 150 to R 250 ($8.48 – $14.13) per hour for your job.
Also, if you choose to work as part of a company, you would receive an average wage of R 270,000 ($15,263) each year.
You can easily get clients in this niche by building a relationship with suppliers and getting a digital marketer to sell your brand.
4. Algeria
Otherwise called a hydrocarbon-industrialized country, Algeria also generates its wealth from commercial services, construction, and agriculture. It is the 4th richest country in Africa and has a GDP worth $532.57 billion.
There are several lucrative ways of making money from this country such as;
i. Online Fashion Business: The fashion business you would agree is one growing industry in the world. You do not necessarily need a boutique to be a fashion vendor. Your business would readily thrive if you at least know the basics of online marketing thanks to platforms like Instagram and Tiktok.
However, you need an average capital of 500000 thousand Algerian dinars ($3627) to get started. This capital is expected to buy you a handful of great designs. At the end of the month, you should have recorded at least a 10 -15% increase.
ii. Become a Travel/Tour Guild: You do not need a plane or car to start making money in this niche all you need is a website, access to several travel agencies, accommodation spots, and maybe a tour guide course through a Registered Training Organisation.
With a capital of 500000 thousand Algerian dinars ($3627), you are good to go. This is to enable you to make advance bookings for some of your clients as others would pay on arrival. Your job is simple. Well, until you have to link up hundreds of travelers to providers of these services.
iii. Become a Real Estate Agency: At the sound of real estate, a lot of people start unending calculations. Well, just relax. Real estate isn’t just about investing in lands and buildings but also about selling and managing as an agent. Better still say, you are the go-in-between person.
Your job would be to find suitable lands and buildings for your clients and a capital of at least 1 million Algerian Dinar ($7244) should get you started. Importantly, you will need to work with a number of agencies and landowners.
5. Morocco
Aside from the country’s tourist centers which keep attracting foreigners, Morocco is one of the largest exporters of agricultural produce, semi-processed goods, and phosphate minerals.
As one of the most developed countries in Africa with a GDP of $302.77 billion, making money is just knowing what sector to invest in thanks to its proximity to Europe. Some money-making businesses to do in Morocco include
i. Start a language tutoring: If you can at least write and speak English Language or French, then this is for you. Since these foreign languages are not prioritized in the country many people try to learn on their own. As such, language tutors are well appreciated and well paid.
If you are not financially buoyant enough to get a space yet, you can start giving home lessons and online classes at a startup cost of $ 10,000 thousand to get a website and a few materials.
You can also work with schools as a teacher and earn an average salary of about $500- 1,000 per month
ii. Photography: This is one sure way to make money in Morroco as it is quickly becoming the first destination choice for travelers thanks to its colorful labyrinth of mountains, beaches, and resort areas.
If you are planning on trying this space all you would need is a camera and a friendly approach which is possible with an estimated capital of $20000 thousand. Photographers in Morrocco charge between $80 -$150 for a photo session of 1 hour. By this calculation, you would likely make $1500 per day if you take photos of 10 persons and $45000 a month.
6. Ethiopia
This African country is lauded for its competitive economy and consistent growth levels. As you would find, there are several multi-international companies in the countries that have made the environment entrepreneurial.
Some easy ways you can make money in Ethiopia is finding a lucrative niche such as:
i. Janitorial Contracting Services: This is also known as cleaning services. As stated, there are several multi-international companies and offices in the country and thus, the services of a cleaning company will easily thrive.
You can start with a minimum capital of 200 thousand Ethiopian Birr ($3729). However, If you do not have enough resources to start, you may just need to hang in with other cleaning agencies.
ii. Start a daycare facility: A large number of Ethiopians work in a co-operate society and so, many parents opt for the assistance of a daycare facility. You may just want to try this out if you have a free space and a lot of patience as well.
Also, you would need an average capital of 500 thousand Ethiopian Birr ($9323 ) to start up a facility and get some items. On average, charges for children in daycare facilities range from 1072 – 1,608 Ethiopian Birr ($20 -$30) as some facilities charge hourly.
7. Kenya
This country remains one of the most consistent economies in Africa, it has at least maintained this spot since 2020 – a time when most African countries were thrown over by the COVID-19 pandemic.
While the country’s GDP of $269.20 billion is tied to the agricultural sector, several investments over the years have made its industrial sector very productive. Here are some business ideas to try out.
i. Installation services: If you are skilled in the installation of solar panels, and CCTV cameras then this is for you. This niche is very profitable as it has offered employment to a lot of Kenyans.
With a capital of 300000 Kenyan shillings ($2442), you would enable you to get a few pieces of equipment and also register as a technician with manufacturers of these technologies. Aside from the training on how to install them, you would also be contacted to work for their customers.
