16 Best Countries For Business in Africa

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The African continent is buzzing with potential. Rich in natural resources, a hardworking population, and huge gaps and opportunities for anyone who wants to succeed in business.

Yes there are challenges, but there is also huge potential for growth in almost any sector.

Based no Forbes‘ list, we have compiled Africa’s top countries for business. The list was compiled by rating 139 nations on 11 different factors: property rights, innovation, taxes, technology, corruption, freedom (personal, trade and monetary), red tape, investor protection and stock market performance.

Drawing from the list from Forbes, this list highlights the 15 Best Countries For Business in Africa:

16. Nigeria

Doing Business in Nigeria 2014 surveys 35 states and Abuja, FCT finding that is easier to deal with construction permits in Jigawa and Sokoto, register property in Zamfara and Gombe, enforce a contract in Katsina and Kaduna, and start a business in Abuja, FCT and Zamfara.

The most populous African country has not been left out in technology and innovative developments accross Africa. Coming at the thrid slot, Nigeria is a technology giant with lots of potentials in the industry. It is home to the likes of Iroko Partners ,a successful internet company with over 6 million uniques users from 178 different countries , made in Nigeria INYE-1 and INYE-2 tablet computers. Seyi Oyesola’s “Hospital in a box” invention et.. In recent times, the country saw the famous demonstration of a rugine powered generator developed by school teenagers ; a Moringa plant technology that would enable Nigerians to use Moringa plant for water treatment, a move toward increasing the accessiblity to potable water in the country. There are also a lot of achievements in mobile and web apps development in the country. Though the internet penetration is still low and stands at roughly 38% , Nigeria is a country with a lot of potentials producing the most talented people when given the opportunity.

 Starting a business

Nigeria made starting a business faster by allowing electronic stamping of registration documents. This reform applies to both Kano and Lagos.

 Dealing with construction permits

Nigeria (Kano) increased transparency by publishing all relevant regulations, fee schedules and pre-application requirements online. Nigeria (Lagos) made it easier to obtain construction permits by streamlining the permitting process and increased transparency by publishing all relevant regulations, fee schedules and pre-application requirements online.

 Registering property
Nigeria (Kano) made transferring property more transparent by publishing the list of documents, fee schedules and service standards for property transactions. Nigeria (Lagos) made transferring property easier and more transparent by removing the sworn affidavit for certified copies of land ownership records, introducing a specific and independent complaint mechanism and by publishing statistics on land transfers.

 Getting credit
Nigeria improved access to credit information by guaranteeing borrowers the legal right to inspect their credit data from the credit bureau and by starting to provide credit scores to banks, financial institutions and borrowers. Nigeria also strengthened access to credit by adopting a new law on secured transactions and establishing a modern collateral registry. These changes apply to both Kano and Lagos.
 Paying taxes
Nigeria made paying taxes easier by introducing new channels for payment of taxes and mandating taxpayers to file tax returns at the nearest Federal Inland Revenue Service (FIRS) office. This reform applies to both Kano and Lagos

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