1 Sector Report Construction in Africa kpmg.com/africa
2 The series has the following reports: Oil and Gas in Africa Private Equity in Africa Manufacturing in Africa Fast-Moving Consumer Goods in Africa Luxury Goods in Africa White Goods in Africa The African Consumer and Retail Insurance in Africa Agriculture in Africa Power in Africa Banking in Africa Healthcare in Africa
3 Contents INTRODUCTION & OVERVIEW 1 Building Costs 2 Where Does The Money Come From? 4 What Is Being Built: A Regional Perspective 4 Countries with Significant Construction / Infrastructure Opportunities 6 Angola 6 Ethiopia 6 Ghana 6 Kenya 7 Lesotho 7 Mozambique 7 Nigeria 8 Company Focus: Dangote Group 8 Tanzania 8 Uganda 8 Zambia 9 Recent Infrastructure Developments 9 Final Thoughts 10 Sources of Information 12 Key Infrastructure Indicators 11 Contact Details back page
4 1 Construction in Africa Introduction & Overview The KPMG Global Construction Survey 2013 found that, amongst the 165 senior leaders in the construction and engineering industry polled, almost half are planning to move into new geographies and that the African continent is the most popular prospect. This is especially the case with smaller companies who are less inclined towards expanding into developed economies: two out of five construction companies with a turnover of up to US$5 billion are interested in Africa, while this ratio falls to only one in five for enterprises with a turnover higher than US$5 billion. Much of the interest in the continent is coming from companies headquartered in Europe and the Middle East. The attention that African countries are receiving is not without merit: experts see a need for basic infrastructure investment of around US$100 billion per year on the continent over the next decade a third of which is needed for maintenance. This is a big number considering the continent had an infrastructure stock of US$400 billion during However, half of this fixed capital was held by just four countries: South Africa, Algeria, Egypt and Morocco. In fact, three-quarters of Africa s capital stock was held by just 10 countries. Put differently: 44 African countries share between them only a quarter of the continent s infrastructure. This sends two clear messages: 1) there are countries with massive infrastructure stock (in an African context) that require maintenance and expansion, and 2) there are many countries on the continent lagging far behind in fixed capital terms. Infrastructure deficiencies hamper both economic activity and social development some even see it as the biggest threat to the continent s longterm growth and development dynamics. In this regard, many African governments have, over the past five to 10 years, made a concerted effort to improve the operating environment, not just for the private sector in general but also for construction companies looking to partake in big infrastructure expansion drives. To this end, the World Bank Doing Business project currently tracks the procedures and time involved in interacting with public entities for the construction of a warehouse in 49 African countries, and has seen a decline in the average period required for e.g. receiving public utility connections, building site inspections and building permits, amongst other issues. There are now on average 8% fewer procedures required compared to 2005 and the interaction takes an average of fiveand-a-half months from a period of seven months observed during Of course, country-specific indicators vary, but positive developments are definitely widespread.
5 Construction in Africa 2 Building Costs Moving from a time perspective to a cost perspective, the AECOM Africa Property and Construction Handbook 2013 provides estimates for the construction of residential, commercial, retail and industrial buildings in 27 world cities, of which 12 are located in Africa. In addition to listing this data in the table below, we have averaged these US dollar costs per m 2 to provide an overview of building costs. The East African cities of Nairobi, Kampala and Dar es Salaam are the least costly African cities to build in, based on this metric, and are on the same price scale as Ho Chi Minh and Kuala Lumpur. At the other end of the scale, Luanda, Maputo and Lusaka in Southern Africa are the most expensive cities on the list, though still cheaper compared to Sydney, London and several US cities. The data shows that constructing a high-rise building in an African city is, on average, cheaper, compared to other emerging and frontier market cities. In contrast, large retail and commercial facilities are more expensive. Some of the factors that could contribute to higher costs for retail and commercial construction include large components of imported materials, the cost of transporting these items to remote areas, spending on water and sewerage tanks where infrastructure is deficient for instance, and the high cost of accommodating and remunerating specialist personnel from abroad.
