stj presentation june 2015 long lr (2)
TRANSCRIPT
YOUR PARTNER FOR PROJECT FINANCING & INVESTMENT OPPORTUNITIES IN AFRICA
STJ Partners !
“Our task is not to foresee the future but to enable it.”
Antoine de Saint-‐Exupéry.
June 2015 STJ Partners – Strictly Private & Confidential 1
STJ Partners!
STJ Partners is a partnership between Financial Services Specialist Basil Mandil, Creative Network Builder Victoria Kay and Business Leader Jacques Steffens.
STJ Partners aims to actively contribute to the continued delivery and acceleration of sustainable economic growth in Africa. Our vision is to present and to further develop the potential of Africa as a viable and attractive investment destination; to elevate the status of the African mid-‐market in the perception of investors, media and the general public; and to concurrently contribute to the growth and empowerment of the middle class on the African continent.
Our belief lies in the strength of partnerships, in a creative, solution-‐oriented approach to relationship building and in the creation of a bespoke portfolio of business opportunities for our investors.
STJ Partners – Strictly Private & Confidential 2 June 2015
STJ Partners: Our Vision & Mission!
STJ Partners is a small, specialised firm focused on driving profitable investments in African Small-‐ and Medium-‐Sized Enterprises (SMEs).
We: • Identify opportunities which have the
potential to deliver sustainable returns for investors.
• Source these opportunities from a wide range of geographies and industrial sectors across Africa.
• Provide initial due-‐diligence of the quality of these opportunities through our internal expertise and use of our extensive third party professional network.
• Provide, where appropriate, tailored post-‐acquisition management services.
To this end we are: • Continually identifying and looking to engage
qualified investors. • Actively extending our existing pipeline of
SME-‐based projects. We are ideally positioned to deliver these opportunities through:
• Applying our knowledge of African markets. • Engaging our extensive on-‐the-‐ground
network.
• Our ability to identify, facilitate and build the right relationships.
• Our specifc blend of financial and industry experience.
STJ Partners – Strictly Private & Confidential 3 June 2015
• The African Economy, worth US$ 1.8 trillion today, is growing faster than the global economy.
– African Growth stood at +4% in 2013 versus +3% globally (Africa Economic Outlook, 2014).
• Capital is returning to the continent (BCG Survey, 2014). • Political stability and governance have in general improved dramatically (BCG Survey, 2014).
Africa – The 21st Century Growth Story!
The Economist Jan. 2011 The Economist Nov. 2013
STJ Partners – Strictly Private & Confidential 4 June 2015
The current and future growth of Africa’s private sector can be attributed to three driving factors: Demographics • Forecasted to have a population of 2.4bn. by 2050, up from 1.1bn today (The Economist/UNICEF, August 2014). • A young population with an average age of 20, versus 32 in the BRICS countries and 40 in Europe. • The middle class represents one third of the population and is growing faster than anywhere else in the world (DNATA
Survey, 2013). Labour & Education • The improved and improving educational infrastructure is supplying Africa with a youthful and better-‐educated workforce
(BCG, January 2014). • Within 30 years Africa will have a larger workforce than China (Director Magazine, May 2014). • Manufacturing plants have already been relocated from China to Africa (e.g. Ethiopia & Senegal. WSJ, May 2014). Technology • On-‐going improvements in physical and digital infrastructure are easing the challenges of doing business and are helping to
modernize national economies. • For example, In Kenya, the total value of transactions made by mobile phone in 2013 was around $24 billion, more than half
the country’s GDP (The Economist, September 2014).
Africa – The 21st Century Growth Story!
The Economist Nov. 2013 BCG Jan. 2014 STJ Partners – Strictly Private & Confidential 5 June 2015
Collectively, these developments have helped create an emerging class of African consumers with more discretionary income to spend relative to other geographies. In addition, it is estimated that consumer spending will triple by 2030 (DNATA Survey, 2013).
Most economies and sectors on the continent are poised to take full advantage of these significant changes.
