Egypt is Africa’s 2nd top investment destination | Business Insider

Financial and business news site Business Insider (BI) ranked Egypt as the 2nd top investment destination in Africa, based mainly on its gross domestic product (GDP).

“According to the World Population Review, Egypt has a population of over 105 million. A report by Reuters indicated that Egypt’s economy soared by 9.8% in 1Q of FY2021/22, which started in July 2021,” Business Insider said.

“African countries have tremendous economic potentials, with rewarding opportunities for investors and partners,” BI explained.

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Egypt follows Nigeria, despite stating “available statistics show Egypt as one of the wealthiest African countries by total GDP for 2021.”  According to BI, Nigeria's GDP rose by 4.03% in Q3 of 2021, according to the National Bureau of Statistics (NBS). “The numbers represent the fourth consecutive growth quarter but slower growth compared to the 5.01% recorded in Q2 of 2021,” it stated.

The list included South Africa, Algeria, Morocco, Kenya, Ethiopia, Ghana, Angola, and Côte d’Ivoire.

BI also noted that Egypt’s GDP grew in 2021 thanks to the country’s mixed economy profiting from fossil fuels, agriculture, and tourism, making it an ideal destination for investors.

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According to the list, the top five investment destinations in Africa in 2021 were Nigeria with a GDP amounting to $514 billion, followed by Egypt’s $394 billion, South Africa’s $329.53 billion, Algeria’s $151.46 billion, and Morocco’s $124 billion.

In January, the Egyptian Cabinet Information and Decision Support Centre said Egypt achieved positive economic growth for the second year in a row during the pandemic, recording 3.3% in FY2020/21, and 3.6% in FY2019/20, adding that Fitch has commented that Egypt is one of the few countries that witnessed positive economic growth throughout the crisis.