Investors At UBA Business Series Identify Africa’s Next Billion-Dollar Opportunities

Investors, entrepreneurs and business leaders have identified financial inclusion, the creative economy, sports and small and medium enterprises (SMEs) as the sectors expected to produce Africa’s next billion dollar opportunities, stressing that businesses built around consumer needs and technology will be best positioned for long term growth.

This was emphasised at the United Bank for Africa (UBA) Business Series themed “Building for Africa’s Realities: Turning Consumer Feedback into Technology-driven Solutions” where participants explored how customer insights and technology are shaping Africa’s next generation of high growth businesses.

Speaking at the business serires which examined how African entrepreneurs are using data, consumer behaviour and innovation to develop scalable businesses tailored to the continent’s realities, panellists agreed that the continent’s next billion dollar companies will be those that remain closely connected to the needs and behaviours of their customers while leveraging technology to solve real problems.

The session, moderated by media entrepreneur and founder, Adaora Mbelu, featured co founder and chief executive officer of Chowdeck, Femi Aluko, rapper and entrepreneur, M.I Abaga, and venture capitalist and co founder of Octerra Capital, Ashim Egunjobi.

Opening the discussion, Mbelu urged entrepreneurs to become more observant of their environments, noting that many business opportunities are hidden in everyday consumer experiences.

“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 on Chowdeck’s growth journey, Aluko said some of the company’s biggest innovations were driven directly by customer behaviour, explaining that analysis of purchasing patterns on the platform led to the creation of Chowstore. “Customers constantly tell you what they need. If you listen carefully, they will show you what to build next.”

On the role of artificial intelligence, M.I Abaga described AI as a major opportunity for Africa’s creative industry rather than a threat, saying emerging technologies would enable African creators to compete more effectively in the global marketplace.

“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 stated adding that digital platforms have fundamentally changed how creators engage audiences by enabling direct relationships with their communities while increasing the need for stronger financial and business support systems.

Offering an investor’s perspective, Egunjobi said successful investments begin with backing resilient founders who are committed to solving real problems. “We invest in founders before we invest in ideas. Grit, adaptability, conviction and the willingness to solve real problems matter far more than a polished pitch deck.”

She noted that many startups fail because they become emotionally attached to their solutions instead of focusing on the problems customers are trying to solve. According to her, financial inclusion, the creative economy, sports and SMEs remain among Africa’s most promising investment sectors as access to financing continues to improve across the continent.

Speaking at the event, UBA’s head of Digital Banking, Olukayode Olubiyi, reiterated the bank’s commitment to supporting entrepreneurs through initiatives that promote innovation, collaboration and enterprise development.

“Every successful business begins with understanding its customer. At UBA, data and customer insight inform every decision we make, and through the UBA Business Series, we remain committed to equipping entrepreneurs with the requisite knowledge, networks and inspiration needed to build businesses that transform Africa.”

The UBA Business Series is one of the bank’s flagship knowledge sharing platforms designed to connect entrepreneurs, investors and industry leaders through discussions that foster innovation and contribute to Africa’s economic transformation.