The 10 African Nations With The Most Lucrative Business Opportunities In 2023
The 10 African Nations With The Most Lucrative Business Opportunities In 2023

Business Insider Africa presents its rankings of the top 10 African countries offering favorable conditions for business ventures in 2023. These rankings are based on the comprehensive report titled “The Africa Risk-Reward Index” from Oxford Economics Africa. The assessment of these countries takes into account three critical factors.

In our increasingly interconnected global landscape, businesses are increasingly expanding beyond national borders to explore new markets and investment prospects. While international business operations can pose challenges, certain nations have emerged as highly conducive environments for enterprises and individuals alike. These countries boast business-friendly atmospheres, robust infrastructure, stable economies, and accommodating regulatory frameworks.

This trend is particularly evident in Africa, a continent that has garnered significant attention from investors. Africa is recognized as one of the world’s fastest-growing regions, and despite facing its share of socio-economic challenges, many African countries are rapidly adapting to accommodate business owners.

The 2023 “The Africa Risk-Reward Index” report, produced by Oxford Economics Africa—an independent economic advisory firm, underscores these dynamics. The report delves into the potential gains and risks associated with business ventures in each African country, focusing on factors such as African-led security interventions and the financial strategies pursued by African nations for future development.

By analyzing these three key factors, the research identifies countries with the most favorable risk-to-reward ratios for establishing foreign businesses.

It is noteworthy that some of the riskiest African countries for business, as indicated in a previously published list, also overlap with the list of the most rewarding countries for investment.

The reward scores assigned to these countries take into consideration factors like medium-term economic growth projections, economic size, economic structure, and demographics. Of these, the economic growth outlook carries the greatest weight in determining the reward score, as robust economic growth tends to create a fertile ground for investment opportunities to flourish.

Rank Country Reward index
1. Ethiopia 6.58
2. Côte d’Ivoire 5.77
3. Uganda 5.53
4. Nigeria 5.50
5. Senegal 5.41
6. Egypt 5.38
7. Kenya 5.22
8. Tanzania 5.19
9. DRC 5.15
10. Morocco 4.99


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