Africa Market Update September 2016 ABRIDGED

A Financial Advisory 

Company 

SEPTEMBER 2016 

MARKET UPDATE – AFRICA (Abridged) 

KENYA | NIGERIA | TANZANIA | ANGOLA | UGANDA | RWANDA


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A financial Advisory 

Company 

Table of Contents 

NIGERIA 6 

KENYA 7 

TANZANIA 8 

ANGOLA 9 

UGANDA 10 

RWANDA 11 

Cover image: https://gathua.wordpress.com/category/city/ 

SEPTEMBER 2015 2016 | MARKET UPDATE – AFRICA 

2 

www.stratlinkglobal.com


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AFRICA DEALS LANDSCAPE JANUARY 2016 - AUGUST 2016 

50,000 Ivory Coast 

120,000 CAR 

146 Million Tunisia 

12 Million Morocco 

25 Million Burkina Faso 

20 Million 

28 Million 

934 Million 

Sierra Leone 

Ghana 

Nigeria 

320,000 Liberia 

40,000 Malawi 

20 Million Namibia 

1 Billion 

219 Million 

South Africa 

Zambia 

2 Million Swaziland 

1 Million Botswana 

Capital Invested by Country (USD) 

Sudan 

Egypt 

Eritrea 

Ethiopia 

Uganda 

Kenya 

Rwanda 

Mozambique 

Tanzania 

Maurius 

Madagascar 

Congo 

Zimbabwe 

95 Million 

450 Million 

65 Million 

554 Million 

9 Million 

85 Million 

20 Million 

46,000 

22 Million 

5 Million 

5 Million 

265 Million 

12 Million 

Capital Invested by Sectors 

Capital Invested by Deal Type 

Consumer 

Non-Durables 

27.2% 

Commercial Banks 

4.7% 

1.50% 

2.10% 

2.50% 

11.10% 

19.70% 

Commercial 

Services 

15.3% 

Healthcare 2.8% 

7.10% 

11.00% 

19.50% 

Retail 

14.8% 

Pharmaceucals 

& Biotech 

2.4% 

11.90% 

13.60% 

Communicaons 

& Networking 

6.7% 

Others 

19.8% 

Merger & Acquision... 19.70% Secondary Transacon - Private.. 19.50% 

13.60% 11.90% 

Growth & Expansion.... Buyout/LBO ................................. 

Metals, Minerals 

& Mining 

6.3% 

Corporate Divesture... 11.00% Add-on............................................ 7.10% 

2.50% 2.10% 

Acquision Financing...... PIPE ................................................ 

1.50% 11.10% 

Asset Acquision ............ Others ......................................... 

Snapshot of Deals in August 2016 

• On August 26th, 2016, Tango Mining acquired a 23.0% stake in Kwena Group (South Africa) for USD 904, 848.0 

• On August 25th, 2016, Twiga Foods (Kenya) received an undisclosed amount of development capital from DOB Equity 

• On August 23rd, 2016, Oxbridge Academy (South Africa) was acquired by ADvTech for an undisclosed amount 

Source: PitchBook, StratLink Africa 

SEPTEMBER 2016 | MARKET UPDATE – AFRICA 

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Company 

Special Edition: Ethiopia Political Risk Outlook 

‘Whereas the African Union Observer report offers favourable description of Ethiopia’s May 2015 

election, StratLink Africa observes that the report does not describe the exercise as ‘free and fair’ 

StratLink Africa Research, June 2015 

‘Inability by citizens in parts of the country to access social media platforms such as Whatsapp and 

Facebook following protests in the Oromia region indicates that citizens continue to suffer constrained 

democratic space. This is a potential pressure point for the country’s stability in the long-term in light of 

growing clamor, both domestically and externally, for observance of liberties. This further complicates 

the ruling Ethiopia People’s Revolutionary and Democratic Front’s (EPRDF) challenge in fostering 

cohesion following the 2015 election in whose outcome was rejected by the opposition’. 

StratLink Africa Research, May 2016 

Country Risk Position: Pallid Outlook in the Medium Term 

We maintain a pallid stance on the country’s political risk environment in the medium-term in view of 

endogenous risks stemming from protests involving the Oromia and Amhara regions which account for 

60.0% of the country’s population. The key risk for Ethiopia lies in the fact that protests that are reported 

to have been triggered by plans to extend Addis Ababa into parts of Oromia region are presenting 

a vent for accumulated grievances including dissatisfaction with the Anti-Terrorism Act (2009) widely 

perceived as a tool used to muzzle opposition. 

