When investors set to identify locations to invest, Africa is less likely to come to mind yet the investment scene in Africa has experienced a surge of activity over the last few years, fueling speculation that Africa could be the next big startups hub.
Innovation has accelerated with new ideas and technologies spreading across the region. Among the sectors that have really thrived in Africa are eCommerce and mobile industries. In addition, sub-Saharan Africa was estimated to see GDP growth of around 5% in 2014. This has been realized with the economic scene evolving rapidly. That’s substantially faster than the developing-country average.
According to focus economics, Africa expects an economic growth of 3.2% in 2017. In addition, the African population is more quick to adopt new solutions than their global counterparts with potential to boost businesses. This clearly indicates that the next big thing in the emerging world could be Africa’s Lion Economy.
Venture beat reports that Kenya and Nigeria are now leading Africa in terms of fundraising and startups. A new report as well indicates that Nigeria currently lays claim to the most startups raising funds, yet Kenya holds the title of attracting the largest overall investments.
This indicates that given the rapid adoption of technology & proliferation of start ups in Africa, the time to invest and start businesses in the continent’s quick and evolving technology market has never been better than now.