Thinking of starting a business in the new Gambia but you are not sure of the sector? Then, read these 10 sectors with investment opportunities.
The sectors mentioned in this article have created some of the successful entrepreneurs in the Gambia and If you want to increase your chances of building a successful business in the new Gambia, these opportunities can possibly make your dream come true.
For a start, let agree that every change is an opportunity, and only the prepared and smart entrepreneurs would see it as such. We have seen the European Union pledged €75m in immediate funding and €150m in the longer term to help “make sure that the new Gambian state can deliver as it should. Part of this funding also includes the Gambia Youth Empowerment Project.
Let’s meet these investment opportunities:
1. Entertainment – Fast growing sector in the Gambia
In recent times the Gambia is getting increasingly popular as a location for shooting films by Nigerians and Ghanaians producers. However, most of the key roles are benefited by non-Gambian producers, directors, and already popular actors/actresses from these countries.
Young Gambian entrepreneurs and investors should make use of these opportunities and join the value chain of the entertainment business. You will be surprised that some Gambians are doing well in this sector. Let me share few stories of the movies personalities that relates to the Gambia.
- 2011 Award winning movie “Mirror boy” was shot in the Gambia and England but written, produced and directed by non-Gambians.
- Princess Shyingle a Gambian actress based in Ghana has featured in many top rated movies and TV series in the sub-region.
- Fatima Jabbie – London-based Gambian movie star has featured in numerous Nollywood films shot in the UK and Nigeria including ‘Shameful Deceit’ and ‘Mirror Boy’ movie.
To understand the opportunities in this sector, here are few parts of the film value chain.
- Production – No formal financing platform, historically no Gambian movie has won well recognised international awards.
- Distribution platforms – No major cinema to view Gambian and latest international movies. Few online platforms have started but their minimum viable products have still not won the heart of most customers.
With weakness in the production and distribution value chain, the movie industry is still an investment opportunity in the Gambia.
2. Agriculture should be our Business
Agribusiness employs about 75% of Gambia labour force but it still accounts for less than 20% of Gambia GDP (2013).
Starting from rice, grains, milk and all sorts of raw and semi-processed agro products that are still imported into the country, entrepreneurs can reap huge rewards for local production of agricultural goods.
With farm inputs, production, value adding, distribution and trading there are various agribusiness opportunities for any potential investor.
Currently, over 80% of milk and milk products are imported into Gambia and in 2015, about 18% of import into Gambia was sugar and rice. In few years to come, I expect passionate Gambian entrepreneurs to make some fortune in this industry.
3. Retail and Consumer market
With over 50% of Gambia population between the ages of 15–55, Gambia’s youthful market is yet another opportunity to serve the retail market. Apart from the support of Julabaa store, most of the retail shops in the Gambia has no website to sell their stocks online.
Gambians will definitely turn to any mall or shopping centre that can provide grocery shops, pharmacy, restaurant, playground and even the cinema latest movies. One shop for all our needs.
4. Smiling Coast of Africa – Fashion & Beauty
Gambia fashion industry continues to grow, this might be because our tradition is still heavily embraced by both the Gambians in diaspora, tourist and the locals and the designers are also continuously in tuned with the market.
If you check the trend, both locally-made and imported designer labels have become hot-selling products among Gambia’s expanding Greater Banjul area.
I’ll share a few rising stars who are building successful businesses in the fashion and beauty industry in the Gambia.
- Aji Kumba Daffeh is another inspiring Gambian entrepreneur who has built a successful business with her luxury label, Tresor Closet & Beyond. Her growing business has opened stores in USA and Senegal.
- NdeyFatou Ceesay (NFC)– Founded by creative director Ndeyfatou Ceesay, NFC is a clear indication that Gambia has marvellous and creative designers. She has participated in the African Fashion Week London, a great step in promoting the nation’s fashion and designers industry.
6. Internet & Technology in Gambia
Without any doubt, Gambia has registered many successful entrepreneurs in the technology industry and the sector continues to grow but at slow space. As we live in the world of technology, there are many internet technology investment opportunities in every part of the world.
We need more developers, thinkers and financiers to solve some of our social issues. In addition, technology can provide employment for many young people if the policy direction of the government are encouraging.
Companies like QuantumNet Group and Uniquie Solutions are doing well but we still lack many technology facilities in the country. How many Gambian firms can easily sell their products online using the local currency (Dalasi)? Which application allows Gambians to buy mobile recharge credit, pay bills, make instant local transfer etc., without going to the bank or the vendor?
Apart from social media, many Gambians are not enjoying the benefits of smartphones. They need to install locally based applications that can make their life smarter.
7. The Green Revolution
Many countries, including Gambia and Senegal, have taken policy direction toward implementing clean environment. In April 2015, The Gambia government banned the importation and use of plastic bags in the country and Senegalese National assembly has also enacted a similar law in the same month.
Think about wind power, solar energy and green business ideas. Green Revolution will definitely be an interesting industry to consider. In addition, due to the rapid population growth of the country, the demand for energy has outstripped the ability of the NAWEC, state-owned utility to supply the country.
8. Energy Sector
According to the Gambia SE4ALL investment prospectus 2015, Gambia’s electricity prices are among the highest in the world, which makes the use of alternative energy sources such as bio-diesel, steam, solar and the wind increasingly attractive in an increasing number of cases.
Renewable energy represents an area of tremendous opportunity for The Gambia. Investment opportunities that exist for the renewable energy resources include:
- utility-scale power generation in urban and peri-urban set-ups;
- mini-grid or off-grid solutions in remote and rural areas;
- non-electric applications such as solar drying and efficient and clean cooking.
9. Television and radio services
Gambia has only one television station, the state-owned Gambia Radio and Television Services (GRTS). It broadcast various programs in English and local languages. However, you will agree with me that national TV station can hardly meet the diverse entertainment and educational need of the youthful population. Young people need television stations that air celebrity trends, sport, independent experts discussing the impact of new government policies etc. Think of a private TV station that will focus on promoting Gambian fashion, movies etc.
10. Light Manufacturing
The Gambia’s manufacturing sector is under-exploited and most of the present players are mainly of medium-sized enterprises located primarily in the urban. The sector’s share of GDP is very low thus forming the basis of opportunity for investment in other to expand industrial production and development.
Momarr Mass Taal, one of the Gambia’s youngest and successful entrepreneurs is currently making it in value adding manufacturing sector. Taal found out that most local farmers experience market access problems then he set up a firm, Tropingo Foods. In 2015, the firm made over $1.6 million in sales.
Well, these are the 10 sectors with business opportunities in the Gambia, however, more will surface as the new government announced their policies and strategies.
About Author
Ebrima Sawaneh,FCCA is an accountant and a banker who loves to educate young Gambians about personal finance and small business in Gambia. You can link with him Facebook or his personal blog: www.businessingambia.com