Population Composition by Regions 

0.5% 

1.9% 1.1% 4.4% 

5.9% 

6.0% 

36.6% 

20.2% 

23.4% 

Oromia Amhara SNNP Somali Tigray Affar Benishangul-Gumuz Dire Dawa Others 

Source: Central Statistical Agency Ethiopia, StratLink Africa 

Going forward, the country faces a mix of risk enhancing and mitigating factors with the former likely to 

dominate the period through Q4 2016. 


4 



Company 

Risk Deteriorating Factors 

• The country is the midst of adverse weather 

conditions that have affected agriculture and 

threaten to exacerbate socio-political pressures 

• The May 2015 general election and 

dominance of the ruling party (EPRDF) in the 

house of representatives has served to fuel 

marginalization, perceive and actual, of the 

opposition 

• General moderation of the economy’s growth 

momentum could see less employment 

opportunities created in the years to come 

relative to the decade of robust expansion (2003 

– 2014) 

• Weak institutions that are widely deemed 

to be under patronage by the government 

thereby undermining their credibility in conflict 

resolution 

Risk Mitigating Factors 

• Media reports suggest Premier Haile Mariam 

Desalegn has been engaging the opposition 

in matters of national interest since EPRDF’s 

victory in the election. This could help defuse 

tension build-up in the country 

• Low internet penetration, estimated at 4.2% of 

total population against Kenya’s 45.0% 1 , contains 

the likelihood of contagion of protests unlike 

what was witnessed in countries such as Tunisia 

(48.1%) during the Arab Spring 

Stability in the country’s Eurobond yield suggests investors have not revised risk perception of the economy in view 

of the developments. We assess that this could be as a result of the Ethiopia’s relatively low susceptibility to event 

risk unlike peers such as Kenya. The Birr has maintained the volatility witnessed since Q3 2015 in a likely reflection 

of the state of the current account in light of subdued commodity prices. 

Ten Year Eurobond Yields 

10.0% 

9.5% 

Birr to USD Exchange 

22.3 

22.1 

9.0% 

21.9 

8.5% 

21.7 

8.0% 

21.5 

7.5% 

21.3 

7.0% 

6.5% 

6.0% 

15-Jul-15 

15-Sep-15 

15-Nov-15 

15-Jan-16 

15-Mar-16 

15-May-16 

15-Jul-16 

21.1 

20.9 

20.7 

20.5 

01-Sep-15 

01-Oct-15 

01-Nov-15 

01-Dec-15 

01-Jan-16 

01-Feb-16 

01-Mar-16 

01-Apr-16 

01-May-16 

01-Jun-16 

01-Jul-16 

01-Aug-16 

Ethiopia 

Rwanda 

Source: Bloomberg, StratLink Africa 

1 

Internet Live Statistics as at June 2016 


5 


NIGERIA 

GDP: USD 545.7 Bln | Population: 177.5 Mln 


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POLITICAL OUTLOOK 

ECONOMIC OUTLOOK 

Niger Delta Militia Undermines Risk Outlook 

The country’s security position remains under 

sharp focus in view of the resurgence of militants’ 

activity in the oil rich Niger Delta which negatively 

impacts the political risk outlook. Coming at a 

time when the economy is facing subdued oil 

prices, disruption of oil production owing to 

recurrent attacks by the Niger Delta Avengers 

risks deteriorating socio-economic conditions 

in the economy. This development suggests the 

country’s endogenous political risk environment 

is bound to remain broadly unfavourable in the 

coming months. 

The proportion of government revenue 

accounted for by oil 

The proportion of foreign exchange earnings 

accounted for by oil 

BUSINESS NEWS ENVIRONMENT 

Economy Slumps into Recession 

DEBT MARKET UPDATE 

75.0 % 

EQUITY MARKET UPDATE 

95.0 % 

Protests Point at Strain on the Business Climate 

Protests by against Chevron’s operation in the 

Niger Delta citing unemployment and inequitable 

distribution of benefits from oil exploration point 

at challenges being faced by both locals and 

the business community in view of the adverse 

macroeconomic climate. 

