The African Development Bank (AfDB) has released the results of a study, showing that Nigeria, South Africa, and Egypt took the lead in Africa as far as the continent’s portfolio investment market in the last ten years is concerned.
It also revealed that these three nations, including Kenya, made up almost a third of the incubators and accelerators and 80 percent of investment in Africa.
The bank made this known in its recent report titled, “Entrepreneurship and Free Trade Volume II — Towards a New Narrative of Building Resilience” which was released on Friday.
The report also revealed that Egypt, Nigeria, and South Africa occupy the top three positions on the list of countries with the highest FDIs over the past ten years.
Egypt attracted FDI of about US$56.2 billion, Nigeria followed closely with about US$45.1 billion, while South Africa ranked third with about US$41.3 billion between 2011-2020.
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