Whether other world leaders recognize this or not, the business potentials in Africa remain one of the best in the world; and considering the fact that Africans are projected to make up one-quarter of world populations by 2050, Africa holds the business key to even developing other parts of the universe.
Several countries of the world are no doubt investing in Africa and helping develop the infrastructural needs of the continent, just as Africans in the diaspora are investing raw talents and skilled manpower to developing other nations – but the fact remains that certain commercial hubs in Africa hold the key to boosting business and the economic potentials of their respective countries and regions.
Investing or conducting business activities in these commercial hubs would not only build the commercial profiles of the regions, but they are also business destinations that must be sought out to make business dreams come true. The top 10 business destinations in Africa according to a recent study by Jovago – a hotel booking service in Africa, are reviewed below;
1. Lagos, Nigeria
Lagos, the former capital city of Nigeria, is the commercial hub of Nigeria and estimated to be a top business destination in Africa. It is estimated to have a population of 20 million people, and almost half of these conduct active businesses in one scale or the other. Lagos has the largest number of business organizations and industrial companies in Nigeria, and its number of luxury hotels and foreign organizations make Victoria Island the commercial nerve-center of the state. The richest business tycoons live in Victoria Island and do business in Lagos, and about 70% of new business owners target Lagos because of the huge population and commercial mindset of the people.
2. Abidjan, Cote D’Ivoire
Abidjan is the capital city of the French-speaking city of Cote D’Ivoire, formerly known as Ivory Coast. It is a republic in western Africa on the Gulf of Guinea, and one of the most prosperous and politically stable countries of Africa. The renovation of the Abidjan harbour contributes to its economic growth, and the construction of the “ThirdBridge”is agreat milestone in opening up the region to business opportunities. Abidjan re-hosts the African Development Bank (AfDB) Group, and its stock exchange ranks as the 23rd in Africa. Its GDP per capita is predicted to grow at 7.9% increase in 2015.
3. Casablanca, Morocco
Located in Morocco, Casablanca is a top business destination in Africa for business investments and economic growths. Morocco is the first African nation to invest in other African nations – in Central and West Africa. Its trade and investment programmes make Morocco a destination of business interests for any entrepreneur or business organization.
4. Johannesburg, South Africa
Johannesburg or Jo’burg as its usually called in South Africa is one of the largest cities of the country, and the commercial city of SA. Its industrial and economic growth is beyond compare in relation to other countries in Southern Africa region, and it is the business hub contributing most to the economy. The government in its objective to make the city conducive for business and economic activities has worked tirelessly to reduce crimes in the city, and it has invested millions of dollars to improve its infrastructures and make the city ready for international investments and commercial participations.
5. Nairobi, Kenya
Nairobi is the capital city of Kenya and an amazing business and tourist destination. Its tourism potentials continue to attract people from all over the world and a major boost to its economy; while thousands of visitors have found the need to establish business and stay back to develop the economy. The country has a GDP of $62.7 billion in 2014 and this is estimated to rise by 6.2% in 2015. The Nairobi stock exchange is one of the largest in Africa, and its banking service one of the largest in the region. Pharmaceutical company Pfizer, the World Bank, and the Sage Group among others operate their African headquarters in Nairobi, Kenya.
6. Addis Ababa, Ethiopia
Addis Ababa is the capital and largest city of Ethiopia – the only African country on the People’s Choice list of Top 10 Best Tourist Destination for 2015 – underscoring the tourism and business potentials of one of the two African countries that never obtained political independence from any colonial powers. Ethiopia had a GDP of $49.9 billion in 2014 and this is predicted to increase by 8.5% this year, considering the country’s strong business links with China. The country hosts the African Union (AU), and regarded by some as the capital of Africa. It has a very conducive atmosphere for business investments and its developmental infrastructures make it one of the best places for entrepreneurship to thrive if you’d make the move today.
7. Kampala, Uganda
Kampala is the largest city of Uganda and the capital of the nation. Kampala has a population of over 2 million people who work every day to make the city and country one of the best in Africa. Uganda is often referred to as the “Pearl of Africa” and this might not be unrelated to its tourism and economic potentials in the region. The country had a GDP of $26.9 billion in 2012 and this is predicted to rise by 6.3% in 2015 – considering the fact that crude oil was discovered in the country in 2006, leading to rise in investments, tourism, and other industrial economies.