6 3 Construction in Africa Introduction & Overview
7 Construction in Africa 4 Where does the money come from? African governments have historically relied on donor aid and external borrowing to finance their fiscal deficits. At the same time, many states have, in the past, financed infrastructure spending out of their fiscal budgets, resulting in fixed capital growth being dependent on available government finances. Of the US$100 billion in African infrastructure expenditure needed per annum, around a third is currently short of financing, indicating that the old approach to meeting the continent s fixed capital needs is no longer sufficient. However, the big volume of major infrastructure projects underway on the continent suggests that this funding challenge is being overcome by many countries. Indeed, a multitude of alternative financing options are available at present: Domestic capital markets have blossomed in only a select few African countries but remain dormant or non-existent in most of the countries. As an alternative, African states have turned to the issuance of large Eurobonds on the international market, where four African countries (excluding South Africa) issued US$3.1 billion of these instruments during Investors are finding these instruments attractive compared to low-yielding debt in developed economies and against speculator-flooded markets in the BRIC (Brazil, Russia, India and China) countries. Governments are increasingly turning to Public- Private Partnerships (PPPs) to reduce financial costs and shorten delivery times of infrastructure projects. The involvement and abilities of private partners often make it easier to attract offshore funding for local capital projects. For this reason, PPPs can be found in far-reaching sectors and geographies. The presence of private organisations can also open the window to other potential investors by setting a successful example for those who are not well versed in Africa s investment landscape. Private investment funds focussed on Africa have now been set up in most of the world s financial centres. These are often associated with established investment companies or, alternatively, seasoned investment managers looking for a new challenge in the Africa now landscape. Private investors as well as pension and insurance funds are able to buy into these funds just like they would invest in equity or bond products, but with the knowledge that their money will be used on the African continent. On a continent where public corruption is an ever-present threat to effective fiscal spending, some countries have opted to create Sovereign Wealth Funds (SWFs) to better manage state resources. This has been the case with many oil-rich countries e.g. Nigeria and Gabon where large windfalls from energy exports facilitate the creation of such reserves. Basically, these funds manage a country s national savings to the benefit of its people via investment in assets and financial instruments. Shariah-compliant Sukuk financing has grown in popularity outside Islamic countries over the past five years. This requires some legislative changes in countries where this form of financing has not previously been implemented Kenya, Nigeria and South Africa are prime examples. Islamic finance is still in its infancy in Africa only Sudan and The Gambia regularly sell sovereign Sukuk paper but the consensus amongst investment experts is that it has massive potential for growth. Multilateral organisations the world over have, for a long time, been involved in expanding Africa s infrastructure. The African Development Bank (AfDB) is the largest lender on the continent, with 60% of its loan book dedicated to infrastructure. The World Bank has been heavily involved in transport and public utilities (electricity, water and sanitation) development. The big advantage for governments is that multilateral money is most often offered at concessionary lending rates that are much lower than commercial borrowing costs. Special purpose vehicles in the form of infrastructure bonds allow investors to buy into projects and to earn a return directly from the activities of the invested capital. These bonds are associated with a specific project and often not linked to a sovereign or state entity, which can be beneficial from a credit quality perspective, given that many African sovereigns are poorly assessed or unrated by major ratings agencies. Governments opting for such investment vehicles often implement reforms in general investment policy to facilitate more interests.