For each installation, an average fee of 3000 Kenyan Shillings ($24) would be paid and this accumulates to about 30000 Kenyan Shillings ($ 244) a month.
ii. Event Planning – In Kenya, event planners are in high demand as several events happen every day be it weddings, birthdays, conferences, anniversaries, or even political rallies. Interestingly, you don’t need to set up a standard brand to start these services as you could easily collaborate with other event planners and socialities.
You can also use advance payment by your client to do the runnings. However, you should have at least 300000 to 500000 thousand Kenyan shillings ($ 2442 – $4070) on standby for other expenses.
Some services you would be required to handle include, catering services, ushering services, interior decoration services, and security services.
8. Angola
Over the years, Angola’s resources have been greatly affected as a result of resource mismanagement and internal issues. Notwithstanding, the country still sustains at a GPD of $217.97 billion making it the 8th richest country in Africa by this factor.
Some business ideas to try include;
i. Grocery Delivery: This is a flexible business that isn’t just productive but growing by the day. This idea was introduced during the Covid 19 pandemic and it has come to stay. If this is a business you are willing to try, then you would need to have startup costs between 300000 to 500000 Angolan Kwanza ( $594 -$ 990) which would also include the development of an app or website where potential clients can reach out.
On average, most grocery delivery services set a minimum of 5000 Angolan Kwanza ($10) per delivery and work with flexible timing. By the end of the year, you should have saved between 1500000 -2500000 Angolan Kwanza( $2972 – $4954).
i. Tyre Recycling Business: While not so many entrepreneurs see a business in this, recycling is one way to sustain the world’s economy as it is very profitable. However, it is capital intensive as you would need to get a Tyre recycling facility. On average, you should be estimated at least $1 million Angolan Kwanza ($1981) to get started.
However, you can also partner with other developed facilities that would do the recycling. If this would do then 400 thousand Angolan Kwanza ($792) thousand would enable you to get a parking space for these waste and scrap materials.
With Tyre recycling, some end materials of the recycled Tyres are rubbers and wires which can be sold in the market.
9. Ghana
The country’s rich exports of resources such as cocoa, crude oil, and timber make up for its growth. Ghana has a GDP of $193.63 and occupies the 9th spot of the richest country in Africa.
Beyond its exports, here are other businesses that could easily earn profits;
i. Fish Farming: One agricultural sector that easily thrives in the country is fish farming. Most Ghanaian delicacies are made with fish. If this were to be your niche, then your customers are readily available.
With a relative amount of at least 700,000-1,000,000 thousand Ghana Cedi, you would be able to set up a fish farm of at least 1000 fingerlings of catfish, a pond as well as their feeding expense.
After a duration of 6 months, your fish would be ready for consumption, and the farmer is expected to have 1.7kg average size fish sold at 1600 Ghana cedi. From our estimation, if at least 800 fish are sold at this price, then the farmer will be making a profit of at least 280 thousand Ghana Cedi.
ii. A Barbering Saloon: It doesn’t take so much to learn how to give a clean cut especially when it’s profitable. All you need for this business is an electric clipper, sterilizer, straight-bladed scissor, razor blade, hair comb, mirror, and a barbing space which would cost at least GHC500 thousand and GHC 2000 if you want a big setup.
For barber shops in school facilities or commercial places, a minimum of 5 Ghana cedi ($0.40) is required for each haircut. Assuming 25 clients patronize you in a day, that would accumulate to GHC 125 ($10) in a day and in 3750 Ghana cedi ($301) in a month.
Other barbing facilities which are highly recommended charge as high as GHC 30 for a nice haircut and make at least 22500 Ghana cedi ($1,809) in a month for the same number of customers.
10. Sudan
Previously not part of the first 10 richest African countries, Sudan’s growth is impressive and commendable at least for now. It has a GDP of $189.87 billion and the main growth drivers are agricultural sectors and mining activities. However, there are other businesses that are lucrative and profitable.
i. Tea Stand: A number of people love tea however, it is a national drink for the people of Sudan. Starting a tea stand business is a great way to earn money in the country.
With a minimum capital of 500 thousand Sudanese pounds ($ 874), you would put up a good tea stand with a lot of disposable cups and teabags.
iii. Transportation business: One common means of transportation in Sudan is Boda Boda which is simply the use of motorbike for transportation. This is both lucrative and profitable especially if you know your way around a particular community.
With a capital of 300,000 -380,000 Sudanese pounds($524 – $664) you can get started with a motorbike. From our calculations, a Boda Boda rider makes an average of 4,000 Sudanese pounds ($7) from at least 15 rides which translates to 60000 in a month ($104.99)
On a large investment, you can also buy many bikes and distribute them to riders that would give account for it every day.
