Why Kenya is poised to become the ‘Singapore of Africa’ Of all the countries in sub Saharan Africa to be optimistic about, the most promising is #kenya. Economic and political forces are converging to put the continent’s seventh-largest nation in a relatively favourable position.
Africa is the fastest-growing #continent and is expected to account for one-quarter of the world’s population by 2050. That means more multinational corporations see a need to have a direct presence somewhere in #subsaharanafrica. Many such companies already realise they need a presence in #asia, with #singapore proving increasingly popular as the hub, especially as #hongkong has been absorbed into communist #china.
Where in #africa might such a comparable cluster of companies evolve? UNFORTUNATELY, some of Africa’s leading nations have experienced major troubles lately. Economic growth has slowed in #nigeria, Africa’s most populous nation, and the country has only begun to make much-needed reforms; #ethiopia, the second-most populous country, just went through a #civilwar; political problems and power shortages continue to plague #southafrica. For the time being, those places are not in the running to be a dominant sub-Saharan economic hub, if only because expats will be reluctant to move there.
In contrast, a locale with a reasonable level of English fluency and an attractive year-round climate will get a lot of attention — and that nicely describes Kenya. Kenya also had a growth rate of about 5.5% last year, despite negative shocks to the prices of imported #food and #energy. Since 2004, growth rates have been in the range of 4% to 5%.
Kenya also has some geographic advantages. It has an extensive coastline on the #indianocean, and research suggests that landlocked countries have worse economic performance. Countries with a coast also find it easier to stay in touch with the rest of the #world, and Kenya has relatively easy access to China and #india, large markets and sources of capital. In the current #geopolitical climate, #eastafrica is attracting more interest from more sources than is most of West Africa.
In terms of scale, Kenya’s population of about 57 million cannot compete with Nigeria’s 222 million. But East Africa, with almost 500 million people, has a larger #population than #westafrica. Continue reading.. https://lnkd.in/ej7dTfVA
Kenya’s LIMITLESS Opportunities
Kenya 🇰🇪 is an #afcfta member country
#unitedunderafcfta
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