During the visit of the French President, Emmanuel Macron, to Nigeria at the invitation by the Tony Elumelu Foundation, he stressed that Africa is laced with potentials and gold mine yet to get explored, especially, by foreign investors. He mentioned that the success of the European continent is still dependent on the success of Africa.
What Africa has available for the world is unlocked in the continent and one of the ways by which these great potentials can be harnessed is through investment. During the visit, Macron revealed that Europe pledges $50 billion in bond to the African continent.
The continent itself has been involved in taking leaps and bounds in ensuring growth and development of the region.
Various government bodies have taken the steps of diversification, as a step that ensures the growth of in the economy, more importantly, the government has realized the necessity of ensuring the participation of private sectors, enhance investment.
Recently, the Rand Merchant Bank, (RMD), a South African financial services holding company, released a list of 10 promising countries in Africa for investors check out in 2019.
Located in the Northern part of Africa, the country in recent times, is rapidly witnessing changes in its tech industry, as many of its youth are becoming tech-savvy. Investment in technology in Egypt, will no doubt see a boost to further the development of science and technology.
Located at the distal tip of the continent, South Africa, with its mix race, has been a vital investment location and it will be important for investors to access more opportunities for the market in the country.
The diversity in the economy of South Africa and its ease for doing business makes the country a key location for investment.
In the past few years, Morocco has become a key player in the EMEA region and a pivot point for Africa to the Middle East. For more than a decade, the North African country has seen a rise in its GDP by an average growth of 4.4 percent. Indications show a high tendency for improvement in the economic growth of the country.
Ethiopia may be landlocked, nevertheless, the investment opportunities it offers is sizable. The country’s economic position has seen an improvement in recent years with Abiy Ahmed as the country’s Prime Minister.
There are indications that Kenya is the biggest economy in the East and Central African region combined. With the emergence of the middle class and increase in the penchant for good services, there is a strong growth prospect in the country.
Recently, Rwanda has seen a strong rise in its GDP growth rate. Followed by Mauritius and South Africa, the country also ranks among the top three nations in Africa for ease of doing business. Rwanda is surely ready to welcome investors.
The three most important sectors of the Tanzanian economy are tourism, agriculture, and mining. With these platforms, coupled with the emergence of Tanzania as one of the fastest growing economies in Africa, investors have prospects for investment there.
With the toga of being the most populated black nation on the continent, there is a ready market for investment and a business-friendly environment. The country still maintains a fair ranking in the ease of doing business.
Ghana has seen an improvement in the ease of doing business and as an investment in major sectors of its economy. The conducive political environment provided by the West African country, gives room for businesses to thrive.
More than 70 percent of the land in the country is arable, making it an agricultural produce exporting country. Investment in agriculture alone in Ivory Coast is a big deal.
What other countries in Africa do you think should be considered in a report such as this? We would love to hear from you.