Oluseun Onasoga is a Business Executive at Access Bank Plc, responsible for the development and expansion of the bank across corporate, commercial, treasury and public sectors in Rwanda. Onasoga holds an MBA from Business School Netherlands, with various leadership, digital and management courses with Wharton, IMD and Emeritus Business Programs.
Increasingly, investors are turning to Africa for several compelling reasons, reflecting the continent’s rising economic prominence and growth potential.
in a LinkedIn post, Onasoga shares his thoughts on African countries that are notable investment destinations, and some critical factors (in addition to thorough due diligence, visits, consulting local experts, and leveraging government investment promotion agencies) that should guide an investment decision:
Investing and starting a business in Africa offers unique opportunities and challenges unlike anywhere else. While Mauritius is recognised for its economic freedom, there are other standout nations on the continent worth considering.
Here are four African countries that present attractive propositions for entrepreneurs and professionals:
1. Rwanda: Known as the “Singapore of Africa,” for a reason. Rwanda boasts a clean and safe capital, Kigali, with a highly efficient government. Business registration is incredibly swift, sometimes completed within hours.
2. Zambia: A beacon of stability in Southern Africa, Zambia offers a conducive environment for investment with a growing economy. The government provides a 0% corporate tax rate for new businesses for their first five profitable years.
3. Gambia: Following a recent political shift, Gambia is emerging as a pro-business environment. The new government is focused on reducing corruption and revitalizing the economy.
4. Djibouti: Strategically located along key shipping routes, Djibouti is vital for trade and logistics. The country has attracted significant Chinese investment, enhancing its infrastructure.
What innovative strategies do you think African countries can adopt to enhance industrialization and drive sustainable economic growth?