The geographical position of the city of Nairobi makes it the natural meeting point of the region’s travel, economic activity and even headquarters to many functions. One cannot help but wonder at how in 1899, a group of men picked this strategic point as the holding place for their construction work.
Amazing must be the word. At an elevation of 5420 meters above sea level, not so far away from the equator and +3 hours to UTC they chose the perfect place that would be easily reachable from all corners of the world.
The city of Nairobi has a near perfect weather that can best be described as “mild and temperate.” The city enjoys sunshine most of the year except for the two or so months of July and August, during which time temperatures of 15 degrees are considered severe winter. But in recent times we have recorded 5 degrees.
The rain seasons are; April and May for the long rains and September to early December for the short rains.
Kenya’s main economic activities include agriculture and tourism. The capital city serves as an effective base of both these leading sectors. Kenya is a major producer of tea, coffee, horticulture and cut flowers for the world market. This coupled with the inflow of visitors from all over the world make the city an important economic centre.
The city is also a major centre for manufacturing, business and finance. It has become home for many leading international companies. The city is also home to UN Habitat, UNEP and the United Nations Office in Nairobi (UNON), a presence that has largely defined lifestyle in the city.
In recent years, the country has been undergoing a great deal of reconstruction of roads and other public service projects. This has contributed towards the economic activity in the country and the city. This industry has also been a major area of investment for private developers of housing projects as the economy takes momentum.
The Nairobi Stock Exchange has been rated as the fourth largest in the continent and has witnessed tremendous growth over the last few years. Investing in stocks has taken off among Kenyans with recent IPOs realizing constant oversubscriptions. A recent IPO was subscribed to the tune of $ 340 million.
In 2009, Kenya expects its first fiber optic connection onto the World Wide Web to get into place. ICT is expected to become a major driving force for the economy with some experts predicting that it should surpass the leading foreign exchange earner, tourism. This does not seem far-fetched considering that Kenya should do well in the BPO area.
The banking sector is vibrant and highly profitable. Nairobi is home to multinational banks that have made Kenya their home for many years. Barclays, Standard Chartered and Citigroup have been major players. In recent times, the innovations of local players have shaken the market, while Nigerian banks are showing increased interest.