From its growing population rate and innate natural resources to rapid expansion, Africa is known to be one of the fastest-growing continents in the world.
What’s more, this continent benefits from an increasingly young and ambitious population, while the region’s Internet penetration rate increased markedly to 43% in December 2020.
While this remains lower than the global average of 60%, it’s increasing rapidly and creating new opportunities for entrepreneurs.
We’ll start with Kenya, which is one of the world’s leading performers in terms of launching a business and obtaining credit.
Currently, Kenya is ranked 56th globally from this perspective, having recently collaborated with American tech giant IBM to build cutting-edge tech solutions that can empower agencies to solve a growing range of administrative and startup issues.
Kenya’s continued economic growth has remained fixed between 5% and 6% in recent years, while its GDP has also peaked at $106.40 billion through 2021.
The country has also developed one of the major ICT hubs on the continent, which has, in turn, helped to launch a number of startups in the burgeoning fintech and transportation marketplaces.
Last year saw the North African nation of Morocco prosper considerably, with its own GDP increasing to an impressive $124 billion in December 2021.
During the last 10 years alone, this nation has gone from being 114th to 53rd on the rankings pertaining to the ease of doing business, highlighting much-improved accessibility for entrepreneurs and helping to create a viable pathway between Europe and the continent of Africa.
Despite the coronavirus pandemic, the country is forecasting average growth of 3.1% over the course of the next few years, thanks largely to continued economic diversification across a range of sectors.
These include tourism and manufacturing, which remain the key economic engines in the exotic terrain of Morocco.
No list of this type would be complete without Nigeria, which leads the way in many sectors and continues to blaze an economic trail for others to follow in the marketplace.
Nigeria not only boasts the largest GDP value of all African nations ($514.05 billion) but it’s also driven by a young and motivated population and one with higher than average Internet and mobile penetration rates.
Nigeria is certainly emerging as a hub for crypto and fintech innovations, with the country one of the first to release its own digital currency.
Issued and backed by the Nigerian government, the ‘eNaira’ is a centralized and digital asset that will have the same value as its physical alternative and operate within the ever-expanding cryptocurrency space.
There’s no doubt that Nigeria remains one of the most exciting economies in Africa, while its existing infrastructure is appealing to aspiring entrepreneurs from across the globe.