This archive report was first published on 16 December 2019.
Published on December 16, 2019, a report by PricewaterhouseCoopers (PwC) has shed light on the changing business landscape in East Africa, with Dar es Salaam emerging as the top destination for investors.
According to The Africa Business Agenda 2019, a barometer of business climate in the continent, Kenya's capital, Nairobi, has moved up five places in The World Bank Ease of Doing Business 2020 to position 56. However, investors are expected to bet their money in Tanzania's nerve centre at the expense of Nairobi in the next five years.
The report, which is based on Gross Domestic Product (GDP) growth, attractiveness to foreign investors, population growth, and the growth of the middle class, ranks Dar es Salaam as the African city most ripe for investment and job creation, followed by Lusaka (Zambia) in second position.
Nairobi is ranked third jointly with Lagos (Nigeria) and Kampala (Uganda), while Abidjan (Ivory Coast), Accra (Ghana), and Kigali (Rwanda) are ranked fifth, sixth, and seventh respectively.
"Africa is experiencing rapid demographic growth and has the potential to become the leading worldwide labour provider and consumption market," reads the report.
"The young working population will attract a large amount of manufacturers and service providers as Asia, Europe, and North America contend with aging populations," further reads the report.
Additionally, the report projects that there will be 12 Megacities in Africa by 2025 and that Africa will represent 50% of the world's population growth from now until 2050.
