Don't Miss


Home   >   Business   >   Industries   >   Economy   >   Report lists Lagos among top 10 African cities

Report lists Lagos among top 10 African cities

By on April 15, 2015

Lagos has been ranked among top 10 African cities, according to a recent report by PwC, which detailed the potential of 20 African cities considered to be among the most dynamic and focused on the future, based on certain variables and key indicators, including infrastructure, human capital, economics, society and demographics.

The report also showed that the ranking of cities in Africa benchmarked against the ranking of countries was markedly different.

Indeed, the attractiveness of cities on the continent is sometimes stronger than the country itself, and the cities, which are performing well are those that have succeeded with the challenge of diversifying their economy and creating an ecosystem conducive for the middle class to grow.

The report titled, ‘Into Africa: The continent’s cities of opportunity’, is part of the PwC’s Global Cities of Opportunity series that helps governments, businesses and citizens improve their economies and quality of life.

According to the report, Africa is at an exceptional historical crossroad. The growing middle class, strong demographic growth with improving age mix, the technological innovation, growing choice of investment partners from the global South and fast-paced urbanisation are shaping what the future of Africa will look like.

Speaking on the report, the Chief Executive Officer, PwC Nigeria, Mr. Uyi Akpata, stated, “In 2030, half of the population will live in cities in Africa where economic activities and growth will be focused and which will become communication centres and hubs for social trends. This presents a major challenge to local authorities, city governments and also for businesses.”

The top five cities, according to the ranking, are Cairo, Tunis, Johannesburg, Casablanca and Algiers. The preponderance of North African cities is explained by their longevity, which has allowed for the development of their infrastructure and human capital over time.

Commenting further, Akpata noted, “Lagos ranked seventh in the overall rankings and was identified as a regional hub for culture, especially for music and also as the destination for African cinema (Nollywood). It was also listed as one of the top five cities that are conspicuous sites for investment at the moment along with Dar es Salaam, Lusaka, Nairobi, and Accra.

“Lagos equally tied with Accra in fifth place in terms of economic index, which measures such variables as GDP per capita, rate of real GDP growth, headquarters of top 500 companies in Africa and ease of doing business, but the infrastructure challenges, which for example hinder easy movement and increases journey time in the city was identified as one of its weak points.”

 

[Punch]