The 5 Best African Countries To Invest In 2023-2024
Africa could be the next Asia in terms of growth, according to the opinions of many experts. The countries of the African continent are experiencing unprecedented population growth so that between 2050 and 2100 they could already represent 40% of the world population. To keep up with this population growth, the economies of these countries have to diversify: sectors that are still underdeveloped on the continent, such as telecommunications, consumer goods, and infrastructure, are growing at a very fast pace and offer great opportunities for foreign investors.
The most interesting countries, according to a report by Me360, would be:
Nigeria
Nigeria’s gross domestic product reached $514 billion in 2021, the highest of any African country. According to the National Bureau of Statistics, the increase in the first quarter of the year was 4.03%, the fourth year of sustained growth. Communications, Information, and Services account for 10% of the total, while Construction, Industry, and main exports make up another 16% of GDP. Figures that make Nigeria one of the most attractive countries to invest in in the short term.
Egypt
With a population of more than 105 million people and one of the largest economies on the continent, Egypt is at the forefront of the African countries with the most potential. Second, only Nigeria has a GDP of $349 billion. Despite the pandemic, the country has prospered over the past year. It has a diversified economy, and in 2019 it announced the creation of seven new Free Zones, with the purpose of attracting investors and boosting exports. It has been one of the few countries that have increased its GDP in 2021, going from 303 billion in 2019 to 363 billion in 2020. According to the IMF, the real increase will be 3.3% in 2021 and 5.2% in 2022.
Botswana
One of the fastest growing economies today, growing 9.7% in 2021. The country plans to be a net exporter of electricity by 2027, thanks to the solar energy project it signed with Namibia and the United States. States last year, by which the three countries will develop a joint project that will make this African country one of the world’s leading suppliers of electricity generated with solar technology.
Tanzania
Tanzania’s GDP has been increasing steadily since 2016. Following the stabilization of food prices, inflation fell to 3.3% in 2020. Tanzania has been ranked as one of the ten fastest-growing economies according to the African Economic Outlook Report for 2020. It will increase by 4.9% in 2022 and up to 6.3% in 2023, according to projections by the African Development Bank.
Morocco
The fifth largest economy in Africa, the neighboring country is forecast to grow 3.2% in 2022 and has been experiencing continuous growth since 2016. It has just launched its Green Generation 2020-2030 strategic plan for agriculture, which aims to encourage dedication to the field of the younger generations. The plan foresees the creation of 350,000 jobs and an increase in agricultural exports of 6.6 billion dollars in 2030. In 2019, 111 FDI foreign investment projects were registered in the country, 56% more than in the previous year.
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