The economy slumped into recession having 

contracted by 0.4% and 2.1% in Q1 2016 and 

Q2 2016, respectively. We maintain a bearish 

outlook on the economy in the near term driven 

by declining oil production over the last quarter 

that has seen output stand at 1.5 Million barrels 

per day in July 2016. Reports indicate the decline 

in production can be attributed to instability in the 

Niger Delta, on the back of militancy by the Niger 

Delta Avengers, and inhibits the country from 

capitalizing on rebounding oil prices in the global 

market. 

Yield Curve Inverts on Inflation Spike 

Short-term yields surged between July 2016 and 

August 2016, inverting the yield curve. Worries of 

runaway inflation have prompted this development 

as the threat of negative real interest rates, with 

inflation having risen to 16.0% in July 2016, eroded 

the investment climate’s allure in the recent past. 

Bank and Oil Stocks Push Market further South 

The market remained on a downtrend through 

August 2016 despite the Central Bank’s move to 

grant one-off forbearance for banks to write-off 

fully provisioned Non-Performing Loans was a 

signal that sought to ease pressure experienced 

by banks in view of the adverse macroeconomic 

environment. We note that this comes on the back 

of conclusion of stress testing (May 2016) which 

revealed two banks stood below regulatory capital 

requirement. Despite this intervention, bank 

stocks continued to tank 

Full report available for purchase via: 


6 


KENYA 



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Deal over Electoral Commission Constitution 

The joint parliamentary committee tasked with 

presenting a way out of the stalemated stance 

between the government and the opposition on 

persons spearheading the Independent Electoral 

and Boundaries Commission reached a deal on 

August 16th, 2016. This development bodes well 

for the country’s political risk profile ahead of the 

2017 general election coming on the back of a 

series of protests by the Coalition for Reforms and 

Democracy (CORD) in July 2016. 

Favourable Signal for Public Confidence 

In Q2 2016, we cited diminished confidence in 

electoral governing institutions as a key factor 

undermining our position on Kenya’s political risk 

outlook. The deal is a major step in remedying 

deteriorating confidence and we are optimistic 

the momentum can be built on over the coming 

months. A key development to watch over the 

coming months will be the succession of the Chief 

Justice and the extent to which it props confidence 

in the judicature. 

BUSINESS ENVIRONMENT 

Kenya Hosts Japan-Africa Conference 

Kenya’s hosting of the sixth Tokyo International 

Conference on African Development (2016) is an 

additional boost to its position as a pivotal economy 

in sub-Saharan Africa. Over the last 18 months, 

Kenya has hosted the Global Entrepreneurship 

Summit and the United Nations Conference on 

Trade and Development placing it on the global 

map. 

Slowdown in Japan-Africa Trade as Sino-Africa 

Trade Rises 

This comes against the backdrop of declining trade 

between Japan and Africa and a strong presence 

by China as Africa’s major trading partner. Over 

the last five years, China-Africa trade has grown 

by 6.5% (CAGR) whilst Japan-Africa trade has 

decline by 3.3%. The conference will be crucial 

for investors in both regions to establish links 

and explore further diversification of destination 

markets amidst an uncertain global environment. 


7 


Interest Rates: Has Kenya’s Market Failed? 

Whereas StratLink observes that lending rates 

in the country are unfavorably high, it believes 

Kenya’s market mechanism has not failed as 

to necessitate credit pricing through legal 

mechanisms. Available data indicates the country 

has made considerable progress in narrowing the 

spread between lending and deposit rates over the 

last two decades, outpacing regional peers such as 

Nigeria and South Africa. This is an indicator that 

over a long-term horizon, there is steady progress 

in remedying credit pricing anomalies within the 

market. Between 1995 and 2015, Kenya’s spread 

declined by 830.0 bps compared to 720.0 and 110 

by East Africa (regional average) and South Africa, 

respectively. 


Short-Term Yields Rise 

The short-term end of the yield curve posted a 

mild uptrend between July and August 2016 with 

the medium to long-term ends remaining largely 

stable. With liquidity being relatively high in the 

money market (the interbank rate averaged 5.1% 

in August 2016 compared to 5.8% in July 2016), the 

uptick is a likely reflection of inflation expectations 

following the rise from 5.0% in May 2016 to 6.4% 

in July 2016. 


