Grow your business in Africa:
By landmass, Africa is the second-largest continent and home to 1.43 billion people, rich with culture and unique opportunities for foreign businesses, depending on the country. Africa’s unique emerging market offers excellent growth opportunities and an able and skilled workforce spanning much of the continent. As of 2023, Africa continent total GDP currently stands at an estimated $3.1 trillion, which has been growing at about 4%.
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Currently, the three largest economies in Africa are Nigeria—with the highest GDP at approximately $442 billion—and South Africa and Egypt following at second and third, respectively. The most notable factors contributing to the economies of these countries include population size, natural resources, and level of economic development. Libya is currently experiencing the highest growth rate.
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Expanding into Africa doesn’t come without its challenges; the African business market remains underestimated and misunderstood by many. Africa includes 54 economically, politically, and culturally diverse countries that offer different expansion opportunities and challenges. Countries like Nigeria are relatively easy to enter because they don’t impose strict regulations regarding foreign investment. On the other hand, countries like Libya offer more lucrative deals but take much longer to get into due to complex entry procedures and high-risk factors. Thee success depends on choosing the right country for your sector/industry. Hence, it’s essential to perform proper due diligence and understand markets before committing to the continent.
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A common misconception about Africa is that it’s too underdeveloped for global business, but the truth is, Africa is rich in resources, and the technology, education system, and economy have grown significantly. For business leaders, the African marketplace provides a fresh and invigorating opportunity—one that could potentially benefit a company for years to come.
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A midst sluggish global GDP growth, Africa’s untapped and high-profit markets present more lucrative opportunities for businesses looking to expand in Africa.
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​Countries throughout the continent have also made significant efforts to overhaul their technological infrastructure. These efforts have ensured that businesses and consumers have access to high-speed internet and mobile technology. This development has spurred a new, connected consumer base, giving buyers the ability to connect with businesses on the web, search for products, and engage with the brands they enjoy.
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Chrysalis works tirelessly to break the cycle of poverty in Africa, providing resources and opportunities for individuals and communities to thrive.
Expenditures:
More than half of African households have some discretionary or expendable income as of 2020—which is huge for businesses because tapping into a market with money to spend is critical. It’s an exciting time to become a part of Africa’s economy; it’s on the cusp of exponential economic and technological growth. The markets are growing rapidly, and buy-in comes at a lower cost than it will later. Successfully understanding and empathizing with a target audience and providing it with the services or products it requires means promising potential for a long-term presence in Africa. One of the easiest and most cost-effective ways to navigate African expansion is by working with trusted partner in the region who can understand YOU as well as The Customer. By partnering with Chrysaliis, companies can understand market nuances, prioritize right markets to enter with adequate due diligence, reduce time-to-market and mitigate risks by leveraging our local network for growth. Chrysaliis is your one-stop-shop to access these opportunities and mitigate the challenges.
![20230927171358_[fpdl.in]_growth-money-arrow-success-financial-business-coin-concept-invest](https://static.wixstatic.com/media/23e6fc_7bedfc041d0d453f903529e46ea1e6ea~mv2.jpg/v1/fill/w_490,h_276,al_c,q_80,usm_0.66_1.00_0.01,enc_avif,quality_auto/23e6fc_7bedfc041d0d453f903529e46ea1e6ea~mv2.jpg)
Opportunity in Africa:
Profitability
Potential
Africa is one of the most profitable regions in the world.
Untapped
Growth
Its economic growth prospects are among the globe’s highest, due to a confluence of economic, social, and technological factors.
A Young, Eager
Workforce
Digital accessible & faster adoption of tech.
Sustainability
Opportunities
Africa can lead in sustainable development, as it is still generally an untapped market.
Challenges in Africa:
High perception of corruption
Sub-Saharan Africa has some of the world’s highest corruption levels, which can discourage investors. However, this remains a country-specific issue, mitigated by due diligence.
Difficulties in
understanding
local dynamics
As with any country, investors must work to understand local paradigms to ensure a proper business fit.
Political
Uncertainty
Like corruption concerns, country-specific political situations remain a risk. Investors must understand their target market’s political environment before operating in-market.
Security
challenges
Employee safety and data security are important aspects of expansion and due to the lack of infrastructure and capital in Africa security challenges arise.
Population Growth:
By 2040, there will be more than 1 billion Africans between the ages of 18 and 24, providing a young, energetic, and connected population and potential workforce.
![20230927171828_[fpdl.in]_group-tourists-old-tow-square-prague_1401-1102_medium.jpg](https://static.wixstatic.com/media/23e6fc_80f2a5b9ec6e43ada6d0764468831cc9~mv2.jpg/v1/fill/w_490,h_327,al_c,q_80,usm_0.66_1.00_0.01,enc_avif,quality_auto/23e6fc_80f2a5b9ec6e43ada6d0764468831cc9~mv2.jpg)
![20230927171330_[fpdl.in]_group-people-connected-by-network-generative-ai_97167-3834_medium](https://static.wixstatic.com/media/23e6fc_572326f874d348588efb5e8d44e00311~mv2.jpg/v1/fill/w_277,h_364,al_c,q_80,usm_0.66_1.00_0.01,enc_avif,quality_auto/23e6fc_572326f874d348588efb5e8d44e00311~mv2.jpg)
Connectivity:
As more Africans gain access to mobile technology and the internet, they will gain access to banks, credit cards, and other forms of digital payment, which is essential for e-commerce.
