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Ten top fastest growing Africa business hubs

Ten top fastest growing Africa business hubs
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Accra, Ghana

Accra is the capital, administrative and economic hub of Ghana. It hosts a significant number of government and non-governmental ministries, insurance firms, the head offices of banks and big markets which import most of the food supply.

Further, the city is near Tema Port, a central cross-country border for Ghanian international trade.

With a growth rate of 49 per cent, the population of Accra is currently at 4.2 million from a population of 2.3 million back in 2005.

Ibadan, Nigeria

Ibadan is the largest city in Nigeria by land mass, and the third most populated city after Lagos and Kano.

Economic activities are virtually on every street and suburb, and it is situated relatively close to the commercial hub Lagos (130 km), making the city particularly attractive for entrepreneurs.

Commercial activities in Ibadan include agriculture, trade, handicrafts, manufacturing and running costs which are much lower compared to Lagos.

As of 2021, the total population in Ibadan is approximately 3.7 million people, with the city anticipated to grow by 49 per cent to a projected population of 4 million in 2025.

Lagos, Nigeria

Lagos is located along the Western Coast of Nigeria and is the largest city in Nigeria on population. It is the administrative seat for most financial and business centres across Nigeria.

Due to its location on the western coast, it houses the largest sea port in Nigeria, a significant site for international trade, as well as skyscrapers that serve as up-market apartments and businesses. Also known as “The city that won’t stop growing”, the population of Lagos is expected to rise by 49.5 per cent in 2025, from a total of 18 million in 2005 to 27 million in 2025.

Every day, thousands of people move to the city, many of them from rural areas, in the hope of finding work and a better life.

Nairobi, Kenya

The capital city and commercial hub of Kenya is the headquarters for many foreign companies and international organisations like the United Nations Environment Programme (UNEP).

It is the country’s economic space, with many manufacturing companies producing beverages, liquor and processed food.

Further, it is a beautiful destination for many tourists in Africa as there are many international and local wildlife conservation centres in the country.

The population of Nairobi is expected to increase from 3.9 million in 2005 to about 6.5 million in 2025.

It is now also known as the tech-capital of Africa attracting thousands of expatriates in the IT space and one of the world’s busiest centres in terms of Real Estate.

The Nairobi Securities Exchange(NSE) is one of the largest in Africa and the second-oldest exchange on the continent.

It is Africa’s fourth-largest exchange in terms of trading volume, capable of making 10 million trades a day. It also has the Nairobi National Park with a large game reserve.

Dakar, Senegal

Dakar is the government and capital seat of Senegal. It houses one of the best seaports in West Africa for those trading between West Africa and Europe, and it is home to many historical African museums.

The primary economic activities in the city are petroleum refining, truck assembly, fish canning, flour milling, brewing, and peanut oil refining.

Dakar is projected to grow by 52 per cent in 2025 from 2.8 million in 2005 to 4.2 million in 2025.

Abidjan, Côte d’Ivoire

Abidjan, located along the coast of the Atlantic Ocean bordering Côte d’Ivoire, is the country’s capital city. The city houses many of the administrative and business sectors of the country.

Additionally, scientific research institutes in the area and many museums of Ivorian arts attract diverse tourists to the site.

The city is multiplying, and the population is expected to pass 6 million in the next ten years.

Because Abidjan is also the largest city in the country and the centre of its economic activity, it has officially been designated as the “economic capital” of the country.

The Abidjan Autonomous District, which encompasses the city and some of its suburbs, is one of the 14 districts of Ivory Coast.

Addis Ababa, Ethiopia

Addis Ababa is the capital and largest city in Ethiopia. It is known as the political region of Africa for it is the location of the headquarters of the African Union and the United Nations Commission for Africa.

It surrounds several countries and links them en route to ports like the Gulf of Aden in Djibouti or Asseb, on the Red Sea, in Eritrea.

The population of Addis Ababa is expected to rise by 62.4 per cent, having a population of about 2.9 million in 2005 and currently at 5,005,525 persons.

The dominant economic activity in Addis Ababa is trade and commerce, others include manufacturing and industry, home making, civil administration, transport and communication.

Luanda, Angola

Luanda is the capital city of Angola and houses most administrative and economic centres of Angola.

The country has rich oil reserves and trades them internationally amidst other commodities through the Port of Luanda.

With a current population over 7.5 million, the country is forecasted to increase to 8 million by 2025, rising by 69.3 per cent from a population of 4.8 million in 2005.

The city is undergoing a major reconstruction,with many large developments taking place that will alter its cityscape significantly.

The industries present in the city include the processing of agricultural products, beverage production, textile, cement, newly car assembly plants, construction materials, plastics, metallurgy, cigarettes and shoes.

Kinshasa, DR Congo

Once known as Léopoldville, Kinshasa is the most popular and capital city of the Democratic Republic of the Congo.

Being the industrial and business hub of the country, the economy of DRC highly depends on Kinshasa.

Just opposite Kinshasa is another country’s capital city Brazzaville. The closeness of Kinshasa to Brazzaville plays a crucial role in facilitating significant trades in and out of the Democratic Republic of Congo.

With a population of about 10 million in 2005 and continued migration of many young people from the rural areas to Kinshasa, the population is anticipated to rise by 72 per cent and increase to 18 million by 2025.

The city of Kinshasa, in the Democratic Republic of the Congo, is the world’s most expensive location for expatriates.

Dar es Salaam, Tanzania

Dar es Salaam has more than 6 million inhabitants making it the largest city in the country.

Despite it not being the country’s capital city, Dar is the seat of many government offices and embassies in Tanzania.

This is attributed to the rapid urbanisation, industrialisation, and migration to the city, contributing a significant portion to its economy.

There is also the Port of Dar es Salaam that enables trade activities in and out of Tanzania. In 2018, the population grew by 166 per cent within eighteen years.

Considering the population of 3.4 million from the census data obtained in 2005, it is projected that by 2025 the population of Dar es Salaam will be about 6.2 million rising by 82 per cent.

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