It is without a doubt that the future is Africa, that’s according to a June 11, 2018 article on The Washington Post. It matters very little if other world leaders see this or not but the business potentials and steady growth in Africa remains one of the most impressive in the world.
Taking into recognition the fact that Africans are estimated to make up one-quarter of the world’s total population by 2050. Africa holds the future key to developing other parts of the world.
Many countries of the world are investing in the continent and helping to develop its structural needs, just as Africans who live in other countries are investing raw talents and skilled manpower and knowledge to developing other countries.
There are certain commercial hubs in Africa that hold the key to improving the commercial and economic potentials of their respective countries and regions (ventures Africa).
This article puts together the top ten most sort after business destinations in Africa.
Investors and business minded people are always looking for the next best thing. Investing or conducting business in the following commercial hubs would not only build the business profiles of the regions but they would also make your financial and business dreams come true.
The top 10 most sort after business destinations was put together in a thorough study we conducted. The list is in a descending order.
Nigeria’s GDP has been growing since 2012, and in 2014 it reached $594.3 billion.The former capital of the most populous and the biggest oil producing country in Africa, Nigeria. Lagos is known to be a magnet of expatriates looking to set up a business in Nigeria.
The strategic and geographic location and the staggering size of the population makes the hustle and bustle of the city even more animated. Lagos is one of the most sort after business destination in Africa. If you are thinking of being a part of the revolution about to take place in Africa’s business and economy, then Lagos should be on your list of destination.
Abidjan is the economic and central capital of Ivory Coast. It is among the largest French speaking cities in Africa. It has experienced a surprisingly remarkable growth after over ten years of political instability. The growth of the country’s harbour shows a directly proportional growth in their economy. Abidjan houses the African development bank(AFDB). It has had significant economic growth and expansion and it now ranks sixth in the twenty-three African stock exchange rate countries and the construction of the ‘third bridge’ and the Henri Konan marks a significant innovative and creative idea to support its growing population. The country has also been able to maintain a steady increase in their GDP per capita.
The economic capital of Morocco is quite prominent as far as African business is concerned. It became the first African investor in West and Central Africa. Technical cooperative agreements, cultural and several other trade agreements have helped to increase investment and trade to confer on Morocco’s position as the second transmitter of African FDI in Africa in general and even South Africa. The strategies used by large Moroccan economic operators, such as, Youssoufia phosphates, the bank – Attijariwafabank, Royal Air Morocco – the national airline e.t.c attest a gradual and significant breakthrough and success of Moroccan companies in African markets.
In Johannesburg, the state government’s willingness and activeness to fight against crime and corruption has probably done a whole lot to improve the infrastructure and financial stability of the city. There has been a lot of improvement in economy and development in the past few years and has made the city the main commercial hub of South Africa. The city’s industrial market is set to make waves in Africa and to welcome foreign investors.
Nairobi is the capital of the east African country, Kenya. Nairobi is not just an enticing tourist destination, it also boasts of an impressive business and financial history.
The Nairobi stock exchange is one of the biggest in Africa and their commercial bank is the biggest commercial bank in the East Africa region. Nairobi houses several international headquarters such as World Bank and Pfizer. Nairobi is set to take other Africans and the world by surprise.
The capital city of Ethiopia is often also called the political capital of Africa, this is most likely because it houses the African Union. They are one of the few African countries that has strong business ties with China. They have top notch facilities and infrastructure. Ethiopia is the only African country that was listed among the top ten best tourist destination on the people’s choice list in 2015, if that doesn’t spell breakthrough and sucess I don’t know what it does.
Luanda is the capital city of Angola and it’s also the largest city. Angola is Africa’s largest oil producer and in the last decade they have embraced and experienced a lot of improvement and development both in the structure and economy. With the help and investment of CITIC in China, the country could pass as a western country.
Kampala is the capital city of the pearl of Africa, Uganda. The city’s income has been on the rise since 2012 and the discovery if oil in 2006 increase the country’s investors and their economy considerably. Uganda is a force to be reckoned with in Africa’s economy and their GDP per capita has been on the rise since 2015.
Kigali Is the economic and political capital of Rwanda. Rwanda, in recent times has been surprising other African countries by taking certain political and commercial stance that might be considered risky but the country has been able to pave a way for their fast paced growing economy. They have even stood up against the USA and their export and import rates. They are committed to growing and encouraging their home products. Rwanda was listed among World Bank’s 50 countries doing business report for the first time. The country has also made 52 reforms in the past few years. I daresay Kigali is a great place to make any investment in Africa as the country is going to take the continent places in the nearest future.
Tripoli is the capital city of Libya, Libya is Africa’s 7th richest country and it’s the 8th biggest economy. Libya had the highest HDI in Africa in 2009 and they have also earned the right to be regarded as a middle-level economy just like South Africa has.
Final note: Africa can be likened to a diamond in the rough. Given enough time and attention, the continent would be unmatched in the world.