Rwanda is Africa’s 2nd Best Entrepreneurial Nation after South Africa which tops the top 10 list by CEO WORLD.
In the region, Kenya secures the fourth position, surpassing Nigeria in fifth place, showcasing its growing startup ecosystem.
A new report by CEO WORLD magazine has shed light on the best countries for entrepreneurs, assessing 100 economies across various parameters, including innovation, competitiveness, infrastructure, labour skills, access to capital, and openness for business.
Let’s explore the top 10 most entrepreneurial countries in Africa according to the CEO WORLD Entrepreneurship Index 2021, and uncover their strengths that contributed to their rankings.
Top 10 Most Entrepreneurial Countries in Africa:
- South Africa (Score: 15.42): South Africa takes the lead as the most entrepreneurial country in Africa. With a highly-skilled workforce, competitive spirit, and a business-friendly environment, it boasts the second-largest economy on the continent and is a hub for industrialisation in sub-Saharan Africa.
- Rwanda (Score: 14.96): Rising to second place, Rwanda stands out for its remarkable progress in entrepreneurship. The country’s dedication to innovation, coupled with improvements in infrastructure and business openness, has spurred a thriving startup culture.
- Morocco (Score: 14.32): Morocco secures the third spot with its vibrant entrepreneurial ecosystem. A growing pool of skilled labour, coupled with increasing competitiveness and access to capital, have fostered a favourable environment for startups to flourish.
- Kenya (Score: 14.2): Earning the fourth rank, Kenya has proven to be a hotbed for entrepreneurial endeavours. The nation’s resilience, coupled with a growing innovation landscape and positive infrastructure developments, have fueled its entrepreneurial spirit.
- Nigeria (Score: 14.11): Securing the fifth position, Nigeria remains a powerhouse for entrepreneurship in Africa. Boasting the largest economy on the continent, Nigeria’s startup scene benefits from improving access to capital and an open business environment.
- Tunisia (Score: 13.38): Tunisia embraces innovation and competitiveness, placing it in the sixth spot. The country’s efforts to support small businesses and enhance infrastructure contribute to its thriving entrepreneurial ecosystem.
- Ghana (Score: 13.35): Ghana’s commitment to nurturing startups has landed it in the seventh position. The country’s favourable labour skills and openness for business have provided fertile ground for entrepreneurs to thrive.
- Botswana (Score: 12.85): In eighth place, Botswana showcases its dedication to fostering entrepreneurship. A growing economy, improved infrastructure, and a supportive business environment have contributed to its success.
- Cameroon (Score: 12.65): Cameroon embraces a burgeoning entrepreneurial spirit, ranking ninth. The country’s efforts to improve access to capital and enhance business openness have been instrumental in supporting startups.
- Egypt (Score: 12.59): Completing the top 10, Egypt is driving entrepreneurship with its vast potential and growing innovation culture. The country’s diverse labour skills and efforts to promote business openness have laid a solid foundation for startups.