Financial inclusion, small and medium enterprises (SMEs), sports, and the creative economy are the sectors most likely to produce Africa’s next billion-dollar firms, investors and entrepreneurs have said.
The stakeholders spoke at the latest edition of the United Bank for Africa (UBA) Business Series held at the bank’s corporate headquarters in Lagos.
The quarterly event, themed ‘Building for Africa’s Realities: Turning Consumer Feedback into Technology-Driven Solutions’, explored how entrepreneurs are using customer insights, data, and technology to build scalable businesses across Africa.
The panellists said businesses with the greatest growth potential will be those that remain closely connected to customers’ needs and behaviour.
Adaora Mbelu, media entrepreneur and founder, who moderated the session, urged entrepreneurs to pay closer attention to people’s behaviour and their operating environment.
“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.”
Speaking during the discussion, Femi Aluko, co-founder and chief executive officer (CEO) of Chowdeck, said some of the company’s biggest innovations were inspired by customer behaviour.
Aluko said purchasing patterns on the platform led to the launch of Chowstore, showing how businesses can identify new opportunities by listening to customers.
“Customers constantly tell you what they need. If you listen carefully, they will show you what to build next.”
Also speaking, Jude ‘M.I’ Abaga, rapper and entrepreneur, described artificial intelligence (AI) as an opportunity for Africa’s creative industry rather than a threat.
Abaga said emerging technologies would enable African creators to compete more effectively in the global creative economy.
“Technology has always been part of creativity. AI gives African creators the opportunity to compete globally, solve bigger problems and build businesses that serve international markets.”
He added that digital platforms have transformed how creators engage with audiences, enabling them to build direct relationships with their communities while increasing the need for stronger financial and business support systems.
On his part, Ashim Egunjobi, venture capitalist and co-founder of Octerra Capital, agreed that successful investing begins with backing resilient founders rather than polished presentations.
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