Kenya Egypt, Nigeria and South Africa accounted for more than 80 per cent of investment into Africa, according to a report by African Development Bank (AfDB).
The four countries also attracted the highest foreign direct investment in the past 10 years,reflecting a measure of concentration.
In Africa, the concentration of venture capital and private equity has mirrored the evolution of accelerators such that the support for innovation and entrepreneurship has grown, as reflected by the number of African startups and their increasing acceptance into accelerators and incubators around the world.
Today, Africa has nearly 650 tech hubs that include accelerators and incubators, and the countries with the greatest number of accelerators are also those with the greatest share of venture capital financing.
This report by AfDB titled ‘Entrepreneurship and Free Trade Volume II – Towards a New Narrative of Building Resilience’ examined the state of African entrepreneurship within a global lens while highlighting developments and suggesting future directions for entrepreneurship in Africa.