Kenya has been listed among the six leading markets by deal volumes in Africa for the period between 2014 and 2023.
According to The Africa Investment Report 2023, Kenya, South Africa, Egypt, and Nigeria have hugely dominated the investment flows towards the continent’s ecosystem.
Within the stipulated period, Kenya was ranked second attracting more than $5 billion (Ksh 800 billion) from over 860 deals.
Nigeria ranked number one as the leading market with over $6 billion (Ksh 960 billion) from more than 1000 deals.
South Africa was third with more than $3 billion from deals exceeding 700 while Egypt had over $2 billion from over 500 deals.
Rwanda had over $ 850 million from more than 70 deals while Ghana was ranked sixth with $ 745 million from 245 deals.
The report revealed that a lot of funding was concentrated in few countries in the early 2010’s.
“In the early 2010s, virtually all funding was concentrated in very few countries,” read the report in part.
Similarly, the report listed other six countries as emerging markets by deals volume.
“While these (leading ones) retained their role as leading investment destinations, an increasing number of neighboring countries began seeing deal activity making up a tier-2 layer of investible ecosystems,” read the report.
These countries include Tunisia with over $625 million from over 80 deals, Algeria $185 from more than 5 deals and Tanzania had $745 million from deal activities exceeding 245.
Mauritius $535 million, Senegal with $410 million while Uganda recorded $ 195 million. The three countries received these investments from more than 45 deal activities.
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Kenya Among Funding Destinations
To add on that, Kenya was listed among the big four markets based on total deal counts in 2023.
The East African nation was ranked second with over 160 deals after Nigeria which had above 250 deals.
South Africa was third with more than 130 deals while Ghana came in fourth with over 65 deals.
“The top four markets Kenya, Nigeria, South Africa and Egypt have continued to solidify their position as the lead destinations for funding especially as they increasingly act as regional headquarters for companies expanding towards neighboring Countries,” said the report.
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However, the report showed that several other countries are emerging as hot spots for funding.
This, it noted is largely driven by a few mega deals or new investors focusing on new geographies.
The emerging countries include Tunisia and Rwanda which have been quickly catching up to funding volumes.
