- A new report has listed top business cities in Africa and ranked them according to the availability of infrastructure
- Other criteria used to assess these cities include economic advancement and GDP growth
- Nigeria'sNigeria's commercial capital was named last on the list, including Ghana as the only two West African countries ranked
- Despite its chaotic environment, poor roads and chocking traffic, Lagos is one of Africa's cities for business.
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Lagos is also notorious for multiple taxations, which many local councils in the state embark upon by employing thugs as revenue agents.
Statista published its Global Cities report detailing some of the world's top cities.
Parameters for listing
Statista considered some critical factors that are important to businesses and decision-makers.
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The factors include population, location, GDP growth, economic strength, and level of economic advancement.
- Other factors include:
- State of infrastructure
- The standard of real estate
- Standard of living
- Quality of life and
- Tourism potential.
The report compared the cities to their global and regional counterparts and index scores.
Three cities in North Africa led the pack, followed by South Africa, two cities in West Africa and one in East Africa.
Below are 8 top business cities in Africa and their index scores.
- Cairo: 31.8 index score
- Africa: is 31.84 index score
- Algiers: 31.32 index score
- Johannesburg: 30.33 index score
- Casablanca: 28.84 index score
- Nairobi: 24.01 index score
- Cape Town: 17.14 index score
- Accra: 16.48 index score
- Lagos: 10.70 index score
10 African countries with the lowest foreign exchange reserves
Legit.ng reported that amid the scarcity of forex and declines in the global economy and possible global economic recession, many African countries are facing a severe forex crisis.
The crisis has already dealt a blow to many economies in Africa. Recently, many foreign airlines in Africa are finding it hard to repatriate their earnings to their home counties due to the country’s inability to raise the required forex. Other businesses in West Africa are finding it hard to raise dollars to help facilitate imports.
Many businesses in Kenya are struggling due to dollar scarcity. The Kenya Association of Manufacturers has raised concerns over the economic risks caused by the country’s declining dollar availability.