8 5 Construction in Africa What is Being Built: a Regional Perspective A well-worn argument postulates that infrastructure spending in Africa is focussed on resources due to many countries remaining very dependent on the export of minerals and hydrocarbons. But this is no longer the case. GDP per capita levels in many African countries have climbed past the critical US$1,000 level enabling consumers to purchase more than just the basics. Urbanisation has also been an important factor to contend with: Africa had 22 cities with more than two million people during 2010 and will have another 14 of this size by 2020, according to the United Nations. So infrastructure spending can no longer be just fixated only on export-oriented activities. Africans are demanding more from their governments in terms of infrastructure. Indeed, the KPMG Infrastructure 100 a report showcasing 100 of the most innovative and inspiring urban infrastructure projects from around the world included several African projects that all fall outside the resource sphere: 1) the Ethiopia Djibouti railway will reduce the cost of imported goods for Djibouti; 2) the Blue Line of the Lagos Rail network will transport 40,000 commuters to and from work on a daily basis; 3) the Durban waste-to-energy project will transform landfill gas into electricity for up to 6,000 low-income households; and 4) the 425-bed Queen Mamohato Memorial Hospital in Lesotho will become the country s main public hospital. All of these projects have a significant value component for average citizens. From a regional perspective, mining construction projects remain important for West, Central and Southern Africa, while in North and East Africa, spending on transport and energy is more dominant. Of course, projects in the areas of energy/power, transport, water and real estate could be seen as providing either industrial or household benefit, or both. The key issue is that Africa s infrastructure development is no longer dependent on or dominated by resources. This can be explained by the rapid expansion of non-resource GDP across the continent in recent years, which has fuelled the rise of the African consumer. With consumer-oriented markets seen as the continent s largest business opportunity, African governments and other infrastructure investors are adapting. Energy and power projects are the largest focus of construction in North Africa, with a significant presence by European and Chinese contractors. These types of developments require an ultra-longterm view on a country s future, and the current social and political unrest is not impacting the implementation much. A key reason for this is the source of funding: nearly 60% of the financing for major construction projects in the region are coming from domestic sources or development finance institutions on the continent. These entities would be much more tolerant of the risks currently seen in the region compared to investors from developed economies. In contrast, Southern Africa is the region with the lowest average political risk levels, and it remains the gateway into the continent. Putting aside the massive transport and energy projects underway in South Africa, the region has many large real estate projects focussed on retail shopping centres and mixed-use developments combining residential, office and retail. Many countries in the region still lack a developed formal retail industry and are benefitting from retailers based in South Africa expending north of the border. The major players in construction projects in this region are European and intra-african consortiums. Four out of every 10 mega construction projects in East Africa are related to transport. Increased regional integration over the past decade has necessitated and been supported by expanding and improving road and rail networks in addition to port facilities. Onshore and offshore hydrocarbon discoveries and feverish prospecting activities have necessitated improved logistical options for foreign companies looking to get a foothold in the region s burgeoning energy export market. However, the level of infrastructure development varies across countries, with construction groups from Europe, the US and China at the forefront of enterprises trying to narrow these gaps. Central Africa remains a hotbed for mining activity with nearly a third of mega construction projects related to this sector. The historical instability seen in many countries has kept Western money at a distance while African and Chinese funding has been popular. This has also supported private domestic firms who, along with European and American builders, are the largest construction players in the region. Healthcare and social development projects are more prominent in West Africa compared to the other regions. In this regard, development finance emanating from within Africa and elsewhere is an important source of funding, while European and American construction companies feature prominently.
9 Countries with Significant Construction / Infrastructure Opportunities Construction in Africa 6 The following paragraphs take a closer look at selected construction and infrastructure trends in Angola, Ethiopia, Ghana, Kenya, Lesotho, Mozambique, Nigeria, Tanzania, Uganda and Zambia. These countries are experiencing significant expansion in construction sector activity. Other countries with rapidly-growing infrastructure include Mauritania, Sierra Leone, Equatorial Guinea, Burundi and Rwanda. Angola Angola has over seven billion barrels of potential oil in onshore blocks in addition to its established offshore resources. State oil company Sonangol will soon open bidding for new onshore oil concessions for 10 blocks in the Congo Basin. Currently, most of Angola s oil is found offshore, with little spillover effects into other industries. Production on the mainland, however, could have significant implications for infrastructure and secondaryindustry development in the country, which should benefit a larger section of the population compared to high-cost, offshore production. Moving production onshore would decrease production costs, and could also open the sector for smaller companies, both local and international. Other focus areas for construction include residential housing and transport. Oil production, construction and commerce are expected to drive Angola s economic growth over the medium to long term and will, by 2015, represent 10% of GDP in sub-saharan Africa s third-largest economy. The construction sector expanded by double-digit figures over the past five years, despite a high level of concentration in the industry and challenges in obtaining credit.
