This archive report was first published on 29 September 2021.
Published on September 29, 2021, a report by the African Development Bank (AFDB) highlighted the significant role of Egypt, Nigeria, Kenya, and South Africa in driving entrepreneurship and investments in Africa.
The report, titled 'Entrepreneurship and Free Trade Volume II', noted that these four countries account for more than a third of financing in Africa, indicating a concentration of resources.
According to the report, the economies and populations of these countries are larger than most African countries, which explains why they are pushing ahead faster with startups, ecosystem development, and commercialisation.
Notably, Nigeria, Egypt, and South Africa were among the top three countries that attracted the highest foreign direct investment (FDI) in the past 10 years, with Egypt attracting FDI of about $56.2 billion between 2011-2020, followed by Nigeria with about $45.1 billion and South Africa with about $41.3 billion in the same period.
The report advised that there should be a restructuring and commercialisation of state-owned enterprises, with certain countries, including Nigeria, needing to take note of this advice.