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Fast-moving consumer goods Automotive
Oil and gas Telecommunications
Consuming class by 2020 (millions)5.0–7.07.1–11.011.1–15.0
15.1–17.017.1–30.031.0–57.0
Daily production (millions of barrels)
0.00.10.11–0.25
0.26–2.002.01–2.502.51–2.75
01,000–50,00051,000–150,000
151,000–300,000301,000–700,000701,000–1,000,000
New-vehicle sales forecast for 2020
4.0–6.56.6–12.512.6–20.0
20.1–26.026.1–60.060.1–89.0
Number of mobile subscribers, 2011 (millions)
Sources: World bank; united nations Development Program; african Development bank, “the middle of the Pyramid: Dynamics of the middle class in africa,” april 2011; ihs automotive; BP Statistical Review of World Energy, June 2012; Gsma, African Mobile Observatory 2011; bcG analysis.
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1.1: Assessing Africa’s Competitiveness in an International Context
18 | The Africa Competitiveness Report 2013
Box 1: Evolution of key emergent competitive industries and jobs in Africa
A number of emergent sectors of African economies show ample growth potential, as indicated by the widespread growth across various sectors in 2002–07. Figure A shows that the resource sector has been the main driver of economic growth in these years. This is followed closely by the wholesale and retail sector, which is projected to generate
revenues of more than US$1,380 billion by 2020, effectively overtaking the resource sector (Figure B).
Thus, Africa’s consumer sector presents a major opportunity for growth. Other labor-intensive sectors, such as agri-business and infrastructure, are also projected to offer opportunities for further growth and employment creation.
Source: McKinsey Global Institute, 2010.
Source: McKinsey Global Institute, 2010.1 In 2005 dollars. The total is the sum of 15 countries for which data were available, and that together account for 80 percent of Africa’s GDP: Algeria, Angola, Cameron,
Egypt, Ethiopia, Kenya, Libya, Morocco, Nigeria, Senegal, South Africa, Sudan, Tanzania, Tunisia, and Zimbabwe.2 Education, Health, Social Services, Household Services.
Figure A: Africa’s growth widespread across sectors
0 5 10 15 20 25
Other services2
Utilities
Tourism
Real estate, business services
Construction
Public administration
Financial intermediation
Manufacturing
Transport, telecommunications
Agriculture
Wholesale and retail
Resources
6.9
7.3
8.7
5.9
7.5
3.9
8.0
4.6
7.8
5.5
6.8
7.1
Compound annual growth rate, %Sector share of change in real GDP, 2002–07100 percent = US$235 billion1
Source: McKinsey Global Institute, 2010.1 We took the 2030 value of $880 billion and calculated straight-line equivalent for 2020.2 Represents investment; assumes needs remain the same share of GDP through 2020.
Figure B: Four groups of industries: Potential combined revenue of US$2.6 trillion by 2020
~980
130
220
110
520
4
9
5
2
4
Compound annual growth rate, 2008–20, %
Estimated annual revenue, 2020US$ billions
Growth 2008–20,
US$ billions
0 500 1000 1500 2000 2500 3000
Total
Infrastructure2
Agriculture1
Resources
Consumer
Source WEF 2014
Africa – The 21st Century Growth Story!
BCG Jan. 2014
STJ Partners – Strictly Private & Confidential 6 June 2015
Collectively, these developments have helped create an emerging class of African consumers with more discretionary income to spend relative to other geographies. In addition, it is estimated that consumer spending will triple by 2030 (DNATA Survey, 2013).
Most economies and sectors on the continent are poised to take full advantage of these significant changes.
�čĊ��ĔĘęĔē��ĔēĘĚđęĎēČ�ėĔĚĕ�ǜ�ȴȺ
Fast-moving consumer goods Automotive
Oil and gas Telecommunications
Consuming class by 2020 (millions)5.0–7.07.1–11.011.1–15.0
15.1–17.017.1–30.031.0–57.0
Daily production (millions of barrels)
0.00.10.11–0.25
0.26–2.002.01–2.502.51–2.75
01,000–50,00051,000–150,000
151,000–300,000301,000–700,000701,000–1,000,000
New-vehicle sales forecast for 2020
4.0–6.56.6–12.512.6–20.0
20.1–26.026.1–60.060.1–89.0
Number of mobile subscribers, 2011 (millions)
Sources: World bank; united nations Development Program; african Development bank, “the middle of the Pyramid: Dynamics of the middle class in africa,” april 2011; ihs automotive; BP Statistical Review of World Energy, June 2012; Gsma, African Mobile Observatory 2011; bcG analysis.
