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Africa’s Emerging Sectors in 2024 with Massive Growth Potentials

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According to EIU ( Economist Intelligence Unit), it has been identified that Africa will have a strong growth amid heated elections and financial woes in 2024. They have mentioned about these in their Africa Outlook 2024 Report. Based on the EIU’s Africa Outlook 2024 Report, Africa will be the second-fastest-growing major region in 2024, with most countries posting an acceleration of economic growth compared with 2023 – East Africa will once again be at the vanguard of African growth.

In Africa’s current economic landscape, several sectors are emerging as attractive investment opportunities. These sectors include retailing, telecommunications, agriculture, manufacturing, services, and infrastructure development. These sectors offer promising growth potential and are driven by various factors such as increasing consumer demand, technology advancements, and government policies aimed at fostering economic development.

Investors looking to capitalize on Africa’s growth potential should consider investing in following sectors in 2024:

Photo by Andreas Göllner from Pixabay

Retailing

In addition to the sources provided, reports and market analyses suggest that the retailing sector in Africa is experiencing a boom due to the continent’s rapidly growing middle class and increasing urbanization. This has led to a surge in demand for consumer goods, particularly in the fast-moving consumer goods segment. As a result, there are numerous investment opportunities in retailing, including the establishment of supermarkets, shopping malls, and e-commerce platforms.

Photo by Marcelo Moreira: https://www.pexels.com

Telecommunications

Telecommunications is another go-to sector in Africa, as the continent continues to witness significant growth in mobile penetration and internet usage. This has created opportunities for telecommunications companies to expand their networks and provide innovative services to the African population. Moreover, with the increasing demand for connectivity and digital services, there is also potential for investments in infrastructure development such as broadband networks and data centers.

Photo by Gunnar Mallon from Pixabay

Agriculture

The agriculture sector in Africa holds immense potential due to its vast arable land and growing demand for food and agricultural products. Investing in agriculture can not only contribute to food security but also drive economic growth and create job opportunities. Investments in agribusiness, including farming, processing, and distribution, can help increase productivity and efficiency in the sector. Additionally, there are opportunities for investing in agricultural technology and innovations, such as precision farming, irrigation systems, and crop monitoring tools.

Manufacturing

Investing in manufacturing is also a promising opportunity, as many African countries seek to increase their industrial output and move up the global value chain. This can be achieved through investments in sectors such as automotive, textiles and garments, electronics, and food processing. These sectors offer potential for job creation, technology transfer, and economic diversification.

Tourism Sector

Photo by Hendrik Cornelissen: https://www.pexels.com/

Services (Banking, Tourism)

The services sector, including banking, tourism, and other service industries, shows strong growth potential in Africa. These sectors are driven by factors such as the increasing urbanization, rising middle class, government initiatives, and advancements in technology. Investing in the services sector can provide opportunities for financial institutions to expand their reach and offer a wide range of banking and financial services. In addition, the tourism sector offers great potential for investment, given Africa’s rich natural and cultural attractions.

The travel, tourism, and hospitality sector saw significant recovery in 2023 following the adverse impact of the COVID-19 pandemic during 2020 and 2021. Africa is expected to be among the fastest-growing tourism destinations globally in 2024. North Africa particularly exceeded pre-pandemic levels of international tourist arrivals in the first half of 2023, with overall African arrival numbers reaching approximately 92% of pre-pandemic levels by that time. The sector’s growth is further supported by investments, improved international connectivity, and strong demand for African destinations from both established and emerging markets.

Infrastructure Development (Energy, Transportation)

Investing in infrastructure development, particularly in the areas of energy and transportation, is also highly recommended. These investments not only contribute to economic growth but also address the infrastructure gaps and enable further development across various sectors. These sectors are also supported by the increasing availability of financing options and government incentives for foreign investment. Investing in these sectors can contribute to the economic diversification of African countries, drive job creation, and improve overall development outcomes.

In conclusion, the go-to sectors in Africa in 2024 are retailing, telecommunications, agriculture, manufacturing, services (banking and tourism) and Infrastructure Development (energy and transportation). If you are thinking of investing or starting a business in Africa, these sectors have strong growth potential and offer opportunities for sustainable and inclusive economic development. 2024 is going to be a cracking year for Africa, with promising growth and investment opportunities in these sectors.

