Kenya Emerges Africa’s Top Investment Destination

A report published by United Kingdom’s research-based firm Briter Bridges, titled Africa Investment Report 2023, has listed Kenya as the top investment destination in Africa.

Kenya lead the list with investors pumping over Ksh131 billion (806 million USD), followed by Egypt with Ksh110 billion (675 million USD), Nigeria with Ksh93 billion (575 million USD) and South Africa with Ksh92 billion (565 million USD).

“The top four markets, Kenya, Nigeria, South Africa and Egypt continue to solidify their positions as the lead destinations for funding especially as they increasingly act as regional headquarters for companies expanding towards neighbouring countries,” read part of the report. 

Nairobi_city_center_May_2_2015_Photo_by_Ninara

Meanwhile, neighbouring countries, Tanzania and Uganda were listed as emerging ecosystems that piqued investors’ interest in 2023.

Nigeria led in the number of investment deals, closing over 250 transactions, followed by Kenya with 160, South Africa with 130, and Ghana with 65.

Rwanda was ranked sixth, attracting Ksh57 billion worth of investment projects during the period under review.

Rwanda alongside Tunisia, Benin and Ghana received Ksh57 billion, Ksh74 million and Ksh11 billion respectively.

“Tunisia and Rwanda have been quickly catching up to funding volumes received by the ‘Big Four’, largely led by a few mammoth-size deals into companies like Zipline and InstaDeep.” the report added.

In total, these funds were driven to various sectors including fintech, cleantech, health, IT, Agriculture, E-commerce, and entertainment among others.

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