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1.1: Assessing Africa’s Competitiveness in an International Context
18 | The Africa Competitiveness Report 2013
Box 1: Evolution of key emergent competitive industries and jobs in Africa
A number of emergent sectors of African economies show ample growth potential, as indicated by the widespread growth across various sectors in 2002–07. Figure A shows that the resource sector has been the main driver of economic growth in these years. This is followed closely by the wholesale and retail sector, which is projected to generate
revenues of more than US$1,380 billion by 2020, effectively overtaking the resource sector (Figure B).
Thus, Africa’s consumer sector presents a major opportunity for growth. Other labor-intensive sectors, such as agri-business and infrastructure, are also projected to offer opportunities for further growth and employment creation.
Source: McKinsey Global Institute, 2010.
Source: McKinsey Global Institute, 2010.1 In 2005 dollars. The total is the sum of 15 countries for which data were available, and that together account for 80 percent of Africa’s GDP: Algeria, Angola, Cameron,
Egypt, Ethiopia, Kenya, Libya, Morocco, Nigeria, Senegal, South Africa, Sudan, Tanzania, Tunisia, and Zimbabwe.2 Education, Health, Social Services, Household Services.
Figure A: Africa’s growth widespread across sectors
0 5 10 15 20 25
Other services2
Utilities
Tourism
Real estate, business services
Construction
Public administration
Financial intermediation
Manufacturing
Transport, telecommunications
Agriculture
Wholesale and retail
Resources
6.9
7.3
8.7
5.9
7.5
3.9
8.0
4.6
7.8
5.5
6.8
7.1
Compound annual growth rate, %Sector share of change in real GDP, 2002–07100 percent = US$235 billion1
Source: McKinsey Global Institute, 2010.1 We took the 2030 value of $880 billion and calculated straight-line equivalent for 2020.2 Represents investment; assumes needs remain the same share of GDP through 2020.
Figure B: Four groups of industries: Potential combined revenue of US$2.6 trillion by 2020
~980
130
220
110
520
4
9
5
2
4
Compound annual growth rate, 2008–20, %
Estimated annual revenue, 2020US$ billions
Growth 2008–20,
US$ billions
0 500 1000 1500 2000 2500 3000
Total
Infrastructure2
Agriculture1
Resources
Consumer
Source WEF 2014
Africa – The 21st Century Growth Story!
BCG Jan. 2014
STJ Partners – Strictly Private & Confidential 7
• Resources, despite being of primary importance, are no longer the main driver of African economies. • Successful African economies are supported by significant and accelerating growth in other sectors such
as FMCG, ICT and Agriculture. • Significant presence and growth of the consuming class across the continent.
June 2015
WHY AFRICAN SMEs?!
Strong economic development is driving rapid growth of the Middle Class.
This in turn is leading to a surge in the creation of new African start-‐ups and the rapid growth of existing, well established SMEs. Both are uniquely positioned to exploit the significant growth opportunities in coming years.
STJ Partners focuses on established SMEs. These companies offer a range of attractive attributes for potential investors/partners including:
• Smart, innovative, and aggressive.
• In possession of protected intellectual property.
• Unmatched local market knowledge.
• First-‐mover advantage in a growing market.
• Proven business models capable of and ready for expansion.
These companies, despite significant and ongoing improvements, still face some local challenges that in turn present investors with a real opportunity:
• Access To Capital: African SMEs are too often not adequately serviced by local investment channe ls , inc lud ing investment and commercial banks.
• Human Resources: Limitations of training, professional management availability and financing means that senior teams may have limited experience and require support.
• Governance: Policies in many countries are still catching up with the new and accelerating economic growth. The private sector in genera l and SMEs in part icu lar are instrumental in driving policy development.
There are thousands of investment opportunities in Africa – the challenge for any investor is
identifying the right ones.
STJ Partners – Strictly Private & Confidential 8 June 2015
Africa, its markets, industry sectors and SME landscape are vast and diverse. It is essential for any investor to be able to identify economies, industries and sectors that present the best risk-‐adjusted growth prospects for them.
STJ is uniquely positioned to help investors identify these prospects. We identify premium opportunities and offer bespoke solutions for investors. We know where to go, what to do; we help you achieve your goals.
STJ Active Investor and Market Network!
