Africa's rapid urbanization, surging middle-class attract private equity funding: report
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E-mail Xinhua, October 15, 2019
NAIROBI, Oct. 15 (Xinhua) -- Africa is witnessing an increase in private equity investments as investor interest in the continent surges, says a new report released in Nairobi on Tuesday.
The report by Cytonn, a Nairobi-based investment firm, attributed the growth in private equity investment in the continent to rapid urbanization, a resilient and adapting middle-class and increased consumerism.
"There are also attractive valuations in sub-Saharan Africa's private markets compared to its public markets and as compared to global markets," said Cytonn.
It added that sub-Saharan Africa is having better economic projections compared to global markets.
"We remain bullish on private equity as an asset class in sub-Saharan Africa. Going forward, the increasing investor interest and stable macro-economic environment will continue to boost deal flow into African markets," noted the investment firm.
Kenya, Nigeria and Ghana are among countries attracting high private equity investments, according to Cytonn. Enditem
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