Africa's next generation of billion-dollar companies will likely emerge from financial inclusion, the creative economy, sports and small and medium-sized enterprises, investors and business leaders said at the latest UBA Business Series event. They emphasised that entrepreneurs chasing unicorn status must stop copying global playbooks and instead focus on solving real problems by listening to what customers actually need.
The quarterly gathering, held at United Bank for Africa's Lagos headquarters, brought together entrepreneurs, investors and business leaders to examine how customer insights and technology are shaping high-growth businesses across the continent. The event explored how startups can harness data, consumer behaviour and innovation to build scalable ventures designed for Africa's unique market realities.
A key insight emerged: Africa's next billion-dollar opportunities are moving beyond traditional fintech into sectors that tackle everyday challenges millions face. Financial inclusion remains one of the continent's largest untapped opportunities, with millions still lacking access to affordable banking, credit and digital financial services.
The creative economy, sports industry and SME sector were also flagged as capable of producing globally competitive companies. Media entrepreneur Adaora Mbelu moderated the panel, which featured Femi Aluko, Chowdeck co-founder and chief executive officer; rapper and entrepreneur M.I Abaga; and venture capitalist Ashim Egunjobi, co-founder of Octerra Capital.
Mbelu urged entrepreneurs to become more observant of their surroundings rather than chasing trends. "Building is not reserved for the smartest person in the room.
It is about being observant enough to understand people, behaviour and context," she said.
Aluko explained that many of Chowdeck's biggest product innovations came from analysing customer behaviour rather than making assumptions. The company's decision to launch Chowstore was inspired by purchasing patterns observed on its platform, he noted.
"Customers constantly tell you what they need. If you listen carefully, they will show you what to build next," Aluko said.
His comments highlighted how successful African startups are increasingly building products based on consumer feedback instead of importing business models that don't fit local contexts.
Speaking on artificial intelligence, M.I Abaga described the technology as one of Africa's greatest opportunities rather than a threat to creative professionals. According to him, AI has the potential to help African creators compete more effectively in the global digital economy.
