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Africans Investing in Africa ThisPageIntentionallyLeftBlank Africans Investing in Africa Africans Investing in Africa Thispageintentionallyleftblank Africans Investing in Africa Understanding Business and Trade, Sector by Sector Edited by Terence McNamee Deputy Director, The Brenthurst Foundation, Johannesburg, South Africa Mark Pearson Independent Consultant, Lusaka, Zambia and Wiebe Boer Director, Group Strategy and Business Development, Heirs Holdings, Lagos, Nigeria Selection and editorial matter © Terence McNamee, Mark Pearson and Wiebe Boer 2015 Individual chapters © Contributors 2015 Foreword © Tony O. Elumelu and Jonathan Oppenheimer 2015 Softcover reprint of the hardcover 1st edition 2015 978-1-137-54278-6 All rights reserved. No reproduction, copy or transmission of this publication may be made without written permission. No portion of this publication may be reproduced, copied or transmitted save with written permission or in accordance with the provisions of the Copyright, Designs and Patents Act 1988, or under the terms of any licence permitting limited copying issued by the Copyright Licensing Agency, Saffron House, 6–10 Kirby Street, London EC1N 8TS. Any person who does any unauthorized act in relation to this publication may be liable to criminal prosecution and civil claims for damages. The authors have asserted their rights to be identified as the authors of this work in accordance with the Copyright, Designs and Patents Act 1988. First published 2015 by PALGRAVE MACMILLAN Palgrave Macmillan in the UK is an imprint of Macmillan Publishers Limited, registered in England, company number 785998, of Houndmills, Basingstoke, Hampshire RG21 6XS. Palgrave Macmillan in the US is a division of St Martin’s Press LLC, 175 Fifth Avenue, New York, NY 10010. Palgrave Macmillan is the global academic imprint of the above companies and has companies and representatives throughout the world. Palgrave® and Macmillan® are registered trademarks in the United States, the United Kingdom, Europe and other countries. ISBN 978-1-349-50708-5 ISBN 978-1-137-54280-9 (eBook) DOI 10.1057/9781137542809 This book is printed on paper suitable for recycling and made from fully managed and sustained forest sources. Logging, pulping and manufacturing processes are expected to conform to the environmental regulations of the country of origin. A catalogue record for this book is available from the British Library. A catalog record for this book is available from the Library of Congress. Contents List of Boxes vii List of Figures viii List of Tables ix Foreword x Tony O. Elumelu and Jonathan Oppenheimer Acknowledgements xii Notes on Contributors xiii Editors’ Note xix Introduction 1 Paul Collier Part I Cross-Cutting Issues 1 The Wangara Trading Network in Precolonial West Africa: An Early Example of Africans Investing in Africa 9 Moses E. Ochonu 2 Why Governance Matters for Investment 28 John Endres 3 Regional Economic Communities 35 Jacqueline Chimhanzi 4 Transport Infrastructure 63 Mark Pearson 5 The Growth of Continental African Brands 79 Nicholas J.W. Kühne 6 Is It Time for Open Borders in Southern Africa? The Case for Free Labour Movement in SADC 85 Adrian Kitimbo v vi Contents Part II Sectors with African Champions 7 Banking and the Financial Sector 103 Lite J. Nartey 8 The Case of Cement 124 Lyal White 9 The Fast-Moving Consumer Goods and Retail Sectors 147 Dianna Games 10 Information and Communications Technologies 177 Bitange Ndemo and Muriuki Mureithi 11 Entertainment and Media 203 Eric Kacou Part III Emerging Pan-African Sectors 12 Petroleum, Gas and Mining Sectors in East African Community 229 Albert Butare 13 Private Security 246 Stuart Doran 14 The Private Sector’s Role in Africa’s Water Infrastructure 265 David A. Rice 15 Transport and Logistics Sector 289 Mark Pearson 16 Tourism and Travel 309 Terence McNamee and Daniella Sachs Index 327 List of Boxes 10.1 Africa leads the world in Mobile Money 177 10.2 Africa sets its sights on digital future 178 10.3 Hostile political dynamics and…high cost of access 181 10.4 Challenges of local partnerships in services development 182 10.5 The ugly face of corruption 183 10.6 The Internet Exchange imparative – keeping local traffic local 184 14.1 Water facts 265 14.2 African water facts 266 14.3 The Dublin principles 268 14.4 Private water services in Uganda 273 14.5 Political economy of private investment in infrastructure 275 14.6 Principles for private sector participation in infrastructure 277 14.7 Public-private partnerships in water: keys to success 278 16.1 New visa laws in South Africa set to damage tourism 311 16.2 Mantis collection bucking the trend 312 16.3 Obstacles hampering tourism growth in Malawi 314 16.4 West Africa investment climate 315 16.5 Low-cost carrier investment 316 16.6 Costa Rica’s effective use of incentives 317 vii List of Figures 1.1 Trading routes and investments made by the Wangara 10 1.2 Trading routes and commodities