Why we are building Africa’s market intelligence: The untold story of African data

When you search for data on the African market, you often find outdated data, inconsistent information or nothing at all. 

It begs the question: how can businesses, policymakers, and investors find reliable market data to make strategic decisions? 

The value of data for organizations is not just an item in a list of ‘nice to have’ to succeed, it is a must-have, dare I say the main ingredient for success. 

That is why business leaders attempt to collect data but meet various challenges, such as limited resources and time. 

1. The Untold Story: Africa’s Data Gap

As a product leader, building products for the African market, I have faced the data gap issue first-hand. I identified a problem and have a clear vision of my target market. However, I need to gather data to strengthen my confidence in my ideas, especially when it seems competitors are taking a different approach. Having a gut feel of what is right isn’t always adequate for significant financial and talent investment. 

We are not always starting from a plain ground. Some would argue that the data exist. How else are organizations building products and making decisions? But the challenges remain:

The data is outdated. The pace at which we collect the data means that while it may hold true for that period, the inability to keep the data updated makes it less valuable. For example, the latest report on the number of small businesses in Nigeria by the National Bureau of Statistics, approximately 41.5 million, is from 2017. In contrast, the latest report by the UK government estimates the number of businesses in the UK at 5.45 million in 2024. 

The data is often unreliable: Due to inconsistent, outdated data sources, it’s challenging to find data to build on without conducting primary research. Heavily relying on Google searches, companies reference outdated data sources to make claims without transparency, which affects other companies searching for related data.

The data does not exist: Some key data points to inform strategic decisions and competitive differentiation simply do not exist. This leads to organisations attempting to conduct research for themselves. With everyone building out their own ‘data warehouse’, each organisation is left with siloed data within a limited scope that is expensive to manage. 

2. Why it’s important

Reliable data, available to individuals and teams, has various positive impacts. Hence, the absence poses challenges. 

Investors hesitate.

Africa’s rapid growth in startups across the fintech, telecoms, healthtech and other sectors is gaining global investors’ attention, but there is a lack of infrastructure to support thorough due diligence.

Access to quality data enables investors to make evidence-based decisions about buying, selling and holding investments rather than impulsive decisions. Without visibility of African market trends, investors make guesses about what could be profitable, leading to missed opportunities or investing in unprofitable ones. 

Businesses make risky decisions.

Stakeholders’ requirements become the order of the day. Lack of reliable data and market intelligence often means the most senior person (or vocal person) in the room makes risky decisions. This leads to missed business opportunities and stagnant growth.  

Partnerships fail because trust is missing.

With organizations such as the African Continental Free Trade Area (AfCFTA) building cross-border opportunities and significant technological advancements in the last decade, there are increasing opportunities for business partnerships across Africa and the world. 

Data enables visibility of opportunities. It is useful for a business to first recognise opportunities, then build the partnership. Unfortunately, businesses seeking partnership for growth are reliant on opinions from their potential partners. In some cases, those opinions are based on expectations, rather than reality. Business leaders might hesitate to form partnerships due to a lack of trust. The alternative of engaging an independent partner to assess both businesses is often too expensive for small and medium-sized organizations.

Ultimately, data is no longer “nice to have” — it’s the fuel for global business decisions.

3. Our Journey: Why We’re Building AMI

Leading product innovation across Nigeria, UK and the US, I’ve seen firsthand how accessible quality data is for Western countries compared to the African market. For example, in the UK, due to stronger legal frameworks for transparency and a stronger open data culture, company trading data is more accessible. In contrast, data is less available due to a challenging business environment and less focus on transparency. The financial challenges for small businesses in Nigeria also hinder further data research.

In an attempt to find solutions, I searched Google, conducted small-scale primary research, and utilised platforms such as Statista and CB Insights. These alternatives were not always suitable. Global platforms such as CB Insights and Statista share details about the US, China and often put Africa, a continent of over 54 countries and 1.5 billion people, into one box. Sufficient cross-country and regional market analysis is lacking. It got me wondering - why isn’t there such a platform for the African market?So we are building one. 

Darlington, a fellow product leader, has experiences not too different from mine. We believe in a future where reliable, in-depth African market data is easily accessible to everyone. 

Hence, we are building Afric Market Intelligence (AMI) - Africa’s No. 1 source for trusted market intelligence — so individuals, organisations, and policy makers worldwide can operate, partner, sell, invest, and grow with confidence.

The time for data-driven growth in Africa is now.

Africa’s digital economy is projected to reach $712B TAM by 2050. The demand for business intelligence is rising as investors seek transparency. With no single player solving this problem at scale, AMI is uniquely positioned to lead the market.

4. What we are building

AMI includes capabilities to power people and business growth. It aggregates and structures market, operational, financial, and compliance data across industries. 

AMI offers …

• Market data, actionable insights and reports -  Trends, forecasts, and competitor benchmarking across sectors and regions

• Data visualisation & dashboards – Easy-to-understand analytics for decision-makers.

• Comprehensive business profiles – Verified company data, including financials, compliance, and operations.

• Exposure & credibility – Businesses gain visibility among investors, regulators, and industry peers.

Take action now. 

We invite Africa and global partners to join us on our mission to power growth. We believe that the more we contribute, the stronger Africa’s data story becomes — for businesses, investors, and the world.

As a data contributor partner, you share verified organisation data and receive industry insights. Premium partners gain access to advanced analytics, investor matchmaking, and exclusive reports. We also invite industry partners to co-create research and insights that shape African business intelligence.

Connect with us to learn more.