Africa's Next Billion-Dollar Opportunities Lie in Inclusion, Creative Economy, Sports, SMEs, Investors Say

Africa's next wave of billion-dollar companies will likely emerge from sectors like financial inclusion, the creative economy, sports, and small and medium enterprises, according to panelists at the recent UBA Business Series. Hosted by the United Bank for Africa (UBA) Plc, the event gathered entrepreneurs, investors, and business leaders in Lagos to discuss how technology and customer insights are driving growth on the continent.

Themed “Building for Africa’s Realities: Turning Consumer Feedback into Technology-Driven Solutions,” the series explored how African entrepreneurs are using data and innovation to create scalable businesses tailored to local conditions. A key takeaway was the agreement that businesses most likely to succeed will maintain a strong connection to their customers' needs and behaviors.

“

Building is not reserved for the smartest person in the room. It is about being observant enough to understand people, behaviour and context. The greatest opportunities often emerge from paying attention to what others overlook.

Media entrepreneur Adaora Mbelu, who moderated the discussion, urged entrepreneurs to be observant, stating, “Building is not reserved for the smartest person in the room. It is about being observant enough to understand people, behaviour and context. The greatest opportunities often emerge from paying attention to what others overlook.”

“

Using football as a tool for mental health did not just inspire us, it transformed us. We have reached thousands of children across Pakistan with the message of mental health, trained more than 300 Youth Mental Health Ambassadors, and engaged over 80 current and former Pakistan international footballers in this campaign. We believe the responsibility of a football federation goes beyond producing talented players, it is also about developing responsible, healthy and resilient citizens.

Femi Aluko, co-founder and CEO of Chowdeck, shared how analyzing customer purchasing patterns led to the creation of Chowstore, illustrating how data analysis can reveal new business avenues. Rapper and entrepreneur M.I. Abaga viewed artificial intelligence not as a threat but as a transformative opportunity for Africa's creative industry, noting that emerging technologies will help African creators compete globally. He also pointed out the digital era's impact on audience reach and the need for stronger financial and business support for creators.

Ashim Egunjobi, a Venture Capitalist and co-founder of Octerra Capital, advised investors to prioritize backing resilient founders over those with impressive presentations, underscoring the importance of founder strength in successful ventures.

“

What excites me is not only what we have achieved but what we can accomplish together. Pakistan has demonstrated that football can create real social impact, and we remain committed to expanding that impact through global partnerships.