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In 2023, the top three African countries for investment are Kenya, Egypt, and Nigeria.
Additional analysis of the survey revealed that emerging markets are also exhibiting vigor, with nations like Ghana, Rwanda, and Tunisia fast developing into hubs for investment. For example, Rwanda dazzled with $350 million, while Tunisia received almost $460 million in finance. This indicates a diverse environment that is drawing investors to new opportunities and regions.
According to the report, fintech continues to be the largest industry, attracting significant investments and representing 23% of all agreements in 2023. This is an intriguing finding. The study also highlighted other growing industries, such as agriculture, health, and education, each of which is expected to receive at least 10% of all investments.
key sector breakdown in 2023 based on total deals
Yann Azandege, Investment Analyst at Digital Africa, commented on the research, saying, “The focus of African entrepreneurs is increasingly on B2B business models, which can be either SaaS or commission-based.
In addition to fintechs, we believe that when startups are able to create competitive or asset-light business models, agritechs and greentechs will acquire greater traction in Africa. Additionally, edtech companies that provide products for vocational retraining and upskilling, as well as businesses in the creative sector, may attract investors more readily.
Nigeria reported more than 250 deals in 2023, indicating both the volume and range of potential across multiple industries. Kenya registered more than 160 deals, while South Africa and Ghana, with 130 and 65 deals, respectively, support this observation, demonstrating a thriving entrepreneurial and investor-friendly environment.
Even if the ‘Big Four’ still receive a large portion of financing, the emergence of developing ecosystems suggests that growth will eventually be balanced. The survey claims that economies such as Tanzania, Uganda, and Mauritius are also making their marks in the investment space.
Brighter Bridges’ Africa Investment Report 2023 offers a thorough summary of the continent’s investment environment. A new era in Africa’s economic growth, driven by innovation, regional integration, and strategic alliances, is now possible with the infusion of capital into the continent’s vital industries.
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