Banking Stocks Tumble Following New Law 

Banking stocks tumbled after the President’s ascent 

of the Banking Amendment Bill (2015) which 

provides for setting of a ceiling on lending rates 

at 400.0 bps above the Central Bank’s benchmark 

rate. We constructed a banking stocks index which 

plunged 18.9% between the day of the bill’s ascent 

and August 30th, 2016, 30.4% year-to-date. 



TANZANIA 



Company 


Government Accused of Stifling Democracy 

Despite mounting concern over constraints on 

democratic space in the country, we maintain 

a favourable outlook of Tanzania’s political risk 

environment with the new government’s reform 

agenda providing a strong platform for rallying 

national unity. We view the widening rift between 

the government and factions of the opposition as 

manifestation of hangover from the stalemated 

constitutional review process. 

Opposition Plans Rallies 

Leading opposition faction, CHADEMA, has 

planned rallies across the country to demonstrate 

against what it terms as suppression of democracy 

by the government. The government is reported 

to have banned a local newspaper which allegedly 

published an article which implicated President 

Magufuli in election fraud. As stated in our July 

2016 Market Update, government is increasingly 

being accused of abusing the Cyber Crime Act to 

propagate intolerance towards free speech and 

media freedoms, after it banned live coverage 

of parliamentary proceedings and all opposition 

political rallies. 


Electrification Deals Boosts Industrialization 

Prospects 

The National Energy Policy received a major 

boost following a USD 200.0 Million deal between 

the government and World Bank towards 

implementation of a six year rural electrification 

program. For the investment climate, this marks 

a major step towards decentralization of industry 

away from urban centres and potentially creating 

new investment opportunities. Key sectors of 

interest for investors should be agro-processing 

and mineral processing with investment in Export 

Processing Zones suggesting these are areas of 

priority interest for growing industry. 


Promising start of 2016/17 Financial Year for 

Tanzania Revenue Authority 

We retain focus on the country’s fiscal position 

anticipating further recovery owing to the rebound 

in commodity prices coupled with aggressive fiscal 

consolidation efforts by the new administration. 

Available data indicates revenue mobilization 

performance stood at 99.3% in the first three 

quarters of 2015/16, compared to 85.6% in the 

same period a year earlier. 

The rebounding performance in mobilization of 

non-tax revenue and import taxes is an indicator 

of ongoing fiscal consolidation that has sought to 

seal leakages. Performance in non-tax revenue 

and import tax is likely to have been buoyed by 

improved relations with bilateral partners and 

addressing inefficiencies within the import-export 

system. 


Low Appetite for T-Bills on Tight Liquidity 

Yields in the T-Bill market exhibited signs of rising 

in August 2016 as liquidity remained tight with the 

interbank rate rising marginally 50.0 bps monthon-month, 

to average 16.9% in August 2016. As 

a result, investors maintained low appetite for 

government short-term instruments reflecting in 

under-subscription of auctions with the exception 

of the 182-Day tenure. We expect yields to remain 

elevated in the medium-term as the liquidity 

squeeze persists with Bank of Tanzania remaining 

on a tight monetary policy stance. 

Whereas the 364 Day paper yield remained 

unchanged at 15.9%, the 91 Day and 182 Day 

papers’ yields rose although marginally, by 70.0 

bps and 10.0 bps to 7.5% and 15.7%, respectively, 

in the period under review. 



8 


ANGOLA 



Company 


Control of Cabinda: Hot Potato ahead of 2017 

Election 

We maintain a dimmed outlook of Angola’s political 

risk outlook ahead of the 2017 general election in 

view of the following considerations: 

• Continued strife between rebels and the 

government over control of the oil rich Cabinda 

enclave. In the latest incident, August 08th, 

2016, ten soldiers are reported to have lost 

their lives in renewed conflict between the 

state and rebel forces in the region 

• A harsh macroeconomic environment renders 

Angola susceptible to socio-political pressures 

as citizens seek to vent frustration over 

deteriorated living conditions. The surge in 

inflation is likely to present a key challenge as 

households face eroded purchasing power at 

a time when earnings have, by and large, been 

subdued by the slump in oil prices 

• President Jose Eduardo dos Santos’ appointment 

of his daughter as head of the state oil company, 

Sonangol, has elicited widespread criticism 

over patronage by the President who has been 

in power since 1979 


Angola Defies Regional Trends in FDI Inflows 

Angola defied regional trends to post a strong surge 

in Foreign Direct Investment (FDI) inflows in 2015 

to stand at USD 8.7 Billion. Coming from an oil rich 

country in the midst of challenges occasioned by 

subdued prices, the surge in inflows is of particular 

interest and can be attributed to new projects 

earmarked for the period 2016 – 2017 including 

the Kaombo Project which has seen Total plan 

to invest as much as USD 16.0 Billion towards its 

development. 