Business

SLB commissions new fluids systems plant in Pemba to support Mozambique’s offshore energy development

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Mozambique

New facility expands in-country drilling and completion fluids capability, advancing the next phase of SLB’s growth in Mozambique

PEMBA, Mozambique, October 9, 2026/APO Group/ –SLB (NYSE: SLB) (www.SLB.com) announced the opening of a new fluids systems plant in Pemba, Mozambique. The new facility strengthens in-country capacity to prepare, store and deliver drilling and completion fluids for offshore operations, reinforcing the infrastructure needed as Mozambique’s offshore activity grows and its role as a strategic energy hub for East Africa continues to expand.

The commissioning of the plant, also known as a liquid mud plant, coincides with SLB marking 70 years of operations in Mozambique. It reflects the company’s long-term commitment to investing in people, infrastructure and capability that support the country’s long-term offshore energy development plans.

 




  

With an initial storage capacity of 21,000 barrels, the liquid mud plant provides a scalable platform for future growth, supporting multiple customers and rising offshore activity while improving logistics and enhancing operational flexibility.

As SLB marks 70 years in Mozambique, this investment reflects our confidence in the country’s future and our commitment to supporting its energy ambitions

“As SLB marks 70 years in Mozambique, this investment reflects our confidence in the country’s future and our commitment to supporting its energy ambitions,” said Miguel Baptista, Central, East and Southern Africa, Managing Director, SLB. The new liquid mud plant strengthens local energy infrastructure, expands opportunities for local content development, and enhances our ability to support customers as they deliver some of Africa’s most significant offshore energy resources.”

The liquid mud plant project was delivered with strong local participation and that momentum is expected to continue into operations. During project delivery, more than 100 jobs were created in Pemba with nationals representing 80% of the workforce, reflecting a focus on building local capability.

The project was delivered with a strong focus on safety, operational integrity, and quality, achieving more than 67,000 hours worked without a recordable safety incident.

This key infrastructure strengthens SLB’s ability to support consistent service quality and enhance supply chain readiness for increasing offshore activity across Mozambique, supporting customers execute safely and efficiently while developing local skills and expertise.

Key Points:

  • SLB has commissioned a new fluids system plant in Pemba, expanding in-country drilling and completion fluids capability for offshore operations.
  • With an initial storage capacity of 21,000 barrels, the facility provides a scalable platform to support growing offshore activity in Mozambique.
  • The investment marks the next phase of SLB’s growth in Mozambique, strengthening local capability and supporting long-term offshore energy development.

Distributed by APO Group on behalf of SLB.

 

 




 

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South African Energy Storage Association (SAESA) welcomes 4,600 MW battery storage prioritisation and calls for integrated energy planning

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Battery energy storage systems (BESS) are becoming critical system infrastructure, supporting flexibility, reducing avoidable curtailment, shifting energy into periods of demand and strengthening security of supply

JOHANNESBURG, South Africa, October 9, 2026/APO Group/ –The South African Energy Storage Association (SAESA) (www.SAESA.org.za) welcomes the prioritisation of 4,600 MW of battery energy storage under the first Integrated Resource Plan (IRP) 2025 Section 34 determination.

 




  

The timing is significant. Recent Integrated Energy Plan (IEP) modelling and assumptions discussions highlighted a fundamental shift that South Africa’s energy planning now needs to capture: we cannot plan the future power system by counting megawatts of generation alone.

We must plan for when energy is available, where it is available, how it moves through a constrained grid and how it is stored and dispatched when the system needs it most.

The announcement reinforces that shift. Battery energy storage systems (BESS) are becoming critical system infrastructure, supporting flexibility, reducing avoidable curtailment, shifting energy into periods of demand and strengthening security of supply.

For SAESA, the message for the IEP is clear: storage, flexibility and system services must be modelled as integral components of South Africa’s future electricity architecture, with their contribution considered from the outset of generation planning.

“The IEP must plan the power system we are becoming, not simply model the power system we have inherited,” says SAESA.

The IEP must plan the power system we are becoming, not simply model the power system we have inherited

Partnership with C&I Energy + Storage Summit

SAESA is an association partner of the C&I Energy + Storage Summit, created by VUKA Group, taking place on 28–29 October 2026 at The Maslow Hotel, Sandton, Johannesburg.

