WHERE TO INVEST IN AFRICA
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WHERE TOINVEST IN
AFRICA
OURMETHODOLOGY
GROWTH
MARKET SIZE
OPERATINGENVIRONMENT
20CAMEROON
19MOZAMBIQUE
18NAMIBIA
17SENEGAL
16ZAMBIA
15UGANDA
14MAURITIUS
13BOTSWANA
12RWANDA
11TUNISIA
10ALGERIA
9TANZANIA
8CÔTE d’IVOIRE
7ETHIOPIA
6NIGERIA
5KENYA
4GHANA
3MOROCCO
2EGYPT
1SOUTH AFRICA
1NIGERIA
5SOUTH AFRICA
4CONGO
3ALGERIA 2
GHANA
1ANGOLA
5MOROCCO
4GHANA
3MOZAMBIQUE 2
EGYPT
Drop in FDI
0
1
2
3
4
5
6
7
2007 2008 2009 2010 2011 2012 2013 2014 2015
Ethiopia GhanaKenya MozambiqueUganda Tanzania
US$
MOZ: Coal/Oil/Gas/Sentiment
GHANA: Lower oil/gold/cocoa prices
ETHIOPIA: Rising manufacturing, consumer and retail sectors
UGANDA: Lower oil prices
KENYA: Potential oil and gas sector
bn
FDI Target sectors
Top sectorsFDI projects (% share
in 2016)Top destinations (by
projects) %Technology, media and
telecommunications (TMT) 20South Africa 20
Egypt 11Nigeria 8
Consumer products and retail (CPR) 15
South Africa 40Egypt 13
Nigeria 7
Business services 12South Africa 21
Morocco 13Egypt 9
Financial services 10Ghana 16
South Africa 15Nigeria 9
Transports and Logistics 8Morocco 23
South Africa 10Mozambique 8
Real estate, hospitality and construction (RHC) 7
Morocco 20South Africa 16Mozambique 13
Cleantech 6Morocco 21
Egypt 21Cote d'Ivoire 21
Automotive 5Morocco 42
South Africa 18Algeria 9
Diversified industrial products (DIP) 5
South Africa 32Egypt 16
Nigeria 13
Coal, oil and natural gas 4Egypt 32
South Africa 14Tanzania 11
Strictly Private and Confidential
Africa’s two-tone growth story
Warnings ahead!SSA growth on the rise but country growth is varied
-1
1
3
4
6
8
2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020
World Sub-Saharan Africa
Botswana Kenya
Mozambique Namibia
Nigeria Tanzania
Zambia Ghana%
Risks to growth
Commodity wobble?
Anemic global growth
Security concerns
Lower for longer rainfall
Source: IMF, RMB Global Markets 10
Strictly Private and Confidential
A tale of two economic structures
Tanzania’s export basket: Varied and can weather the stormNigeria export basket: Highly concentrated and susceptible to shocks
Source: RMB Global Markets 11
Mineral fuels94%
Stones and metals, 25%
Ores, slag and ash, 8%
Vegetables, 7%
Animal vegetable fats, 6%Tobacco, 5%
Other, 49%
Strictly Private and Confidential
The need for structural reform
Informal economy as a percentage of total GDP Gross government debt/revenue (%)
12
100 148 196 244 292 340
Nigeria
Angola
Zambia
Cote d'Ivoire
Africa & Middle East
Rwanda
Ethiopia
Namibia
Emerging Europe
25 34 43 52 61 70
Nigeria
Tanzania
Benin
Angola
Ghana
Zambia
Cote d'Ivoire
Kenya
Rwanda
South Africa
Source: IMF, Fitch Ratings
PINK = BOOM BLUE = BUST
ACCESS TO FINANCING
WHERE TOINVEST IN
AFRICA
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