August 15 (SeeNews) - Solar power topped the ranking of most promising investment opportunities in Africa as the energy sector was considered to be the main driver of economic growth within the 2020 horizon, according to survey among top finance institution.
The survey was carried out among 55 financial institutions and banks for the second edition of the Havas Horizons study on finance for growth in Africa, published by Paris-based communication agency Havas Paris, in partnership with Institut Choiseul, a French think-tank for international politics and geoeconomics.
Over half of the interviewed (51%) identified solar power as the most attractive investment opportunity while 65% of the respondents said the energy sector will drive growth in Africa over the next four years.
The energy sector ranked fourth in terms of attractiveness for investment in last year's edition of the survey, so the swing to top is pretty remarkable for less than a year. With the advance of renewable energy, the once considered too risky energy projects are now perceived as good opportunity with significant return on investment.
Nigeria, Cote d'Ivoire, Kenya, Morocco and South Africa were the top five markets to invest in energy, according to the survey.
The full study is available in French here.