Africa has become a major hub of business in the world. It is deemed to be the world’s fastest growing continent, with 5% to 6% growth rates for the past few years.
Hotel booking site Jovago has analysed which are the seven top business destinations on the continent.
* Lagos – Nigeria’s GDP has been growing since 2012, approaching $594,3-billion in 2014 and is predicted to increase by 7,3% in 2015, making it the first economy in Africa. The former capital of the most populous country in Africa, Lagos is also noted to be a magnet of foreigners looking to establish business in Nigeria. The strategic location and sheer size of the population makes the hustle and bustle even more animated. If you looking for an African city to invest in or are you interested in being a part an African business revolution, well, Lagos is the place to get started. Lagos is also noted for its business centres and luxury hotels, Victoria Island which is home to a number of the Nigerian tycoons.
* Abidjan – the economic capital of Ivory Coast is one of the largest French-speaking cities in Africa and has experienced remarkable growth after a decade of political instability. The improvement of the Abidjan harbour signifies a positive growth in their economy. Abidjan is also re-hosts the African Development Bank (AfDB) Group. It has had significant economic growth as it now ranks sixth of the 23 African stock exchanges and the construction of the “Third Bridge”, the Henri Konan marks a significant innovation in supporting its growing population. Ivory Coast has managed to maintain a steady increase in its GDP per capita it is also predicted to experience a 7,9% increase in 2015.
* Casablanca – the economic capital of Morocco is quite notable in African business now. It became the first African investor in Central and West Africa. Technical cooperation agreements, cultural as well as several trade agreements have helped to intensify trade and investment to confer on Morocco’s position second transmitter African FDI in Africa after South Africa. The strategies used by large Moroccan economic operators, such as Youssoufia Phosphates, Attijariwafabank the bank, the airline – Royal Air Morocco (RAM) etc. attest to the real and significant breakthrough Moroccan companies in African markets.
* Johannesburg – South Africa’s Johannesburg bustles with its relatively healthy financial stance and the government’s activeness in reducing the occurrence of crime and the improvement of infrastructures. It is as though the city is getting ready for a wave of international investments. Johannesburg is notable as the traditional place for business in Southern Africa and also for the strong industry and economic growth.
* Nairobi – Kenya’s largest city and capital stays relevant not only because of it being an amazing tourist destination but also for its business acumen. With a GDP of $62,7-billion in 2014 which is predicted to increase by 6,2% in 2015, Kenya stands out in East Africa. Nairobi is home to a myriad of both local and international businesses. The Nairobi Stock Exchange also boasts to be one of the largest in Africa which is pretty impressive and their Commercial Bank, the biggest within the region. Nairobi is also home to a number of African headquarters of international banks, companies – Pfizer, The World Bank and The Sage Group amongst others. The Kenyan Airways also play a key role in making the city an African hub.
* Addis Ababa – this strategically located largest and capital city of Ethiopia – often regarded as “the political capital of Africa”, it hosts the Africa Union. This city also sets the pace for its African counterparts as it launched its newly developed railway depicting its advancement in infrastructural development. Last year, a GDP of $49,9-billion was registered and this is predicted to rise by 8,5% in this year with strong business links with China. Ethiopia is the only African country on the People’s Choice list of Top 10 Best Tourist Destination for 2015 which reflects its business inclination.
* Kampala – with a population of over 2-million inhabitants, Kampala is the largest city in Uganda which is referred to “pearl of Africa”. The discovery of oil in 2006 ushered in a rise in investments, Uganda’s tourism sector is also worthy of note as it has witnessed an influx of travellers from around the world and became a major source of revenue between 2013 and 2015. It has had a steady rise in its GDP since 2012 which is predicted to increase by 6,3% by 2015 at $26,9-billion.