10 7 Construction in Africa Countries with Significant Construction / Infrastructure Opportunities Ethiopia The Ethiopian construction industry has been the biggest beneficiary of the government s Growth and Transformation Plan (GTP) According to Access Capital s calculations, based on a subset of projects with high contractor use, the GTP will provide revenue opportunities to contractors to the order of US$20 billion p.a. and prospective profits of US$2 billion p.a. While the immense scale of public sector investment is crowdingout some private investment by exerting upward pressure on key non-food prices such as rental rates on construction equipment, the investment is desperately required in an underdeveloped economy with historically low FDI. Ethiopia now has the highest capital expenditure as a percentage of government spending among African countries meaning more spending is being funnelled to capital projects and capital equipment, rather than to current expenditure items. The real value of Ethiopia s infrastructure stock increased by almost 15% p.a. over the past decade and its capital stock was the sixth-largest on the continent during Significant investments include the building of a US$4 billion geothermal farm set to be the largest geothermal plant in Africa and the Grand Ethiopian Renaissance Dam (GERD) that is expected to generate 6,000 megawatt (MW) of electricity at full capacity. Ghana Accra s shopping scene has changed significantly in recent years in the wake of oil being discovered during 2007 and exported from This helped the Ghanaian economy to grow by an average of 8.2% p.a. during and private consumption expenditure expanded by a mean of 7.5% p.a. The country s growing middle class has attracted many international brands to its retail centres and is seeing a westernisation of shopping trends. However, the increase in shopping malls has so far failed to keep pace with shoppers demands, and retail facilities continue to expand at a rapid pace. South Africabased Atterbury Group started construction of the 27,700 m² West Hills Mall during late 2012 and looks set to open the facility in October It will be the largest mall in West Africa. Accra is the hub of retail in the country, yet modern shopping malls still represent a small proportion of Accra s retail market. With its growing prosperity and population, Accra has great capacity to support more formal retail, commented Atterbury MD James Ehlers during Indeed, Broll Ghana believes modern retail space in the country s capital will double over the next two years from the current 93,000 m², which should put pressure on rental costs to the benefit of the Ghanaian consumer. Outside of retail, construction activity is also being ramped up in the gas sector.
11 Construction in Africa 8 Kenya Nairobi is expected to fast track the development of Kenya s power infrastructure over the next five years in order to keep up with electricity demand in the fast-growing East African economy. Generating capacity currently stands at around 1,650 MW while peak demand is already above 1,400 MW. The economy has 14 hydroelectric, two thermal, three geothermal, one wind, and two other off-grid power generating stations. However, the country is planning to add up to nine solar power plants over the next few years via PPPs. The Kenya Renewable Energy Association is hoping to generate up to half of the country s electricity from solar installations as soon as 2016, with US$500 million already invested in the scheme. Electricity transmitter and distributor Kenya Power is planning to spend US$600 million on its distribution network during in order to strengthen its service delivery to commercial and industrial clients towards the ultimate goal of supporting economic growth. Over the long term, Kenya is looking to triple its generating capacity to 5,000 MW by This aim is still attainable, according to Kenya Power. Other notable construction activity is found in port, railway and mixed-use developments. Lesotho The local construction industry has profited from the long-term expansion of the Lesotho Highland Water Project (LHWP) that started in 1986, as well as other donor-funded infrastructure development. During May 2013, South Africa and Lesotho signed the final paperwork for the US$1.2 billion second phase of the LHWP, set to be concluded by The scheme currently provides South Africa with 2.13 million m 3 of water per day, while the completion of the second phase of infrastructure will almost triple this volume. South Africa s Department of Water Affairs sees the scheme as one of the largest and most intricate construction projects currently underway in the world. The second phase of the project includes: the 155m high Mashai Dam; a 19km tunnel/pumping main from the Mashai reservoir to the upstream 185m high Katse Dam; a second 45km long transfer tunnel from the Katse reservoir to the Muela reservoir; upgrading of the Muela hydro-power plant; and a second 37km long delivery tunnel from the Muela reservoir to the Vaal River basin. The third, fourth and fifth phases will add another three dams (all higher than 120m) and 12km of tunnel/pumping infrastructure. Overall, the LHWP represents the largest investment of foreign money into the country, and will support the country s earnings from water exports over the long term.
