Africa’s Primary Market: Nigeria To Outpace South Africa

Despite its unfavourable economic conditions Nigeria is set to outpace South Africa as the continent’s primary market, a new survey of 206 African business executives has revealed, EIN News says.

Titled ‘Africa is the horizon: the 2015 African Business Outlook Survey’, the report was compiled by The Economist Corporate Network and canvassed executives based primarily in the four biggest sub-Saharan economies –Nigeria, South Africa, Angola and Kenya.

The report shows that the revenue and profit contribution from the continent is expected to rise materially in the coming five years, while Nigeria’s importance as a primary market is likely to increase and South Africa’s decrease over the period.

Respondents expect East, West and Southern Africa to attract the most investment, with Nigeria’s importance as a primary market to increase and South Africa’s to decline over the five-year period.

“For most respondents, their local markets are set to grow in importance, but for Southern African executives, particularly in South Africa, their local market is set to decline in importance by 2020 as they look more to West and East Africa,” it said.