The summit brings together commercial and industrial energy users, project developers, financiers, regulators and solution providers to explore practical approaches to energy security, procurement and storage deployment.

For businesses assessing how storage can support their operations, the event offers an opportunity to meet SAESA and engage with the wider energy community on the decisions shaping South Africa’s evolving electricity system.

Commercial and industrial energy decision-makers are invited to apply to attend as hosted buyers. Qualifying buyers receive complimentary summit access and curated opportunities to engage with industry partners.

 

Meet SAESA at C&I Energy + Storage Summit: Join the Hosted Buyer Programme

The Hosted Buyer Programme connects commercial and industrial energy decision-makers with solution providers shaping South Africa’s evolving private energy market.

Qualified energy buyers receive complimentary access to the summit and curated engagement with industry partners exploring energy procurement, storage deployment and project development.

Apply for the Hosted Buyer Programme (https://apo-opa.co/4ehLijJ)

Distributed by APO Group on behalf of VUKA Group.

 




 

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Afreximbank welcomes launch of Africa Credit Rating Agency as an important step in strengthening Africa’s financial architecture

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Expanding credible rating coverage can improve the information available to investors and support the development of deeper domestic and regional capital markets

PORT LOUIS, Mauritius, October 8, 2026/APO Group/ –African Export-Import Bank (Afreximbank) (www.Afreximbank.com) welcomes today’s launch of the Africa Credit Rating Agency (AfCRA), an important milestone in strengthening Africa’s financial architecture and expanding the continent’s capacity to generate credible, independent analysis of African credit risk.

 




 
 

Credit ratings play an important role in determining access to capital, influencing investor perceptions and shaping the cost at which governments, institutions and businesses can finance development. It is therefore essential that assessments of African credit risk are independent, rigorous and evidence-based, while reflecting a complete understanding of the structures, institutions and economic realities being assessed.

The establishment of AfCRA adds an important African-led source of credit opinion to the market. Its value will not be measured by whether it produces more favourable ratings, but by the credibility of its analysis, the quality of its data and transparency of its methodology, and its ability to deepen understanding of African sovereigns, sub-sovereigns and corporate credit.

This is particularly important given that many African issuers remain unrated, while local-currency and sub-sovereign markets continue to have limited rating coverage. Expanding credible rating coverage can improve the information available to investors and support the development of deeper domestic and regional capital markets.

AfCRA must set a new benchmark for the continent, maintain its independence, and remain wholly owned and controlled by Africans

Alongside fellow members of the Alliance of African Multilateral Financial Institutions (AAMFI), Afreximbank has consistently maintained that African Multilateral Financial Institutions should be assessed on the basis of their fundamentals, performance, legal frameworks, mandates and operating models. Ensuring that these institutional characteristics are properly understood is essential to achieving informed, balanced and credible assessments of African risk.

Commenting on the uniqueness of the African market, and need for AfCRA’s rating methodology to reflect this, Mr Denys Denya, Senior Executive Vice President, Afreximbank, said: “The rating methodology AfCRA develops must recognise the uniqueness of our environment and its institutional structures. The Agency must set its own standards and not follow those set elsewhere — it must build a unique identity that conforms to an ‘African best practice.”

Highlighting the need for the autonomy of the Africa Credit Rating agency as it takes off, Mr Denya added: “Most importantly, AfCRA must set a new benchmark for the continent, maintain its independence, and remain wholly owned and controlled by Africans. We must all use it, and in return expect a complete assessment of where we (Africa) stand: the strengths the market has ignored, and the weaknesses we still need to fix.”

AfCRA should therefore be seen as complementary to existing international and regional rating agencies, broadening the range of credible analysis available to investors and issuers while strengthening competition, transparency and analytical capacity within Africa’s credit markets.

As Africa seeks to mobilise the scale of capital required for industrialisation, trade, infrastructure and economic transformation, credible African institutions that improve information, strengthen market confidence and deepen the continent’s financial markets will become increasingly important.

Afreximbank congratulates the African Union, the African Peer Review Mechanism (APRM) and all those involved in bringing AfCRA from concept to launch, and looks forward to the contribution the Agency will make to deeper, more transparent and more efficient African capital markets.

Distributed by APO Group on behalf of Afreximbank.

 




 

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