June 5, 2015 — 5:38 AM EDT
Pedestrians at the Merkato open air market in Addis Ababa. Photographer: Simon Dawson/Bloomberg
Africa has a hot new investment destination and it’s not Nigeria.
The buzz at the World Economic Forum on Africa, an annual summit of the continent’s rich and powerful, is all about Ethiopia, where the economy is flourishing and the government is embracing select foreign capital. Executives from General Electric Co., Dow Chemical Co., Standard Bank Group Ltd. and MasterCard Inc. attending the June 3-5 gathering in Cape Town all singled out the East African nation as a market with strong potential.
Ethiopia was Africa’s eighth-largest recipient of foreign direct investment last year, up from 14th position in 2013, a report released by accounting firm EY on June 2 showed. The number of projects in Ethiopia surged 88 percent, the most of all countries ranked, while those in Nigeria slumped…
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