Business In Africa 2020- The current population of Africa is made up of over 70% youth aged 25 below. This means there is a massive untapped workforce on the African continent. For these youngsters entering the workforce now, a common challenge facing many of them is the choice of profession where they will get the most remuneration for their efforts. So which businesses are the most profitable in Africa currently, find out below.
TOP 10 MOST PROFITABLE BUSINESS IN AFRICA 2020
- #1. Investment Banking
There is a surge in the level of investment coming into Africa from other lands. As it is, a career in investment banking is one of the most profitable in Africa right now. So what do investment bankers do? What investment bankers typically do is that they help government agencies, companies, and organizations to raise money by issuing and selling securities in the open market. In Nigeria for example, senior investment bankers can make as much as 13 million nairas ($82,000) per year.
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- #2. Telecommunications Engineers
The telecommunications industry in Africa is on an upward climb, penetrating more and more areas of the continent as new technologies become available and more countries reduce regulations. Mobile devices are responsible for the majority of telephone communication in Africa, accounting for up to 90%. Typically, telecommunications engineers combine electrical engineering and computer science knowledge to design and oversee the development of sophisticated communications and data infrastructures as well as switching systems. To become an engineer, one needs to complete high school and then proceed to the University or any other accredited tertiary institution in your country for a four or five-year program. You may then need to write some professional exams after the completion of your degree program to become recognized as an engineer.
- #3. Oil & Petroleum Industry Engineers
Based on recent oil and gas discoveries in East Africa and the Gulf of Guinea, it is believed that there is a positive outlook for continued growth of the oil and gas industry in Africa. As it stands, African countries are responsible for roughly 7 percent of world oil production with that number expected to rise. This means a job in this industry is quite lucrative. There is an extensive need for various engineering applications in the industry which is why engineers from virtually all engineering fields are needed in the industry. Some of the available jobs include exploration managers, drilling engineers, and mechanical engineers.
- #4. Airline Pilots
It is not surprising that airline pilots are some of the highest paid professionals in the world given the high level of risk associated with their job. These highly skilled specialists fly airplanes conveying passengers from one place to another at very high altitudes. To become a pilot, you have to undergo a series of training and re-training even after you have earned your certification to ensure you are up to date with happenings in the industry. In Africa, the potential for people interested in this profession is high as local airlines open up new routes and major worldwide airlines schedule more international flights into Africa. Currently, experienced airline pilots in Nigeria earn as high as 11 million nairas ($70,000) per year, and with increasing demand in service, pilot salaries are expected to rise.
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- #5. Software and Web Developers
There is a growing need for localized websites and business-related software as broadband slowly penetrates the African market and this has created a new demand for designers, programmers and cyber-security professionals all over the continent. In South Africa, software development managers make an average of $13,500 per year. Becoming a web developer requires you to undergo some training which you can do from the comfort of your home. Once you this has been settled, you can start bidding for jobs.
- #6. Physicians
This isn’t surprising at all given the role physicians play in our society. The continent lacks enough physicians as it is to cope with the enormous population roaming the continent. So, there is a lot of pressure on available skilled personnel with expertise in this regard.
Furthermore, as the population of the continent continues to increase, the demand for physicians of all disciplines also increases. This means that doctors are earning dramatically higher salaries. On the African continent today, there are many job opportunities, specifically for obstetricians, anesthesiologists, pediatricians, emergency room doctors as well as dentists. To become a physician, you have to acquire a formal education. First, you have to complete high school education after which you will proceed to a university. Securing admission to study medical courses in the university is highly competitive as lots of people also aspire to explore these courses. If you are lucky to get in, you will spend 5-6 years in school studying after which you will graduate and be formally welcomed into the medical field.
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#7. Real Estate Developer
The real estate industry over time has always been a lucrative one as there is a constant demand for property. Due to this constant demand, developing features for commercial purposes from shopping centers to industrial complexes has always been a profitable business and will remain so for the foreseeable future. Although many markets around the world are already over saturated, the growth potential in Africa for this industry is tremendous. Investors say that retail development is as of now in a period of rapid expansion, especially in Nigeria and Ghana. The population is there on the continent, and about 70% of inhabitants of Africa are aged 25 below which means there is an available market for real estate. To this end, real estate managers earn good pay which makes the profession highly lucrative as ranks it as one of the most profitable businesses in Africa currently.
- #8. Construction Manager
Another highly profitable market in Africa is construction management. Urbanization trends, as well as the growing middle class in many African countries, will ultimately translate into a tremendous need for new construction. As of now, global investment in new projects is already driving the development of new townships and cities across African countries such as Kenya, Ghana, and Nigeria. These new cities are built following the work-play-live model which is quite popular in modern western developments. To become a construction manager, you will need to study courses like Building and Civil Engineering at the University.
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- #9. Hotel Manager
You may be surprised to hear that a career in hotel management is quite lucrative. On the African continent, North Africa boasts some of the most popular tourist destinations in the world, which has led to the establishment of a variety of hotel chains in the region. Currently, new hotels are being developed all across sub-Saharan Africa to accommodate the growing number of business travelers. Don’t be surprised to hear that the world’s largest hotel chains have even far more ambitious plans for the future. In South Africa, on the average salary, hotel managers earn $15,500 in salary per year.
- #10. Advertising Sales Director
This profession has risen to prominence due to the penetration of broadband penetration into new African markets. As a result, more media outlets and new online opportunities are opening up. Adverts through these media that are targeted at the growing middle class in many African countries is a full open field that may have a little impact today but is expected to be in much higher demand in the coming years as more and more people get access to broadband. Even as it is today, this profession is quite lucrative which is why it rounds up this list of top 10 most profitable businesses in Africa.
Conclusion On Top 10 Most Profitable Business In Africa
With so many professions available today in the world, the dilemma facing young people today is finding a highly lucrative business that will enable them to meet their financial commitments with ease. To help guide you in this regard, we have compiled a list of professions that are in high demand on the African continent and will fetch you good pay if you pursue a career in them. Some of these professions are more traditional while others are relatively new and are borne out of technological advances which are reshaping our world. You may be required to gain formal education to become qualified to practice some of these professions while some need to undergo training to master the business. If you get into any of these professions and secure a good job, you will realize just how profitable these professions are. That’s all about the top 10 most profitable courses in Africa as of now.
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