12 9 Construction in Africa Countries with Significant Construction / Infrastructure Opportunities Mozambique The Mozambican government is in the midst of large infrastructure projects, albeit with some challenges regarding external debt. However, the private sector is not affected by these constraints, and is implementing massive infrastructure projects on their side. At the forefront are the coal and natural gas sectors. Large international coal companies (specifically Vale and Rio Tinto) are upgrading Mozambique s railways and ports, while liquefied natural gas (LNG) plants are in the planning stages. The International Monetary Fund (IMF) estimates that, in order to process the natural gas, US$24 billion will be needed for site preparation and other infrastructure requirements. Some US$4 billion per year will be invested in this endeavour during , with all contents assumed to be imported. Mozambique could see up to US$25 billion in net FDI during , of which 80% will go towards the development of the gas industry. Elsewhere, the World Bank Doing Business 2014 report recorded a significant improvement in its ranking for Mozambique in the category Dealing with Construction Permits. By improving internal processes at the Department of Construction and Urbanisation, the country improved its ranking in the category by 46 places to 77th out of 189. Apart from the gas sector, Mozambique is also seeing increased activity in transport infrastructure. Nigeria Nigeria recently re-based its GDP which catapulted the country to being the largest economy on the continent. It is therefore not surprising that, similar to South Africa, infrastructure and construction opportunities are diverse and potentially very lucrative. The country has the fifth-largest infrastructure stock on the continent, with capital stock seeing a real average growth rate of nearly 12% p.a. since Regarding electricity, the government is hoping to connect 1.5 million Nigerians per year to the electricity grid in order to have 75% of citizens connected by the year Electricity generation declined by 20% year-onyear during December 2013 to around 3,560 MW due to vandalism and gas shortages. However, the Nigerian Electricity Regulatory Commission (NERC) has issued 72 generating licenses that should push up generating capacity to 20,000 MW as soon as The Power Holding Company of Nigeria (PHCN) was largely privatised during 2013, opening the door for private and foreign investors into the country s power sector. Elsewhere, retail activity is booming in Lagos, Abuja, Port Harcourt and Kano after the sector attracting US$1.3 billion in investment during , and the exit of South African premium retailer Woolworths has not dampened the spirits of other investors. Company Focus: Dangote Group The list of the Top 500 companies in Africa compiled by The Africa Report included 33 construction and construction materials companies: 14 from South Africa; seven from Egypt; three from Nigeria; three from Morocco; two from both Senegal and Algeria; and one each from Kenya and Mauritius. Nigeria-based Dangote Cement was ranked just outside the top 100 but was the highest ranked enterprise in the construction materials category. A subsidiary of the Dangote Group (West Africa s largest industrial conglomerate), Nigeria s largest cement maker is a fully integrated quarry-to-depot producer that, until recently, had a production capacity of 20 million tonnes per annum via three installations in its home country. However, the company is investing US$4 billion to expand this to 50 million tonnes by 2015, with factories operating and/or opening soon in Benin, Cameroon, Ethiopia, Republic of Congo, Senegal, South Africa, Tanzania, and Zambia. Locations for import and packing facilities include Ghana, Guinea, Ivory Coast, Liberia and Sierra Leone. Dangote Cement produces minimum 42.5 grade cement which is in line with international standards, and has helped Nigeria to attain selfsufficiency in cement production. The company received the Nigerian Securities and Exchange Commission s (SEC) 2013 PEARL Award for corporate excellence and adherence to good corporate governance. Dangote Group owner and Africa s richest man, Aliko Dangote, is now looking to expand his cement empire to South America.
