Top 10 Biggest Industries In Africa (2022)

Statistically, Africa has the poorest economy among every continent of the world. It is however also the world’s fastest-growing continent. The continent depends majorly on trade, agriculture, and human resources for its economic growth.  They have however been massive growth in other sectors of the economy such as Oil and Gas,  manufacturing e.t.c. Africa is considered by many as the future economic growth engine of the world due to the natural and human resources inhabited on the continent. In light of this discovery, we compiled a list of the top 10 biggest industries in Africa in 2022

1. Agriculture

The Agriculture sector is the biggest industry in Africa. The sector takes up 15 per cent of the whole continent’s GDP and employs 60 per cent of the workforce in Africa.  Nigeria and Egypt are known to make up one-third of Africa’s total agricultural output. Africa has the potential of producing more agricultural output but sees less than 10 per cent as its total output. Even with the decline, Africa still sees an increase of 2-5 per cent per year.

2. Banking

Africa’s banking sector has seen rapid growth in the last decade. It has grown from a style copied from the west to a sector that contributes to the economy of Africa. The sector has also been a source of employment for Africans. The recent wave of Financial Technology sweeping the continent is making banking possible and even easier. Companies like PayStack, Flutterwave and Interswitch provide banking services beyond the walls of the continent.

3. Oil and gas

The Oil and Gas sector is one of the biggest industries in Africa in 2022. The industry accounted for a 46.6% share of Africa’s total exports in 2010. It is also the main export of 14 African countries with Nigeria and Angola leading the way. It is imperative to note that  Africa has significant resources for generating energy in several forms,  Aside from Oil and Gas, but very few of them are in use, due to a lack of infrastructure.

4. Telecommunication

Just like the Banking Sector, the African telecommunication sector also experienced rapid growth in the last decade. According to reports, the number of telecom subscribers in Africa has gone over 400 million Africans and the demand for more services within the industry is increasing day by day. The Industry has made it possible for online businesses to thrive. The demand in the telecom sector has increased.

5. Infrastructure

One of the major problems battling the African economy is no doubt the lack of infrastructure.  This issue not only creates barriers for African businesses but makes it impossible for the government to implement beneficial policies. However, to tackle this problem, many large infrastructure projects are underway in many countries across Africa. Between 1998 and 2007, spending on African infrastructure rose at a compound annual rate of 17 per cent—up from $3 billion in 1998 to $12 billion in 2008, significantly outstripping the growth of global infrastructure investment

6. Mining

The mineral industry of Africa is one of the largest mineral industries in the world. The continent has a majority of the world’s known resources of platinum, chromium, and diamonds, as well as a large share of the world’s bauxite, cobalt, gold, phosphate, and uranium deposits. Eleven of its countries, especially in southern and western Africa, rank among the top ten sources of at least one major mineral. For many of these countries, mineral exploration and production constitute significant parts of their economies and remain keys to future economic growth.

7. Manufacturing

The Manufacturing Industry is one of the biggest industries in Africa in 2022. The industry has bloomed to be one of the biggest due to the recent rise in African consumers and the government diversification from agricultural production and oil and gas. Countries like Nigeria and South Africa have embraced industrialization and currently numerous indigenous manufacturing company.

8. Trade

The trading industry is not just one of the biggest industries in Africa in 2022, but also one of its major backbones that contributes to its economic development. According to public economic data, Africa has about 2 per cent of all world trade, which is due to the fact that the industry is not properly organized and regulated like other industries on the Continent. It is generally believed that Trade is the key to long-term, sustainable economic growth and development in Africa.

9. Entertainment

Africa entertainment is one of the continent’s global exports, thanks to  Nollywood and superstars like Davido Wizkid and Burna Boy. According to a  study on the United Nations’ Website, Africa’s film and audiovisual industries could create over 20 million jobs and contribute $20 billion to the continent’s combined GDP.   It is however still believed that Africa’s potential as a film powerhouse remains largely untapped due to certain factors like piracy and distribution.

10. Tourism

Concluding the list of the biggest industries in Africa is Tourism. The industry plays a major role in boosting the economies of Africa. South Africa is one of the most visited countries in Africa with more than 860,000 visitors per month, and almost a quarter is from non-African countries. In 2010, tourism contributed 3 per cent to South Africa’s total GDP

Summary

Here is a summary of the top 10 biggest industries in Africa in 2022

• Agriculture
• Banking
• Oil and gas
• Telecommunication
• Infrastructure
• Mining
• Manufacturing
• Trade
• Entertainment
• Tourism