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