made by the Wangara 13 2.1 Per capita incomes in Sub-Saharan Africa 29 3.1 Overview of overlapping African countries’ REC memberships 42 3.2 How trade facilitation can contribute to reaching development goals 45 3.3 EAC quick facts 47 3.4 Overview of the EAC integration process : key phases and milestones 49 6.1 Intent and implementation of the protocol on free movement 94 6.2 Intent and implementation of common market protocol 95 8.1 Africa’s imports of cement from Asia, 2002–2012 125 8.2 African presence: PPC vs Dangote 136 8.3 Nigerian cement sales, 2004–2012 138 8.4 Dangote’s estimated share of EBITDA per country in 2016 139 10.1 Cellulant and Seven Seas footprint 186 10.2 MTN’s global presence 188 11.1 Media and entertainment industry value chain 204 11.2 Market fragmentation – languages across Africa 211 11.3 FDI reversibility 212 11.4 Africa’s growing middle class 219 11.5 Mobile growth penetration forecast by 2016 220 14.1 Raw water demands 277 viii List of Tables 3.1 Six stages of the establishment of the African economic community 37 3.2 African states’ REC memberships 38 3.3 Comparisons of different continents’ intra-regional trade levels 40 3.4 Estimated value and share of intra-REC trade, 2009 40 3.5 Progress towards elimination of tariffs and equivalent measures by EAC partner states 55 8.1 Estimated average per capita consumption of cement 127 8.2 Per capita consumption of cement 128 11.1 Media and entertainment industry product segments 204 11.2 Total global spending growth by region 205 11.3 Media and entertainment outlook in South Africa, Nigeria and Kenya 206 11.4 Illustration of Nigeria’s cinema 216 12.1 Adoption of laws and policies 236 14.1 Largest donors to water and sanitation infrastructure in Sub-Saharan Africa 270 ix Foreword Never have circumstances been more auspicious for African business. Rising disposable incomes, a young and talented population, rapidly improving infrastructure and an increasingly robust business climate have all combined to produce an emerging middle-class – poised to drive consumption, indus- trialisation and agricultural development. Global investor confidence in Africa is higher than it has ever been. Will the nations of Africa manage to capitalise on this period in history? This was one of the key questions we sought to answer when the Tony Elumelu Foundation and the Brenthurst Foundation came together and conceptualised this joint project as part of our respective missions to create African thought-leadership around the continent’s economic and social transformation. For far too long, Africa’s destiny was shaped by external influences and the self-interest of others more than by Africans themselves. In this age of global- isation and deepening economic integration, Africa must continue to inte- grate with the rest of the world, but not at the expense of strong economic ties between African nations. In order for Africa to live up to the prevailing narrative of ‘Africa Rising’, we must increase the depth and breadth of trade and investment between all its countries. Through our respective experiences building businesses across Africa, we are both aware of the challenges of cross-border business operations on the continent. However, we have also both seen the incredible financial rewards to our respective commercial interests from such trade and, more import- antly, we have seen the broader economic and social impact these activities create. This has shaped our agenda and created a focus on how to ensure more intra-African trade and other commercial flows. In seeking to understand the profound changes under way in Africa’s busi- ness landscape and how governments and entrepreneurs can open the way for more trade and investment by Africans, into Africa, the contributors to this volume have arrived at some vital – and often unexpected – conclusions. While Africans Investing in Africa: Understanding Business and Trade, Sector by Sector can be read as a series of stand-alone chapters, together they represent an important manifesto for how intra-African commerce could help propel the continent to greater economic prosperity. The book illustrates why Africans must explore innovative ways to move beyond regional differences and competition, in order to forge lasting ties so that Africans at all levels become the primary beneficiaries of the continent’s economic growth. x Foreword xi The purpose of this book is to demonstrate the diversity of sectors that are engaged in cross-border economic activity across the continent. The sectors covered in the various chapters use fresh case studies and in-depth analyses of African-led businesses that have successfully expanded internationally. Of course, due to Africa’s vast diversity in tax, trade and customs regimes as well as in languages, cultures and social and business norms, challenges to further intra-African economic ties remain; many of which are discussed throughout this volume.
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