* Active STJ Deals
STJ Partners – Strictly Private & Confidential 9
Africa Sudan Kenya*
Tanzania* Uganda Ethiopia* Eritrea
Rwanda* Ghana
Nigeria* Angola
Mauritius* Ivory Coast
South Africa* Cape Verde* Madagascar Zimbabwe
Europe Switzerland
UK Italy
Germany
Middle East UAE KSA Kuwait Qatar
*STJ Active Projects
Asia Hong Kong
June 2015
STJ Pipeline
Identification of Bespoke
Opportunities
Rapidly Growing & Developing
SMEs
African Growth
STJ PROCESS and ADDED-VALUE!
SOURCE Identification of Viable Opportunities
EVALUATE Assessment &
Due Diligence of Opportunities
MATCH Creation of Bespoke Investor Pipeline
STJ Partners – Strictly Private & Confidential 10 June 2015
Investment Opportunities, Structures & Size!
The STJ Partners Pipeline:
• 9 investor-‐ready investment opportunities.
– Countries: Rwanda, Tanzania, Kenya, Cape Verde, Uganda, Ghana.
– Sectors: Agriculture, ICT, Hospitality, Mining and Entertainment.
– The typical size of investment ranges from US$ 1-‐ 20 mln.
• On an on-‐going basis we are reviewing between 10 to 20 potential projects
• We will work with the relevant parties to find:
– An appropriate financial structure, including:
• Debt, Equity and/or Convertibles.
– An appropriate form of partnership:
• Direct investment, Joint Venture, Licensing, Franchising.
STJ Partners – Strictly Private & Confidential 11 June 2015
Our Validation & Due-Diligence Network!
We have established a highly qualified network of third party entities in a wide range of sectors, which we can call upon when needed to assess the viability and quality of an opportunity. Additionally, STJ Partners is actively invovled with groups including: • The Swiss African Business Circle • Swiss Embassies in Africa • African Embassies in Switzerland • The Africa CEO Forum • World Economic Forum’s «Grow Africa»
Initiative • Invest Africa • My African Start-‐Up Conference
STJ Partners
African and International Advisory Firms
Accountants & Trusts
Legal & Tax Advisors
Banks, Wealth Managers & Family Offices
Commodity Groups
Business Circles,
Conferences and Investment
Clubs
Embassies & Governmental Authorities
Impact Investment Experts
STJ Partners – Strictly Private & Confidential 12 June 2015
STJ: The Partners!
Jacques Steffens • 30 years of FMCG work experience. • Strong financial background. • Extensive experience in: -‐ Business & Organizational Development. -‐ Mergers & Acquisition plus Post Acquisition Support.
Basil Mandil • 10 Years of Private Equity and associated Due Diligence experience. • Experienced in Fundraising and Financial Structuring. • Proven track record In Africa built up over the last 15 years.
Victoria Kay • 10-‐year successful track record In Business Development & Project Management. • A strong, extensive and active network In East Africa and across the Continent. • On-‐the-‐ground experience working with both the African Public and Private sectors.
STJ Partners – Strictly Private & Confidential 13 June 2015
PRINCIPLED VALUE GENERATION!
Transparency & Collaboration
STJ values the importance of clarity and transparency and
is mindful of the value of these attributes in an
emerging markets environment.
Independence
STJ is independent from any investment and advisory entity, guaranteeing its
clients independent advice and services.
Impact
Driving African economic growth while generating
returns for investors.
STJ Partners – Strictly Private & Confidential 14 June 2015
Successful SMEs emerge from a rich and diverse environment of start-‐ups and incubators, an environment which is alive and well in Africa. In that context, STJ collaborates with creative minds and young entrepreneurs, especially in the booming technology and entertainment sectors.
Values and Principles!Fostering Entrepreneurship !
STJ Partners – Strictly Private & Confidential 15 June 2015
STJ Partners - Creating Value !
We believe in actively assisting our investors achieve their investment goals in Africa.
Where investors seek premium opportunities in a vast and diverse continent, we offer clarity.
For our Investors:
• Access to tailored & premium investment
opportunities. • Creating a bespoke portfolio suited to each
investor. • Looking to establish long-‐term
partnerships.
• Opportunity assessment and initial due diligence.
• Access to our professional Africa-‐based and global partnership network.
• Selective and tailored engagement in post-‐investment management.
STJ Partners – Strictly Private & Confidential 16 June 2015
STJ Partners - Creating Value !
We believe in actively assisting our partner companies achieve their business goals in Africa.
Where companies seek investment funds, business experience and an international network, we offer access.
