The Future is African
Africa is on the rise as the fastest-growing continent and will have the most people in the world by 2050.
Now is the Time to Create Your Own Online Business from Africa
Africa is the Fastest Growing Continent
According to global projections, Africa will be the most populous continent by 2050. The Economist says that by 2050, Nigeria will overtake the US as the third most populous country in the world. That means if you're thinking of making money online in Nigeria, or Ethiopia, or Malawi you need to position yourself now.
Based purely on demographics alone, the UN says that Africa is the fastest-growing continent. This is due to Africa having the youngest population, on average, in the world coupled with high fertility rates. Simply put, because of a concept known as "population momentum," Africa is on track to be a future demographic powerhouse, with 1 in 4 people being African by 2050.
Where is the Opportunity in Africa?
This increase in population mandates that Africans start to conceptualize the future of work as well as how the new economies will function. Business trend projections like Digital 2020 Kenya, point to where the future opportunity lies: the Internet.
Let me explain.
When people outside of Africa think of making money in Africa, they think of 18th, 19th, and 20th-Century ventures like mining, cheap labor, and exports. These are still viable methods of industry but they face competition and lopsided agreements that are far more beneficial to people abroad than on the continent. But there is a new path that is forming and ready for those who have insight and foresight into developing e-commerce trends. Investors from Silicon Valley have already started to make inroads into this emerging economy including Jack Dorsey, founder of Twitter, and Mark Zuckerberg founder of Facebook, both of whom recently visited countries like Ethiopia, Ghana, South Africa, Nigeria, and Kenya to see for themselves what opportunities lie waiting.
For every billion-dollar unicorn business available in the West, there is one waiting to be created not just in Africa, but in every country in Africa. We have one of the most diverse, and wealthy continents. But for far too long, we have not been able to realize the true potential for real growth and development that is available. Barriers like corruption, disease, war, famine, lack of education have held African people back from participating equally in the global marketplace.
The Threat of African Indebtedness to China
The 21st century in Africa will be marked by China's continual expansion into the continent. The results so far have been mixed. On the one hand, they have quickly done what other foreign interests have not built roads and other infrastructure that have greatly improved lives. But at what cost? In one truly lop-sided deal, the Kenyan government put up its storied and key asset, the Port of Mombasa, as collateral for a new SGR railroad from the Chinese government. Meaning if Kenya defaults on any payments, China will obtain the rights to the Port of Mombasa.
What is the ultimate agenda for China? Pay attention to why they are focused on roads and infrastructure: to pave the way back to Chinese banks with extracted goods from Africa. The same old story.
But like the West, the East, complete with their own soon-to-be trillion-dollar companies has also seen their billionaires visit Africa on benevolent-seeming fact-finding missions. Jack Ma of Alibaba has set up a host of initiatives in Africa focused on strengthening his ties to the continent.
It seems like all corners of the globe are starting to look at Africa as not just a charity case but a trading partner. However, there is a chance that we as Africans get hoodwinked again. The only way to stop this is by being as independent as possible. This means forgoing loans from foreign banks or needing to go abroad for education or accepting a grant from a large multinational to make it big.
You can do this for yourself.
Start your African Business Now and Make Money Online
What this means is the groundwork is being laid for everyone from investors, to software developers to artists who have a dream of generating income online.
This blog aims to showcase the myriad of ways that Africans can make money online. Entrepreneurship is the trendy buzzword in African business circles, but it's never before been more relevant than it is now.
Here are several 5 reasons why you must start making money online in Africa:
Emerging African Tech Industry - This new train to the future will be built on the tracks of the African software developer. These jack and jill of all trades are working hard at places like iHub and Nailab to create the digital infrastructure that Africans will need to do every kind of business online. Many times whatever they create is quickly snapped up by foreign investors or local governments. The emergence of several African Silicon Valley hubs ensures that the ecosystem is being created to foster such innovation.
Ecommerce - Ecommerce is an already booming billion-dollar industry. It's only logical that with faster internet speeds, the next stop is Africa. Transitioning casual sellers from the local market or town center to selling online will be the next great feat for African retail, opening them up to a global audience.
Leapfrogging Tech - The concept of leapfrogging technology is a theory of development that is most visible in the mobile industry in African countries. They have "leapfrogged" across many of the technological development stages that more developed countries had to go through. An example of this is the experience of many in rural villages of going from no internet connection to being able to access Facebook and email on a mobile phone.
Apps and Mobile Money - Piggybacking on leapfrogging (see what I did there? :) Apps and Mobile Money are the way forward. If developers are building the tracks then the tracks are some of the amazing inventions such as Mpesa, Hello Tractor, Refugees United, and Jumia.
So what are you waiting for? Start your business now. We need more localized ideas that are built into flourishing African businesses. Don't count yourself out, start small. Even if you think you don't have the education, the resources, or the time, you can start small.
I'll show you how.
Subscribe to this blog for more ideas on how to get started.