Egypt has unseated South Africa from its long-standing position as Africa’s top investment destination.

This was revealed in the 2018 edition of Rand Merchant Bank’s Where to Invest in Africa report. The report focuses on the key sources of dollar revenues in Africa, through which it measures the most important income generators and identifies investment opportunities, while also balancing economic activity against the relative ease of doing business.

This is the first time the country has dropped to second place since the report was initiated seven years ago. According to Fin24, it’s also the first time Nigeria has not featured in the top 10. Morocco took the number three spot for a third consecutive year, followed by Ethiopia and Ghana.

Market size plays a role in the report’s findings, which is why economies such as Mauritius, Botswana and Namibia did not make the top 10.

10 October 2017
Image: Gallo/Getty Images