African Industries to Watch Out for in 2022
Africa will play a pivotal role in the next phase of global economic growth in a world looking for new solutions and new markets. This growth is going to be driven by key sectors working together to push the continent’s economy forward. Here are some of the African industries to keep an eye on in 2022:
Entertainment, Music, and Film
There are millions of African content creators doing everything from creating short TikTok videos to home-grown talent selling out celebrated venues abroad. Online content creation is a viable source of income for a growing number of Africans. This trend is evident in the rest of the world as well, opening up new chances for money and partnership. Netflix and Spotify will continue to dominate subscription-based entertainment, but keep an eye out for platforms like Ayoba, Iroko TV, Showmax, Boomplay, and Mdundo that are tailored to local tastes and payment options.
Africa has emerged as a hotspot for technological innovation aimed at addressing local issues. Because some of these solutions are applicable in other parts of the world, technology will continue to be important in 2022. Some of this will be seen in how technology improves agriculture and agricultural products, as well as how it finances small businesses through mobile banking and fintech solutions.
While technology will continue to improve communication and resource exchange, it is roads, airports, and ships that will ensure the mobility of people and products necessary for trade to occur. Regional and transcontinental transportation, along with energy projects such as the Grand Ethiopian Renaissance Dam, the Lagos-Mombasa Trans-African highway, and the trans-Maghreb road, will create jobs and a trade route in 2022 and beyond.
African manufacturing is expanding in a variety of industries, including automotive, commodities, agricultural transformation, and machinery. In the automotive industry, for example, this is driven by Africans building their own cars, as opposed to international firms opting to manufacture their products where they are used. Making in Africa also makes shipping to neighboring markets easier.
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