13 Construction in Africa 10 Tanzania According to the US Geological Survey (USGS), Tanzania s cement production has increased rapidly in recent years from 1.37 million tonnes in 2006 to 2.31 million tonnes in Despite higher production, cement demand remains higher than supply at around 2.7 million tonnes in The industrial sector is expected to be a key driver behind economic growth in Tanzania, particularly growth in the construction sub-sector, and through the development of the mining and manufacturing sub-sectors. The construction sector is expected to show robust growth over the medium to long term largely due to infrastructure investment by the government, particularly in roads, railway, energy, and telecommunications. The construction of FDI projects in mining and manufacturing, as well as commercial and residential development will also contribute to growth in the construction industry. As a priority to government, infrastructure development will receive continued attention, thus ensuring ongoing support for the construction sector. Many projects will be either wholly or partly funded by donor support in the form of concessional loans, while bilateral nations are continuing to emerge as important partners of the government in funding infrastructure development. Uganda Estimates of the country s petroleum reserves have grown from 300 million barrels in 2006 to 3.5 billion barrels of commercially viable oil by late The government has announced that it received 10 applications from energy companies looking to take advantage of oil reserves in the Albertine Graben basin. Developments related to a planned US$2.5 billion domestic refinery will be a key focus in 2014, and could support economic activities in a broad set of sectors, including construction, transport, wholesale trade, as well as various services subsectors. Increased infrastructure development ahead of the start of oil output will largely be covered by FDI flows, although government efforts to improve hydropower and other road infrastructure will continue. The oil industry has already been the source of significant FDI inflows. According to French energy company Total, it invested around US$600 million in Uganda during Broadly, the Ugandan investment landscape will be dominated by investments in infrastructure (particularly transport and energy) and the oil industry over the medium term. Chronic power shortages due to ageing infrastructure and years of underinvestment in the sector remain a constraint to economic growth. Zambia The real value of Zambia s capital stock increased by more than 15% p.a. over the past decade the fourth-highest rate of expansion on the continent after Mauritania, Sierra Leone and Equatorial Guinea. Infrastructure development is a government priority as part of the Sixth National Development Plan and the National Vision 2030, and has also received a boost from continued growth in the copper mining industry. The state is also aware of the fact that funding gaps have capped the pace of infrastructure growth and Lusaka welcomes PPPs in order to accelerate development. Transport infrastructure is a key focus at present for the landlocked state with eight neighbouring countries. The three-phased Link Zambia 8,000 project will result in the building of 8,200 km of roadway and the Pave Zambia 2,000 project will repair 2,000 km of urban roadways. Most recently, South Africa-based Grindrod announced that it will construct a US$1 billion railway linking Zambia s largest copper mines to Angola s Port of Lobito. Not only will this address the issue of inadequate rail capacity, but it will also aid in reducing export costs.
