Painting Africa with the same economic brush is always a mistake; the Africa Rising narrative has cooled down since growth lost momentum in some countries and investors have become more strategic with chasing investment deals.

Egypt remains the most appealing for investors, according to RMB’s Where to Invest in Africa. The Arab country has stabilized its economy since the revolution and coup a few years ago. South Africa continues to be strategic for investors coming into the continent. Nigeria made a comeback into the top 10 helped by recovering oil prices and improved access to foreign currency. These three markets form almost 50% of Africa’s nearly US$7trn market size, said the research team at Rand Merchant Bank (RMB).

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