No longer a simple resource play, the once-dark continent is fast becoming a destination for private and public investment.
By Ashley Bendell
I first started regularly visiting Nigeria and Kenya in 2007 as hot money flowed into Sub-Saharan Africa equity and debt instruments in spite of the fact that many investors found it challenging to place the countries making up this region on a map. The stock markets of these nations, like many others scattered around the continent, had been – and to a great extent still are – ignored by investors, largely due to liquidity issues or market cap constraints. But over the past five years we have seen a slew