Business leaders and investors have identified financial inclusion, the creative industry, sports and small and medium-sized enterprises (SMEs) as sectors likely to produce Africa’s next generation of billion-dollar companies.
They also advised entrepreneurs to focus less on copying foreign business models and instead develop solutions that address local challenges by paying close attention to the needs of customers.
The experts spoke at the latest edition of the UBA Business Series, a quarterly forum organised by United Bank for Africa (UBA) Plc at its corporate headquarters in Lagos.
The event, themed “Building for Africa’s Realities: Turning Consumer Feedback into Technology-Driven Solutions,” brought together entrepreneurs, investors, innovators and business leaders to discuss how customer insights and technology can drive the growth of African businesses.
Participants said Africa’s biggest business opportunities are expanding beyond financial technology into sectors that solve everyday problems affecting millions of people across the continent.
They noted that financial inclusion remains a major opportunity because millions of Africans still lack access to affordable banking services, credit and digital financial products.
The speakers also pointed to the creative economy, sports and the SME sector as industries with the potential to produce globally competitive businesses.
The panel discussion was moderated by media entrepreneur Adaora Mbelu and featured Chowdeck Co-founder and Chief Executive Officer, Femi Aluko; rapper and entrepreneur, M.I Abaga; and Venture Capitalist and Co-founder of Octerra Capital, Ashim Egunjobi.
Speaking at the event, Mbelu urged entrepreneurs to pay closer attention to the realities around them instead of chasing business trends.
“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,” she said.
Aluko said some of Chowdeck’s most successful innovations resulted from carefully studying customer behaviour rather than relying on assumptions.
He explained that the company’s decision to introduce Chowstore came after analysing customers’ purchasing patterns on its platform.
“Customers constantly tell you what they need. If you listen carefully, they will show you what to build next,” he said.
He noted that successful African startups are increasingly developing products based on customer feedback instead of adopting business models that may not suit local conditions.
Speaking on artificial intelligence (AI), M.I Abaga described the technology as a major opportunity for African creators rather than a threat.
He said AI can help creative professionals improve productivity, reach wider audiences and compete more effectively in global markets.
“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 said.
Abaga also noted that digital platforms have transformed the relationship between artists and their audiences, making it easier for creators to engage directly with their communities while increasing the need for stronger financial and business support.
Offering an investor’s perspective, Egunjobi said investment decisions are driven more by the quality and resilience of business founders than by polished presentations.
According to him, investors are increasingly looking for entrepreneurs who understand their customers, solve real problems and can adapt quickly to changing market conditions.
He said businesses with strong customer engagement, clear market demand and sustainable business models are more likely to attract investment as venture capital funding becomes more competitive.
UBA said its Business Series will continue to provide a platform for entrepreneurs, innovators and investors to exchange ideas and promote businesses capable of driving economic growth and building globally competitive African companies.