Abuja featured as the second most expensive city with extremely high cost of living. Two major Nigerian cities, Lagos and Abuja, are among the African cities with the best opportunities for growth in 2013 and beyond, the latest Economist Intelligence Units report has said.
The report, released on Tuesday, identifies 25 African cities across 19 countries that represent some of the best opportunities for growth in 2013 and beyond. The report was produced to give investors insight into cities level information that will guide company expansion and new business investments decisions this year and beyond. Johannesburg, according to the report, is investors’ most preferred destination, with its high expenditure per capita of USD7, 436.
Tripoli, Libya’s capital city, recovering from war, is investors’ second best, with its expenditure per capita of USD7,237. Two South African cities, Cape Town and Durban are third and fourth, ahead of Tunis, the Tunisian capital city. The reports shows South Africa and Northern African cities as having strong expenditure per capita which is favourable for business. Cities from both regions occupied the top 10 positions. Abuja and Lagos ranked 11th and 12th, behind cities like Khartoum, the capital of Sudan, Algiers, Casablanca, Cairo and Alexandria. Abuja featured as the second most expensive city with extremely high cost of living.
Luanda, the capital of Angola is Africa’s most expensive city with official prices “extremely expensive.” Lagos is the fourth most expensive city in the pack. The studied cities had per-capita expenditure higher than their respective nations. “Citizens in cities spent 94.4% more, per capita, than their countrymen as a whole,” the report said.
“Africa’s robust economic growth and rising middle class reflect the high potential in this rapidly growing region,” Robin Bew, the Chief Economist of EIU said. “Africa is urbanizing fast and cities are attracting more and more migrants. As a result we are witnessing the emergence of “super cities”- each bringing considerable opportunities,” he added.