Rapid economic growth, coupled with discovery of large deposits of oil and gas, are likely to see both Nairobi and Dar es Salaam join the top 10 “Super Cities” of Africa by 2030, according to Price Waterhouse Coopers (PWC) report.
The report also predicts that Dar es Salaam will become bigger city than London by 2030. Currently, the three biggest cities on the continent are Lagos, Kinshasa and Johannesburg. But PWC predicts that another 10 cities are set to join them in importance by 2030, including Nairobi, Dar es Salaam, Addis Ababa, and Khartoum.
PWC says the “Next 10” cities are expected to almost double their population and triple their economic output by 2030, growing by around 32 million people. Kenya has also been ranked among the most promising global investment destinations with good governance structures that guarantee sustainable growth.
In what may increase the country’s effort of attracting investments, the survey places Kenya ahead of the continent’s economic giants Nigeria and South Africa. The country has been ranked alongside India, Malaysia, Indonesia, Mexico, Poland and Colombia by top business magazine-Fortune Magazine-as the best places investors should be looking to put their money.
According to the report by American-based publication, Kenya also ranks highest among her sub-Saharan counterparts in terms of sound regulatory environment that is attractive to foreign investments. The ranking takes note of the government’s investment in infrastructure development, the power sector and the improving macro-economic stability.
The World Investment Report 2014 placed Kenya ahead of Nigeria and Ethiopia as the most attractive investments destinations for foreign capital on the continent. The report, compiled by the United Nations Conference on Trade and Development, showed that the country was developing as the favoured business hub, not only for oil and gas exploration in the region, but also for industrial production and transport.
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