While Ghana is the current best place in West Africa to do business, Nielson Africa Prospects Indicators’ report says that Ivory coast has also become the most investment-friendly place in the region.
The above mentioned countries have surpassed Nigeria in both business and investments.
The prospects of the Nigerian economy at the moment are very low; thus neighboring West African countries are taking the nation’s former business-friendly spot till further notice.
Ivory Coast, according to the Nielsen Africa Prospects Indicators report, has the most favorable economic growth and stable inflation climate in West Africa.
The report evaluates business and investment opportunities in a country and compares them to other countries in Africa.
Leading at the top spot is Ivory Coast, followed by Kenya and Tanzania. Nigeria, which was first on the list in the last quarter of 2015, is currently at 4th position.
The recent research shows that Nigeria dropped 3 places in the list because of the “deteriorating macro-economic indicators as a result of a slump in commodity prices, in particular oil. In addition, the consumer indicators and overall confidence levels have followed suit.”
It also recognized the nation as still the largest economy in Africa. It says though Nigerians are going through a rough time now, they are the most optimistic consumers in Africa
“Cote d’Ivoire’s position has improved based on its business outlook dimension, and it continues to rank top in terms of retail sentiment. Despite the fact that it comes in third position on broader macro factors, its favorable economic growth and stable inflation climate and recent elections, provide a fertile investment environment.”
– Allen Burch, Managing Director, Nielsen Africa.
Retailers in the French speaking country attest that doing business in the country just goes easier.
The report says South Africa “has one of the most favorably priced common item baskets”. The nation also has the highest concentration of modern trade on the continent.
Generally speaking, sub-Saharan African economies in the analysis of the World Bank is suffering a setback because of global and domestic challenges.