'Next 10' Biggest Cities in Africa Exciting to Investors

Cape Times (South Africa), August 15, 2014 | Go to article overview

'Next 10' Biggest Cities in Africa Exciting to Investors


BY 2040, Africa is expected to have the biggest labour force in the world and is experiencing faster economic growth than any other region. This was according to projections contained in the latest PwC's Global Economy Watch report released yesterday.

With its focus on African cities, the report says global chief executives were increasingly recognising the untapped potential of sub-Saharan Africa with major corporations already active in at least one of the four largest cities, including Lagos, Kinshasa, Nairobi and Johannesburg.

However, PwC economists believe it is the "Next 10" biggest cities in sub-Saharan African that should also be exciting foreign investors. These include Ibadan in Nigeria, Khartoum in Sudan and Dar es Salaam in Tanzania. It is also projected that the population in some of these cities would double by 2030, growing by around 32 million people.

PwC's south market region strategy leader Stanley Subramoney says the report predicts that these cities could grow around $140 billion (R1.5 trillion) by 2030, a figure roughly equivalent to the current annual output of Hungary.

Economic advisor to PwC Roelof Botha said in addition to the trends regarding high rates of gross domestic product, a number of other economic phenomena in the region were starting to appeal to the global investment community.

These included significant new discoveries of mining and energy resources, in particular gold and gas, sustained growth in per capita incomes, and the ability of countries to raise financing for infrastructure projects on the international capital market.

However, something might put brakes on this - the low quality of infrastructure such as roads, rail, schools and universities. Other obstacles include growing pains arising from political, legal and regulatory institutions struggling to deal with a bigger and more complicated economy.

Mining

The rift between mining houses, communities and labour is far from over considering that two critical parties snubbed the opportunity to air their views at the two-day Mining Lekgotla in Midrand in Johannesburg that ended yesterday. …

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