” emerging market countries. South Africa and Namibia are the only sub-Saharan African countries in the third-level “” EM countries category, while the remainder Ghana, Senegal, Rwanda, Uganda, and Kenya form part of the penultimate fourth level “similarly identifies South Africa, Namibia, Ghana, Senegal, Kenya, Rwanda as the top five SSA countries with soft power. I recommend the top two countries in each region based on these indices.
Thus, my framework relies on these factors – culture, doing business ranking, EM status, and soft power ranking – to recommend sectors in Africa that are likely to be successfully tapped by foreign investors. I rely on the Global Industry Classification Standard in this regard. The sectors considered are as follows: energy, materials, industrials, consumer discretionary, consumer staples, healthcare, financials, information technology, communication services, utilities and real estate.
Would it be profitable for a foreign investor to invest in a refinery in Nigeria, say? It is highly unlikely without local support. But a local investor like Aliko Dangote, Africa’s richest man, who is currently building a refinery in Lagos, Nigeria’s commercial capital, is incidentally likely to be successful, however. This is because in addition to his having access to foreign capital, he is also fully enmeshed in the political, social and cultural fabric of Nigerian society.