Diminished Prospects in the Near to Medium- 

Term 

We downgrade the country’s near-term economic 

outlook based on discontinuation of talks with 

the International Monetary Fund, in July 2016, 

for potential funding to address fiscal pressures 

stemming from subdued oil prices. Angola’s ten 

year Eurobond yield has since been on the uptick 

averaging 10.2% in July 2016 compared to Nigeria’s 

6.7% 3 indicating deteriorated risk perception. 

Ten Year Eurobond Yields 

14.5% 

13.5% 

12.5% 

11.5% 

10.5% 

9.5% 

8.5% 

7.5% 

6.5% 

5.5% 

Nov-15 

Dec-15 

Jan-16 

Nigeria 

Source: Bloomberg, StratLink Africa 

Kwanza Stabilizes 

Feb-16 

Mar-16 

Apr-16 

May-16 

Jun-16 

Angola 

Jul-16 

Aug-16 

The Kwanza stabilized in Q2 2016 with the 

country’s foreign exchange reserves exhibiting 

slowed deceleration over the last three months. 

The Kwanza had come under pressure in Q1 2016 

following US dollar aridity in the market following 

decision by Bank of America and Standard 

Chartered to stop supplying banks with the 

greenback towards the end of 2015. 



9 


UGANDA 



Company 


Age Limit on the Presidency: Sticky Issue 

Ruling party, National Resistance Movement 

(NRM), is reported to have petitioned President 

Museveni with a proposal seeking to amend 

article 102 (b) of the constitution to remove the 

presidential age limit of 75 years. As indicated in 

our March 2016 (Post-Election Issue), the question 

of succession within the party in view of the age 

limit imposed by the constitution was bound to be 

one of the key issues shaping the country’s political 

climate in 2016. The parliament has previously 

(2005) amended the constitution to expunge term 

limits on the presidency and it is unlikely the new 

proposal would experience formidable resistance 

in view of NRM’s dominance. 


Government Issues Oil Licenses 

The government has issued oil production licenses 

to joint venture partners, Total Exploration and 

Production Company, and Tullow Oil Uganda, in 

addition to the one it had earlier issued to the China 

National Offshore Oil Company (CNOOC), raising 

investment prospects of realizing the targeted 

commercial production in 2017. We anticipate the 

following to be key issues for investors: 

• Production is projected to peak at 225,000 

barrels per day around 2025 implying the next 

ten years are to be characterized by accelerated 

growth of the economy from the new engine 

(oil) as well as growth in per capita income, 

subject to trends in oil prices. In the case of 

Gabon, economic growth accelerated from 

2.4% in 1993 to 5.7% in 1997 at the peak of oil 

production beyond which growth has fluctuated 

depending on domestic and external conditions 


Bank of Uganda Slashes Benchmark to Restore 

Growth Momentum 

Bank of Uganda slashed the benchmark rate by 

100.0 bps to 14.0%, for the third consecutive 

time since April 2016, in an apparent monetary 

expansion onslaught on the ongoing economic 

slowdown. The economy expanded by 3.5% in Q1, 

2016 compared to 5.4% in the same period a year 

earlier as the country took a hit from monetary 

contraction and low commodity prices. 


Rise in Short-term Borrowing 

T-Bill yields are likely to continue exhibiting an 

upturn over the coming months on the back of 

increase in the government’s appetite for shortterm 

debt over the last three months. The stock 

of T-Bills posted the strongest growth, monthon-month, 

in June 2016 at 8.0% compared to an 

average of 3.2% in the first half of 2016. 


The bourse, although recovering, remained 

bearish in August 2016, declining marginally by 

80.0 bps to close the month at 1,633.7 units. We 

expect further gains at the bourse in the coming 

months as economic conditions in the country 

improve. 