STJ Partners – Strictly Private & Confidential 17
For our Partner Companies:
• Access to Capital • For example: debt, equity,
mezzanine, convertibles, bridge financing.
• Access to Sector Expertise • For example: suppliers & distributors
in Africa, Europe, the Middle East and Asia.
• Selective support for business & organizational development.
• Selective and tailored post-‐investment support and monitoring.
June 2015
Basil Mandil !
Basil Mandil Managing Partner
Financial Services Specialist
Mobile: +41 78 935 2728 Email: [email protected]
Skype: basil.mandil
STJ Partners – Strictly Private & Confidential 18
Basil is a financial services specialist with a proven track record in private equity, fundraising, and working with small-‐and medium-‐sized enterprises. Basil started his career in sports marketing and event management with the European office of the National Basketball Association (NBA). His next move was to Bankers Trust, later Deutsche Bank, where he was primarily involved in alternative investments, focusing on mid-‐market private equity and venture capital funds. In his capacity as Vice President of the Alternative Finance Group, Basil participated in and managed the full fundraising process of over 40 investment vehicles, raising equity financing and establishing relationships with investors and fund managers primarily in Switzerland and the Middle East (GCC), but also throughout Western Europe and North Africa. More recently, Basil worked with Cantor Fitzgerald, the global financial services firm, helping them establish their Swiss operations. Later, he managed and executed consultant mandates with several companies in Africa, including in Sudan, Egypt, Ethiopia, South Africa, and Mauritius. Operating as an independent financial advisor for firms in and/or involved with Africa, Basil co-‐founded STJ Partners with creative network builder Victoria Kay and business leader Jacques Steffens. A Swiss and Sudanese national, Basil studied Management and Computing at the University of Kent at Canterbury as well as Business and Marketing at Webster University, Geneva. He speaks English, French, Arabic, Spanish and Italian.
June 2015
Victoria Kay !
Victoria is a talented connector with ten years of successful business development and project management experience, and an extensive network, especially in East Africa. Victoria started her career in energy trading with TXU Energy Trading. She then trained in Social and Political Sciences, International Affairs and Public Health. She has worked with both the public and private sectors in a wide range of countries and with international institutions such as the World Economic Forum, WHO and the Union For International Cancer Control. After moving to Kenya in 2012, Victoria co-‐founded Kay&Kobia, which is a boutique consultancy firm. It specialises in creative network building, tailored business development, social media strategies and fundraising for young entrepreneurs, especilly in the entertainement space, and non-‐for-‐profits. Upon her return to Geneva, she capitalised on the portfolio of opportunities gathered and extensive network built during her time in East Africa which culminated in the founding of STJ Partners with Basil Mandil and Jacques Steffens. In addition, Victoria acts as VP for CheckOrphan, the largest news aggregating platform for rare diseases and orphan drugs.
Victoria is a Swiss-‐British national who was born and raised on Lake Geneva. Victoria holds a BA (hons.) from Cambridge University and an MSc from the London School of Hygiene and Tropical Medicine.
Victoria Kay Managing Partner
Creative Network Builder
Mobile: +41 78 627 4494 Email: [email protected]
Skype: vkayswiss
STJ Partners – Strictly Private & Confidential 19 June 2015
Jacques Steffens!
Jacques Steffens Managing Partner Business Leader
Mobile: +41 79 196 9298
Email: [email protected] Skype: steamer7762
Jacques is a dynamic business leader with a wealth of international experience in the Fast Moving Consumer Goods (FMCG) business, ranging from foods to personal products, from mass to luxury markets, and, from stable growth to turn-‐around environments. Jacques has a broad experience in both line and staff positions, with a deep exposure to Finance and Information Technology. He is a general manager skilled in providing strategic leadership, operational execution and organisational & people development with a proven track record of driving profitable growth and (re)building organizations. He has worked in a range of roles and locations for Unilever. He then was General Manager and Executive Vice President for Elizabeth Arden International from 2001 until the end of 2008. After two years of consulting and active engagement as an ambassador for the Union for International Cancer Control, he joined Orangina-‐Schweppes in 2011 and was part of the leadership team for the subsequent 2.5 years ending as its CEO. In September 2013 Jacques and Orangina parted ways. Since then he has been working as an independent business leader with a primary focus on Private Equity driven projects and the building of the STJ partnership. Jacques is a Dutchman by birth and an Anglo-‐Dutchman by nature. He moved to the UK at age 17 where he completed his education, obtaining a BSc and MSc from the London School of Economics and Political Science. He has since lived in the US, the Netherlands, France, Spain and currently lives in Geneva, Switzerland.
