Despite security challenges, some African countries have proven economically viable for entrepreneurs on the continent.
However, before entering any country as an entrepreneur, you must first study and understand the economy.
In this vein, CEOWORLD magazine conducted an entrepreneurship study in which one hundred economies were used as a survey. They discovered that these countries contributed 95% to the world’s gross domestic product (GDP).
To determine the best countries for entrepreneurs, innovation, competitiveness, infrastructure, labour skills, access to capital, and business openness were used as yardsticks.
Though it takes guts, perseverance, and a viable business idea to start a business, an entrepreneur also needs economies that make it simpler to get off the ground.
If you are considering African countries to start your new ventures, here are some of the best for entrepreneurs.
According to the 2022 entrepreneurial index, South Africa leads the list of African countries with a score of 15.12%, putting it in the 48th position in the world.
This makes the southernmost country the first on the continent to be part of the top 50 list of the most developed startup ecosystems.
The country is known for its skilled workforce, competitiveness and openness to business. In innovation, it scored 5.8%, competitiveness 6.04%, labour skills 17.25% and infrastructure 16.56%.
Cape Town, one of the country’s capitals and Johannesburg are considered the best cities for entrepreneurs to start a business.
Rwanda ranks second in Africa with a score of 14.96%, putting it in the 50th position in the world. The country also has one of the most developed startup ecosystems.
It has become an international investment hotspot and one of the world’s fastest-growing economies due to its favourable business climate, rapidly increasing private sector, and large-scale infrastructure. Also, business registration in the country takes only a few minutes.
According to the entrepreneur index in 2022, Rwanda has 4.41% innovation, 6.38% competitiveness, 22.68% labour skills and 15.68% infrastructure.
Regarding entrepreneurial prospects, Morocco scored 14.32% and ranked 61st globally.
With its political stability, booming economy, well-advanced business environment, and availability to foreign investors, the North African country is considered the best place for entrepreneurs. Expatriates in Morocco also have the freedom to establish any form of business.
The country has 6.66% in innovation, 6.46% in competitiveness, 15.02% in labour skills, and 15.48% in infrastructure.
Kenya has implemented significant political and economic changes that have resulted in the country’s continued economic growth, social progress, and political stability.
This, in turn, has boosted entrepreneurial opportunities in the country and made it one of the best spots for entrepreneurs. In terms of innovation, the country scored 6.25%, competitiveness 6.45%, labour skills 16.01%, and infrastructure 15.52%.
The East African country’s capital, Nairobi, is well-known worldwide for its food technology, transportation, technology, and energy industries. The country also has the second-most-developed startup ecosystem on the continent.
On the continent’s entrepreneur board, it scored 14.2% and ranked 63rd in the world.
In Western Africa, Nigeria ranks first in the region for countries for entrepreneurs with a score of 14.11%, putting it at the 64th position in the world.
Lagos, Nigeria’s largest metropolis, is known for its thriving e-commerce industry. It is one of the world’s most improved economies for doing business.
Private enterprise and public-private partnerships are also encouraged in the country. For innovation, Nigeria has 6.28%, competitiveness 8.28%, labour skills 15.93% and infrastructure 12.07%.
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