Hospitality/tourism/arts and entertainment
Sub Saharan Africa is shifting away from absolute reliance on commodities and moving towards innovation and the services sector. It is evident that tourism will be one of the most promising sectors in terms of economic growth, employment opportunities, poverty alleviation, investment opportunities and infrastructural development. The region is endowed with a rich diversity, unutilized resources, natural beauty, cultural heritage, historical sites, wildlife, safaris, beaches and deserts. In a nutshell, tourism is a low hanging fruit that provides the quickest turnaround compared to other sectors. Tour operators, travel agents, hotels, airlines, travel insurers, restaurateurs etc… are all part of this tourism equation. The biggest investment in tourism will be channeled into the hospitality industry engineered by the private sector and facilitated by governments. This will include hotels, resorts, lodges and other types of accommodation used by increasing travelers to Africa.
Another fast growing segment related to tourism in Africa is Arts and entertainment. Nollywood, Africa’s most popular movie industry with roots in Nigeria, is now worth more than US$ 800 million. It has grown very rapidly in the last two decades to become the second largest film industry in the world (based on number of movies released), ahead of Hollywood (USA) and just behind Bollywood (India). The industry releases nearly forty new movies to the market every week and enjoys a fan base of more than one billion people across the world. The film industries in Ghana and Kenya are also growing very fast.
Although plagued by low funding and poor distribution networks, the African film industry is still in its early growth phase with a lot of lucrative prospects for the smart entrepreneur. Given the current growth rate of the African film market, it clearly shows the potential of becoming a multi-billion-dollar market in less than a decade. The industry is currently the second largest employer in Nigeria (where the movie boom started) and enjoys a fast growing audience across the world.
GGDG collaborates with interested organizations and investors in the hospitality industry to partner with us and take advantage of this opportunity given today’s multi-faceted booming tourism industry on the continent.