14 11 Construction in Africa Countries with Significant Construction / Infrastructure Opportunities
15 Construction in Africa 12 Final Thoughts While the construction industry is currently in a better position compared to five years ago, contractors have had to balance short and long term demands and dynamics including uncertainties over where the global economy will be in five years from now. (After all, five years ago, the global economy was, at the time, expected to be in a much rosier scenario during 2014 than what presently is the case.) The KPMG Global Construction Survey 2013 found respondents making recommendations for construction companies to position themselves for the future, and this also has a particular bearing on African operations: African states, the opportunities posed by the continent cannot be ignored. The KPMG Global Construction Survey 2013 certainly confirms that Africa is firmly on the radar of major construction companies, with hundreds of large projects already underway on the continent. These initiatives are no longer limited to mineral resources, as many still believe, and have diversified into other sectors. At the same time, the support of PPPs has enabled cash-strapped governments to more effectively use their own resources to improve the lives of their citizens. Investing in people via the recruitment of personnel with sufficient skills and knowledge within a specific sector; Enhancing management of mega projects with the right people in the right location; Creating a true risk management culture by communicating and monitoring these practices; Standardisation of practices across diverse projects; and Becoming a strategic partner to clients businesses by working more closely with these partners. Infrastructure decision makers in Africa are often challenged with making yes or no choices with incomplete and/or inadequate information. This is often the result of poor initial research and feasibility investigations into potential construction projects and highlights the need to involve the right people in infrastructure development from both the public and private sectors. From a political perspective, infrastructure and construction investors require a stable environment given the long-term nature of such investments. An additional requirement that has become a prominent issue in recent years is the need for increased regional integration. As is evident in the East African Community (EAC) a beacon for regional integration on the continent a shared vision for infrastructure reduces the cost of development, provides access to expanded networks for smaller countries, and allows more freely for trans-boundary projects. Combined efforts could also translate into more favourable financing conditions. Regional integration is on the political agenda of more states though progress is most often very slow the EAC is an exception. Africa s construction and infrastructure landscape is certainly full of challenges as do many other sectors. However, with the rapid expansion in infrastructure seen over the past decade, the growing interest of non-african companies in partaking in this immense growth, as well as the evident positive outlook for construction in many Finally, is there a trade-off between the size of a country s capital stock and the quality of infrastructure? The accompanying graph shows that there is no clear difference in the quality of infrastructure between African countries with small or large capital stocks. As could be expected, many African economies though definitely not all of them with smaller infrastructure stocks have since 2000 been able to grow their capital at a faster pace compared to those with substantial infrastructure. These two observations basically convey the message that countries with limited infrastructure can see a strong rate of infrastructure growth without necessarily having problems with the quality of fixed capital. This is positive both for the construction industry as well as people living in Africa.
16 13 Construction in Africa Sources of Information Access Capital AECOM Africa Report AllAfrica.com Bloomberg Business Day Dangote Group Engineering News Government of South Africa How We Made It In Africa International Monetary Fund (IMF) KPMG McKinsey & Company NKC Independent Economists Organisation for Economic Cooperation and Development (OECD) Trade Map The Oxford Business Group United Nations US Geological Survey (USGS) World Bank World Economic Forum (WEF)
18 15 Construction and Infrastructure in Africa Key Infrastructure Indicators
20 Contact details Moses Kgosana CEO KPMG in Africa T: E: Anthony Thunstrom COO KPMG in Africa T: E: Katherine Miles Africa High Growth Markets KPMG in Africa T: E: Klaus Findt Head, Infrastructure and Major Projects Group Africa T: E: Kunle Elebute Partner & Head, Advisory Services KPMG in Nigeria T: E: Sheel Gill Director, Transactions & Restructuring East Africa T: E: Shelley Hunt Africa High Growth Markets KPMG in Africa T: E: Gavin Maille Partner & Sector Leader Industrial, Automotive and Construction KPMG in South Africa T: E: kpmg.com/social media kpmg.com/app 2014 KPMG Africa Limited, a Cayman Islands company and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ( KPMG International ), a Swiss entity. All rights reserved. The KPMG name, logo and cutting through complexity are registered trademarks or trademarks of KPMG International. MC11510
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