How Africa is growing beyond a consumer market to global producer – Energy expert

Africa is said to be rising as one of the most powerful business and cultural forces in the world, so says Onome Andrew Amugeh, a distinguished business development and strategic partnerships professional with over 17 years of experience spanning engineering, energy, and complex project-driven environments.

Amugeh, who currently serves as Manager Business Development and Strategic Partnerships at MG Vowgas Group, told BusinessDay in an interview that African countries are pushing from being oil and gas giants driving global energy supply to agricultural empires feeding millions across continents, saying the continent is producing industries that are impossible to ignore.

His position is backed by Africa Wealth Report 2025 which reported that Africa’s millionaire population is projected to grow by 65% over the next decade, saying the Continent is currently home to 25 billionaires, 348 centi-millionaires, and 122,500 millionaires — a remarkable transformation from the late 20th century, when there were only a few billionaires and many African economies were in long-term decline.

Amugeh pointed to the energy sector and said Africa has contributed to the global energy strength. He said said gas production is increasing rapidly across Africa as many countries continue to discover and develop new natural gas reserves. He said nations like Nigeria, Mozambique, and Senegal were investing heavily in gas projects to boost energy supply, industrial growth, and economic development.

Read also: Morgan Stanley sees high returns in Nigeria’s mobile banking, consumer market

Studies show that Gas and renewable energy have helped Africa to contribute to global energy growth over the past decade. Increased natural gas production has surged, though fossil fuels still account for over 60% of the continent’s energy supply.

The expert said solar has emerged as the fastest-growing renewable resource, accounting for the majority of new renewable investments. He said the continent hit a record high in solar deployment, with installations like those in South Africa and Nigeria pushing capacity to unprecedented levels.

Gas is said to remain the largest single source of electricity in Africa. Other sources said over the last decade, expanding natural gas production has been a priority for many African countries to balance industrialization with the need for reliable baseload power.

On agriculture, he said Africa’s agricultural sector is becoming one of the strongest pillars of its economy, with vast fertile lands supporting the production of cocoa, palm oil, cassava, rice, maize, coffee, and livestock for both local consumption and export.

Studies show that Africa’s agriculture sector has experienced steady expansion over the past decade, with agricultural value doubling to over $400 billion. This growth is said to have been largely driven by an expansion in cultivated land, yield-boosting technologies, and rising regional investments. It is however admitted that the sector still faces major structural and productivity challenges.

Africa’s most explosive sector in the past 10 years could, perhaps, be in the entertainment industry. According to Amugeh, this growth has exploded into a cultural and economic force. Other authorities say this global dominance is led by Afrobeats and the rapid expansion of Nollywood. They say this creative boom has reshaped global music charts, redefined streaming platform content libraries, and propelled African talent to the forefront of international award ceremonies. Top Nigerian musicians have performed at global events including receptions held in top cities around the world. Streaming is seen to boost charts and create boom in Nigeria’s revenue.

Amugeh, who drives néw businesses, market expansion, structures strategic alliances, and who ensures the successful delivery of large-scale energy and infrastructure projects in Nigeria and West Africa’s energy sector, takes initiatives from conception to execution with a proven ability to get things done.

The expert further backs his position with the international Report which says Africa’s sustained economic expansion, combined with significant growth in high-net-worth-individual (HNWI) populations, positions the continent as a key player in the evolving global wealth landscape. The report said ‘The investment migration sector is now working both ways, with African investors seeking greater global mobility and diversification while international investors are increasingly identifying Africa as a destination for long-term, stable capital deployment.’

Amugeh holds a Bachelor’s degree in Petroleum Engineering from the University of Port Harcourt, providing a strong technical foundation for his work across the energy value chain. With deep exposure to the Engineering, Procurement, and Construction (EPC) lifecycle, Onome has extensive experience building and managing strategic partnerships with government, public, and private sector stakeholders globally, enabling effective collaboration, risk mitigation, and sustainable project outcomes in complex regulatory and commercial environments.

He said across the continent, modern farming techniques, agro-processing industries, and large-scale investments are transforming agriculture into a multi-billion-dollar industry capable of feeding millions and creating massive employment opportunities.

Amugeh is said to be eminently qualified to deliver verdict on Africa’s potentials as his professional practice is further strengthened by executive training in Disruptive Strategy from Harvard Business School Online and Negotiation Strategies from Yale School of Management, equipping him with advanced tools for strategic thinking, complex negotiations, and high-level decision-making in multi-stakeholder, cross-border project settings. Above all, he is a member of the Society of Petroleum Engineers (SPE).

He stated that African fintech companies were also revolutionizing digital payments and financial inclusion faster than many developed economies, while fashion brands were redefining luxury, identity, and creativity with bold African originality.

Amugeh is recognized for his strategic insight, results-driven approach, and execution-focused mindset. He continues to contribute meaningfully to industry dialogue on EPC project leadership, collaboration, and sustainable growth, guided by hands-on experience, strategic rigor, and a consistent commitment to excellence.

With such huge background and insight in the African economy, he deposed that the music/arts industry has expanded beyond borders, with Afrobeats, African cinema, fashion, and visual storytelling dominating global stages and influencing mainstream culture worldwide.

He said: “Across Nigeria, South Africa, Kenya, Egypt, Morocco, and Ghana, some of the continent’s top businesses are proving that Africa is no longer just a consumer market, it is becoming a global producer of innovation, culture, wealth, and influence.”

He went on: “The world is turning to Africa because the continent possesses what the future demands: natural resources, youthful energy, creativity, innovation, and an unstoppable entrepreneurial spirit. Global investors, multinational corporations, and international markets are increasingly looking toward Africa for partnerships, expansion, technology solutions, energy security, food production, entertainment, and manufacturing opportunities.”

He turned to demographics and said Africa’s population growth and digital transformation were creating one of the largest emerging markets on earth. “What was once underestimated is now becoming the centre of global attention, and the next generation of billion-dollar businesses, cultural revolutions, and economic breakthroughs will not only come from Africa, they will be led by Africa.”

Already, Africa is home to nine privately-held tech startups valued at ($1) billion or more (commonly known as unicorns). Nigeria leads with top two of the Unicorns starting with Flutterwave (Nigeria/USA) valued at about $3 billion, providing payment infrastructure for global merchants operating in dozens of African countries. There is Opay (Nigeria) valued at about $2.7 billion, Andela, Interswitch, and Moniepoint.

Others include Wave (Senegal/USA), Tyme Group (South Africa/Singapore), Chipper Cash (Ghana/Uganda), and MNT-Halan (Egypt).

Recent survey reports indicate that private sector wealth creation is growing faster, with South Africa now leading top five millionaires and billionaires (Dollars) including Morocco (7,500), Nigeria (7,200), and Kenya (6,800), which together represent 63% of the continent’s millionaires and 88% of its billionaires.

In conclusion, Onome Andrew Amugeh said Africa is outpacing the world in terms of sheer numbers of high-net-worth individuals and total privately managed assets. This, he said, does not however reflect in data of Africa’s overall share of global wealth which remains modest, accounting for less than 3% of global GDP, due to rapid population growth.