The document discusses economic outlooks and profiles for major African markets. It projects average annual GDP growth of 5.6% for Africa from 2014 to 2020, driven by oil sector growth. Country profiles are provided for Ethiopia, Angola, Ghana, and Nigeria. Ethiopia is projected to grow at 7% annually due to consumer spending growth, while facing challenges from reliance on agriculture and low per capita spending. Nigeria is projected to underperform its peers with only 2.8% growth, challenged by inequality and labor issues, despite strengths like regional influence and per capita spending.

1. AFRICA RISING: MAJOR MARKET PROFILES
COUNTRIES & CONSUMERS

2. OUTLOOK
GDP GROWTH: 5.6% PER ANNUM 2014-2020
OIL SECTOR A KEY DRIVER
STRENGTHS
ENERGY RESOURCES
PUBLIC INVESTMENT
CHALLENGES
SMALL POPULATION
RECOVERY FROM CIVIL WAR
ETHIOPIA
ANGOLA

3. OUTLOOK
GDP GROWTH: 7.0% PER ANNUM 2014-2020
CONSUMER SPENDING A KEY DRIVER
STRENGTHS
SIZE AND SCALE
ABOVE AVERAGE GROWTH
CHALLENGES
RELIANCE ON AGRICULTURE
LOW PER CAPITA SPENDING
ETHIOPIA

4. OUTLOOK
GDP GROWTH: 5.7% PER ANNUM 2014-2020
GROWTH SUPPORTED BY OIL PRODUCTION
STRENGTHS
NATURAL RESOURCES
MIDDLE CLASS
CHALLENGES
NATURAL RESOURCES
FISCAL AND EXTERNAL IMBALANCES
Ghana
GHANA

5. OUTLOOK
GDP GROWTH: 6.7% PER ANNUM 2014-2020
GROWTH SUPPORTED BY NON OIL SECTOR
STRENGTHS
SIZE
STRUCTURAL REFORMS
CHALLENGES
INFRASTRUCTURE
SECURITY
Ghana
Nigeria
NIGERIA

6. OUTLOOK
GDP GROWTH: 2.8% PER ANNUM 2014-2020
UNDERPERFORMING COMPARED TO PEERS
STRENGTHS
HIGH PER CAPITA SPENDING
REGIONAL HUB
CHALLENGES
INEQUALITY
LABOUR UNREST
Ghana
Nigeria
NIGERIA
SOUTH AFRICA