7 Africa thriving cities

Buzz about Africa being the next hub for new, thriving economies is hard to miss.

The African continent is deemed the world’s fastest growing economy with 5 to 6 percent growth rate over several years. With a steadily growing population (it is predicted that a quarter of the world’s population will be African in 2050), this renewed attraction to Africa is rather well-needed.

Financiers and business people across the globe are constantly looking to invest in Africa, but the continent is large and full of variety, making a “one rule fits all” almost impossible to apply. A research by hotel booking platform Jovago, revealed these top seven business destinations. They particularly stand out in their regions in terms of their strategic locations, economic sectors and peculiar cultures.

We’ve broken down this list with the important information, along with a visual to help locate these thriving cities:

·         1 Nigeria’s GDP has been growing since 2012 and approaching $594.3 in 2014 and is also predicted to increase by 7.3 percent 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, 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.

2     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 also re-hosts the African Development Bank (AfDB) Group.

It has had significant economic growth as it now ranks sixth of the twenty-three African stock exchanges and the construction of the “Third Bridge” marks significant innovation in supporting its growing population. Ivory Coast has managed to maintain a steady increase in its GDP per capita, and it is also predicted to experience a 7.9 percent increase in 2015.

3     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 experience in African markets.

4     South Africa’s capital city 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. Jo’burg is notable as the traditional place for business in Southern Africa and also for the strong industry and economic growth.

5     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 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 and their Commercial Bank, the biggest within the region. Nairobi is also home to a number of African headquarters of international banks and companies – Pfizer, The World Bank and The Sage Group amongst others. The Kenyan Airways also plays a key role in making the city an African hub.

6     This strategically located largest and capital city of Ethiopia – often regarded as “the political capital of Africa”, is host to 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 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.

7     With a population of over 2 million inhabitants, Kampala is the largest city in Uganda and is referred to as the “Pearl of Africa”. The discovery of oil in 2006 ushered in a rise of investments.

Uganda’s tourism sector is also worthy of note as it has witnessed an influx of travelers 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.