By Favour Nnabugwu
Nigeria and three other countries raked in $2.621 billion investment inflow in 2023, as the four countries shared 68 percent of Africa total investment influx last year, according Africa Investment Report 2023
The three other countries are Kenya, Egypt, and South Africa.
Nigeria was third on the list with $575 million and South Africa closely behind at $565 million while Kenya received the highest funding in 2023 with $806 million, followed by Egypt with $675 million, all together totalling $2.621billion.
According to the report, these countries have continued to solidify their positions as the ‘Big Four’ destinations for funding in Africa
The Africa Investment Report 2023” revealed that Kenya, Egypt, Nigeria, and South Africa collectively account for a dominant 68% share of the continent’s total investment influx in 2023.
This concentrated growth reflects these nations’ attractiveness for investors and their increasing role as regional epicentres for international companies looking to expand across the continent.
The report lays out a detailed geographical analysis of the investment influx, with Kenya leading at $806 million, followed by Egypt with $675 million, Nigeria at $575 million, and South Africa closely behind at $565 million.
According to the report, these countries have continued to solidify their positions as the ‘Big Four’ destinations for funding in the African economic landscape
Further insights into the report showed that emerging markets are also displaying vigour, with countries like Tunisia, Rwanda, and Ghana quickly becoming hotspots for funding. Tunisia, for instance, garnered over $460 million in funding, while Rwanda has impressed with $350 million, reflecting a diversifying landscape that is attracting investors to new geographies and opportunities.
Another interesting insight from the report revealed that Fintech remains the biggest sector, reeling in substantial investments and accounting for 23% of total deals in 2023. The report also spotlighted other burgeoning sectors such as health, education, and agriculture, each with at least a 10% slice of the investment pie.
