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Kenya Tops Africa as Prime Investment Destination, Attracting Over 131B in Funding

by Walter
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Kenya has been ranked as the premier investment destination in Africa, as per the Africa Investment Report 2023 published by the UK-based research firm Briter Bridges.

The report unveiled that Kenya secured the top spot, drawing in Ksh131 billion (806 million USD) in investments over the past year, solidifying its position as a lucrative opportunity for global investors.

The report emphasized the significance of Kenya’s achievement, stating, “The top four markets, Kenya, Nigeria, South Africa, and Egypt continue to solidify their positions as the lead destinations for funding, especially as they increasingly act as regional headquarters for companies expanding towards neighboring countries.”

Following Kenya, Egypt, Nigeria, and South Africa closely trailed with substantial investment inflows of Ksh110 billion (675 million USD), Ksh93 billion (575 million USD), and Ksh92 billion (565 million USD) respectively. Remarkably, Rwanda also made a strong showing, securing the sixth position with Ksh57 billion in investment projects during the review period.

Moreover, Nigeria led in the number of investment deals, closing over 250 transactions, closely followed by Kenya with 160, South Africa with 130, and Ghana with 65.

The report also highlighted the emergence of new investment hotspots, with countries like Tunisia and Rwanda rapidly catching up to the funding volumes received by the ‘Big Four’, driven by substantial deals into companies like Zipline and InstaDeep.

The funds were channeled into various sectors including fintech, cleantech, health, IT, agriculture, e-commerce, and entertainment, with fintech capturing over 23% of the deals in 2023.

The launch of sector-specific funds further fueled investments in areas such as health and biotech, climate and cleantech, as well as logistics.

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