Nairobi ranked in top 10 African cities of the future

A view of Nairobi.
Aerial view of a section of Nairobi. PHOTO/FILE
The Kenyan capital Nairobi has been recognised as a leading Sub Saharan Africa (SSA) destination for foreign investors by consultancy firm PricewaterhouseCoopers.

The city was ranked sixth among top 10 cities in SSA that promises the best investment returns for investors by year 2040. These cities are Ibadan, Adis Ababa, Ouagadougou, Dakar, Kano, Nairobi, Abidjan, Khartoum, Luanda, and Dar es Salaam, respectively.

PwC, in a report titled ‘Africa: Growth is on the horizon but where should you look?’, said the these cities have the potential to triple their GDP to around $140 billion by 2030.

“In addition to the trends with regard to high rates of GDP growth, rapid urbanisation and the demographic edge that sub-Saharan Africa possesses, a number of other economic phenomena in the region are starting to appeal to the global investment community,” says Dr Roelof Botha, economic advisor to PwC.

READ: US firm ranks Nairobi 10th ‘hottest’ city to watch

According to PwC, cities are the gateway to new markets and more people would mean bigger opportunities for businesses that want to expand their activities in SSA .

The region’s major investment areas include exploiting discoveries in the growing mining sector and tapping newly found energy resources, namely as oil and gas.