STJ Partners – Strictly Private & Confidential 20 June 2015
SELECTED PARTNERS!
STJ Partners – Strictly Private & Confidential 21 June 2015
For Further Information: [email protected]!
Basil Mandil Managing Partner
Financial Services Specialist
Jacques Steffens Managing Partner Business Leader
Victoria Kay Managing Partner
Creative Network Builder
Mobile: +41 78 935 2728 Email: [email protected]
Skype: basil.mandil
Mobile: +41 79 196 9298 Email: [email protected]
Skype: steamer7762
Mobile: +41 78 627 4494
Email: [email protected] Skype: vkayswiss
STJ Partners – Strictly Private & Confidential 22 June 2015
References !
• Mobile money in Developing Countries, by The Economist, 18 September 2014, from the Print Edition
– Source: http://www.economist.com/news/economic-‐and-‐financial-‐indicators/21618842-‐mobile-‐money-‐developing-‐countries
• China Inc. Moves Factory Floor to Africa, Rise Wages at Home Spur Makers of Shoes, TVs, Cars to Expand on the Continent, By the Wall Street Journal, May 2014
– Source: http://online.wsj.com/articles/SB10001424052702304788404579519631654112594
• Africa Rising, Special Report, Director Magazine, 5 May 2014
– Source: http://www.director.co.uk/MAGAZINE/2014/05-‐May-‐2014/Africa-‐Rising_67_08.html
• Generation 2030, Report and data by UNICEF available at http://data.unicef.org/gen2030/
• Africa’s population -‐ can it survive such speedy growth? By The Economist, 23 August 2014, From the Print Edition – Source -‐ http://www.economist.com/news/middle-‐east-‐and-‐africa/21613349-‐end-‐century-‐almost-‐half-‐worlds-‐children-‐may-‐be-‐african-‐can-‐it
• African Economic Outlook at http://www.africaneconomicoutlook.org/en
• No Need to Dig, Free Exchange , by the Economist, 2 November 2013, From the Print Edition
– Source:http://www.economist.com/news/finance-‐and-‐economics/21588849-‐many-‐africas-‐fastest-‐growing-‐economies-‐have-‐not-‐relied-‐oil-‐or-‐mining-‐no-‐need
STJ Partners – Strictly Private & Confidential 23 June 2015
References!
• A More Hopeful Continent -‐ The Link Kings?, by The Economist, 6 January 2011, from the Print Edition
– Source: http://www.economist.com/node/17853324
• Winning in Africa: From Trading Posts to Ecosystems by the Boston Consulting Group, January 09, 2014 by Patrick Dupoux, Tenbite Ermias, Stéphane Heuzé, Stefano Niavas, and Mia von Koschitzky Kimani
– source: www.bcgperspectives.com/content/articles/globalization_growth_winning_africa_from_trading_posts_ecosystems/
• Ten Things to Know About African Consumers, Capturing the Emerging Consuming Class by the Boston Consulting Group, January 25, 2013 by Lori Spivey, Patrick Dupoux, Stefano Niavas, Tenbite Ermias, and Stéphane Heuzé
– Source:https://www.bcgperspectives.com/content/articles/globalization_consumer_insight_ten_things_to_know_about_african_consumers/
• Consumer goods in Africa, A continent goes shopping, Africa’s fast-‐growing middle class has money to spend, by The Economist, Aug 18th 2012 | ADDIS ABABA AND SOWETO | From the print edition
– source: http://www.economist.com/node/21560582/print
• The Africa Competitiveness Report (ACR) 2013 by the World Economic Forum, the African Development Bank (AfDB), and the World Bank (WB)
– source: http://www.afdb.org/en/knowledge/publications/africa-‐competitiveness-‐report/
• Growing with Africa's consumers, February 02, 2012 Bain industry brief By Matthew Meacham, Andrew Tymms, Tiaan Moolman and Joëlle de Montgolfier
– source: http://www.bain.com/publications/articles/growing-‐with-‐africas-‐consumers.aspx
• DNATA survey 2013
STJ Partners – Strictly Private & Confidential 24 June 2015