LONDON, Jan. 26, 2016 /PRNewswire/ -- Key Findings
Three of the 10 fastest-growing countries of 2014 are located in Sub-Saharan Africa. Sub-Saharan Africa is expected to remain among the fastest-growing regions globally.
The Tripartite Free Trade Area, if finalized by 2016, should help facilitate free trade between African countries and help increase intra-regional trade share by about % over the next few years.
The World Bank's 2016 Doing Business report featured 5 Sub-SubSaharan countries—Kenya, Uganda, Benin, Senegal, and Mauritania— among the global improvers.
Africa has megacities (population over million), with another expected to emerge by 2030. Greater investments in infrastructure and energy are vital to manage rising urbanization.
Kenya, Uganda, Tanzania, and Mozambique have made oil and gas discoveries in the past decade. These countries are prioritizing local content policies when framing oil and gas laws.
Nigeria seeks to move away from its excessive oil dependence and promote industrial growth. It is expected to maintain gross domestic product (GDP) growth of %– % in the next years.
A massive infrastructure boom is under way in Kenya. The country's growth is anticipated to touch % by 2017, from an expected % in 2015.
Rooting out militant activities is a top priority for both, Nigerian and Kenyan governments. In Nigeria, at least persons have been killed since the start of the Boko Haram insurgency in 2009.
Nigeria's National Automotive Industry Development Plan 2014 eliminates tariffs on complete knockdown kits, thereby encouraging greater local assembly. The plan has attracted global automotive majors into Nigeria.
Investments across planned and upcoming projects in Kenyan road, rail, port, and airport infrastructure are estimated at $ billion. Sourc
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