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Business experts at the just concluded West Africa Global Trade & Investment Forum in London advised current and potential investors in Africa "not to be caught up in the (business) hype" common on the continent reports 234next newspapers. David Cowan, chief economist and director of Africa at Citigroup, a multinational financial services company, said while "gold rushing (seeking for investment opportunity)" is important for investors in Africa, there are "simple rules" that need to be observed in order to succeed in business. "The first is, don't get caught up in the hype," Mr Cowan said. He said that the big hype at the moment around Africa is meeting the need of the middle class. "But there is no real middle class in Africa. There is growing wealthy elite and there is very rapidly growing poor population which in itself provides huge market opportunity for discerning investors," he added. Mr Cowan also said that invest...

Nigeria and Ethiopia topped a new index of African potential investor destinations on Wednesday, with the survey organisers saying the continent offers good potential growth even against the global economic crisis. The world‘s poorest continent had seen an investment boom in recent years, but flows into the region are seen drying up as the global financial crisis and falling commodity prices take the shine off what were seen as promising frontier markets. Business consultancy, African Rainbow‘s Star of Africa index ranks 53 African countries in terms of their investment potential in various fields, with its creators arguing that potential growth in energy, water and communications consumption could amply reward investors taking the risk, Reuters reported on Wednesday. ”It is for investors to make sure they don‘t miss a trick by overlooking a country they would otherwise have missed,” Chief Executive of African, Rainbow, Katharine Pulvermacher, said. ”Africa is going to overtake the Mid...