Industry leaders, investors and entrepreneurs have identified financial inclusion, the creative economy, sports and small and medium-sized enterprises (SMEs) as sectors most likely to produce Africa’s next generation of billion-dollar businesses.
The outlook emerged during the latest edition of the United Bank for Africa (UBA) Business Series, held at the bank’s headquarters in Lagos under the theme, “Building for Africa’s Realities: Turning Consumer Feedback into Technology-Driven Solutions.”
The quarterly forum brought together business leaders and innovators to discuss how customer insights, technology and data-driven decision-making are shaping the future of entrepreneurship across the continent.
Participants at the event agreed that Africa’s most successful businesses will be those that remain closely aligned with the needs, behaviours and realities of consumers while deploying technology to solve everyday challenges.
Moderated by media entrepreneur Adaora Mbelu, the panel 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 during the session, Mbelu urged entrepreneurs to focus on understanding their environment and the people they serve.
According to her, major business opportunities often emerge from observing consumer behaviour and identifying gaps that others fail to notice.
Drawing from Chowdeck’s experience, Aluko said some of the company’s most significant innovations were inspired by customer purchasing patterns and feedback.
He noted that insights gathered from users led to the creation of Chowstore, a business expansion that emerged from analysing customer needs.
“Customers often reveal what they need through their actions. Paying attention to those signals can help businesses identify their next growth opportunity,” he said.
On the role of emerging technologies, M.I Abaga described artificial intelligence as a major opportunity for Africa’s creative industry, arguing that the technology could help creators compete more effectively in global markets.
He said digital tools were transforming how artists and content creators engage with audiences while creating new opportunities for business growth and monetisation.
“Technology has always influenced creativity. AI offers African creators a chance to scale their work, solve larger problems and build products that can reach international audiences,” he said.
Providing an investor’s perspective, Egunjobi stressed that venture capital firms place significant value on the quality of founders rather than ideas alone.
She said resilience, adaptability and a commitment to solving real-world problems often determine whether a startup succeeds.
According to her, many businesses struggle because they become overly attached to their products instead of remaining focused on addressing customer pain points.
Egunjobi added that financial inclusion, sports, the creative economy and SMEs continue to present some of the continent’s most attractive investment opportunities, particularly as access to capital expands across Africa.
Speaking on behalf of UBA, the bank’s Head of Digital Banking, Olukayode Olubiyi, reiterated the institution’s commitment to supporting entrepreneurship through platforms that encourage learning, innovation and collaboration.
He said understanding customers remains central to business success and noted that data-driven insights guide UBA’s approach to product development and service delivery.
Olubiyi added that the UBA Business Series was designed to provide entrepreneurs with the knowledge, networks and inspiration needed to build businesses capable of driving economic growth across the continent.
The UBA Business Series is one of the bank’s flagship knowledge-sharing initiatives aimed at fostering enterprise development and promoting innovation through engagements with business leaders, investors and industry experts.
UBA currently serves more than 45 million customers across 20 African countries and maintains operations in the United Kingdom, the United States, France and the United Arab Emirates. The bank says it continues to leverage technology and strategic partnerships to advance financial inclusion and expand access to banking services across Africa.