10 


RWANDA 



Company 


Trade Relations with Burundi 

We assume a negative outlook on Rwanda’s risk 

environment following the decision by neighboring 

Burundi to ban cross-border trade informed by the 

following consideration: 

• Rwanda’s exports to Burundi have grown from 

10.5% of its exports to the East African region 

in 2010 to 13.8% in 2015. As such, Burundi has 

grown in significance to Rwanda and the latest 

development threatens to undermine this 

position. 

• On the whole, this development derails efforts 

to foster regional integration especially for the 

two smallest economies (Rwanda and Burundi) 

which stand to benefit from access to larger 

markets 

• This development comes on the backdrop of 

already strained relations between the two 

countries with the government of Burundi 

alleging involvement by its Rwandan counterpart 

in supporting rebels seeking to oust President 

Pierre Nkurunziza 


Rating Reveals Event Risk Still Looms over 

Business Climate 

On August 12th, 2016, Moody’s assigned Rwanda 

B2 (Stable Outlook) on first time local and foreign 

currency issuer ratings casting a broadly favourable 

outlook for the business environment. The rating is 

in line with StratLink’s assessment of vulnerability 

of the country’s business environment to 

exogenous shocks, especially in view of strained 

relations with Burundi, which could slow down 

economic activity. 

Endogenous Risk Moderated 

From an endogenous perspective, risks to the 

business environment have been mitigated by the 

constitutional referendum that paved the way for 

President Kagame to seek an additional term in 

office in the 2017 general election. 


Fiscal Balance gets a Boost from Improved Tea 

Export Earnings 

An unfavourable trade balance presents risks to 

the country’s economic outlook in the near term. 

Rwanda’s fiscal balance has been deteriorating 

on the back of declining export earnings. The 

deficit on traded goods widened by 10.2% in Q1 

2016 from the same period in 2015 with imports 

accounting for 77.5% of total trade (USD 456.9 

Million) whilst exports constituted 15.6% (USD 

97.8 Million) as re-exports accounted for 7.0% 

(USD 41.0 Million). 


Franc Slides on Foreign Exchange Shortage 

Liquidity is likely to tighten in the coming months 

in view of the deceleration by the Franc witnessed 

over the last month. The depreciation came 

against the backdrop of reports of shortage of 

foreign exchange in the market. 


Exchange Remains Bearish as Bralirwa Profit 

Declines 

The Stock Exchange All Share Index remained flat 

throughout August 2016, declining marginally 

by 60.0 bps to close the month at 129.3 units. 

The market has been undermined by Bralirwa’s 

performance in the first half of 2016 posting 83.8% 

decline in profits for the first half of 2016 owing 

to high interest expenses on loans and losses 

stemming from foreign exchange risks. 



11 



Company 

StratLink in the news 

In the month under review, Konstantin Makarov’s focus of analysis was on emerging markets in view of trends witnessed 

over the last two quarters: 

• In this piece, he provides analysis on the effects of emerging markets on economies through 2016 

• In this piece, he assesses investors’ approach to emerging markets, identifying weaknesses and opportunities 

Senior Research Analyst, Julians Amboko, shed insight on the ongoing electoral cycle in sub-Saharan Africa in view of 

change of regime in Nigeria, South Africa and Burkina Faso 


12 



Company 

STRATLINK - AFRICA TEAM 

Konstantin Makarov – Managing Partner 

konstantin.makarov@StratLinkglobal.com 

Dina Farfel – Partner 

dfarfel@StratLinkglobal.com 

Kyle Drexler – Associate 

kyle.drexler@StratLinkglobal.com 

George Waithaka – Senior Corporate Finance Analyst 

george.waithaka@StratLinkglobal.com 

Lewis Muguro - Analyst 

lewis.muguro@StratLinkglobal.com 

Benson Njeri – Analyst 

benson.njeri@StratLinkglobal.com 

Julians Amboko – Research Analyst 

julians.amboko@StratLinkglobal.com 

Sophia Sifuma – Research Analyst 

sophia.sifuma@StratLinkglobal.com 

Peter Mutisya – Director Graphic Design 

peter.mutisya@StratLinkglobal.com 


13 



Company 

©StratLink Africa Limited 2016 


14 



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Contact Details 

STRATLINK AFRICA 

StratLink - Africa, Limited. 

Delta Riverside, Block 4, 

4th Floor, Riverside Drive, 

Nairobi, Kenya 

nairobi@stratlinkglobal.com 

www.stratlinkglobal.com 

+254202572792 


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Africa Market Update September 2016 ABRIDGED

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