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Bright Africa 2015Drivers, enablers and managers of investment on the continentriscura.com/BrightAfrica
2
Continent can be divided into 9 meaningful markets
Source: RisCura
Central Africa
East Africa
Egypt & Sudan
Francophone West Africa
Maghreb region
Nigeria
Other West Africa
South Africa
Southern Africa excl. SA
3
Domestic consumption is fairly well diversified
GDP (nominal GVA) output by region (2014)
Source: BMI Research, RisCura analysis
Franco-phone
W. Africa
4
Large reliance on extractive industries for exports
Breakdown of regional exports (2013)
Source: Trade Map, RisCura analysis
Franco-phone
W. Africa
STATE OF INFRASTRUCTURE AS AN ENABLER
6
Consistent income crucial for infrastructure
Sources of government funding (2014)
Source: BMI Research, IMF WEO October 2014, Heritage Index of Economic Freedom, OECD - Development Aid at a Glance 2. Africa (2014 edition), RisCura analysis
Franco-phone
W. Africa
7
Maghreb leads the pack on paved roads
Road infrastructure (latest available information)
Source: CIA World Factbook, RisCura analysis
8
Rail infrastructure in Africa lags its peers
Km of rail per km2 of land area (latest information available))
Source: CIA World Factbook, RisCura analysis
Franco-phone
W. Africa
South-ern
Africa
9
Significant energy infrastructure needed
Energy (MW) per million people (latest available information)
Source: CIA World Factbook, IMF WEO October 2014, RisCura analysis
Franco-phone
W. Africa
South-ern
Africa
PENSIONS, INSURANCE AND DFIs DRIVE GROWTH THROUGH INVESTMENT
11
African pension assets growing quickly
Annualised growth rates (local currency) vs. Asset as a % of GDP
Source: Regulator annual reports and websites, other industry sources, EAC review of pension sector (Callund Consulting), Towers Watson Global Pension Study 2015, RisCura analysis
12
Significant allocation to fixed income in Nigeria and E. Africa
Asset allocation of pension funds across Africa
Source: Regulator annual reports and websites, other industry sources, EAC review of pension sector (Callund Consulting), Towers Watson Global Pension Study 2015, RisCura analysis
13
Potential for insurance growth
Penetration and expected annual growth in AUM by region
Source: Swiss Re, UN Population Division, IMF, African Insurance Organisation, NKC Research, S&P Capital IQ, RisCura analysis
Franco-phone
W. Africa
14
Significant growth in insurance AUM expected
AUM by region in 2012 and 2018 (projected)
Source: Swiss Re, UN Population Division, IMF, African Insurance Organisation, NKC Research, S&P Capital IQ, RisCura analysis
Franco-phone
W. Africa
AFRICA’S LISTED EQUITY MARKETS
16
Liquidity still poor, but improving
Number of companies listed vs number of companies traded
Source: ASEA (African Stock Exchange Association), RisCura analysis
17
Listing allowance of Africa indices
Source: MSCI Indices; S&P Dow Jones Indices; RisCura Analysis
AFRICA’S UNLISTED EQUITY MARKETS
19
South Africa losing dominant deal position
Number of private equity entry transactions by region
Source: RisCura
20
Uptick in deals in Energy investment
Number of private equity entry transactions by sector
Source: RisCura
THANK YOU
riscura.com/BrightAfrica
22
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