Research & Analysis
Institutional-grade research on Nigerian equities, frontier markets, currencies and global macro.
Botswana built one of Africa’s strongest economic success stories on diamonds. But weakening demand, fiscal pressure and stubbornly high unemployment are exposing the limits of that model. The country now faces a more difficult challenge: building new engines of growth before its old one becomes less dependable.
ET&A Research · 19 August 2026 · 10 min read
The Democratic Republic of Congo sits at the centre of the global copper and cobalt supply chains. But possessing the minerals the world needs is very different from capturing the economic value they create.
ET&A Research · 17 August 2026 · 11 min read
Nigeria does not simply have a shortage of work. It has a shortage of productive work. Looking beyond the headline unemployment rate reveals an economy dominated by informal employment, self-employment, underemployment and jobs that often generate too little income to materially improve living standards.
ET&A Research · 12 August 2026 · 9 min read
Kenya’s banking industry is entering a period of structural change. Higher capital requirements, rising technology costs and increasing interest from pan-African banking groups are likely to leave the country with fewer—but larger and better-capitalised—banks. The result could be a stronger financial system, although greater concentration also creates new questions around competition, SME lending and the influence of foreign capital.
ET&A Research · 12 August 2026 · 11 min read
Mauritius is small, geographically isolated and relatively resource-poor. Yet it has built one of Africa’s most diversified and institutionally credible economies. The lesson for the rest of the continent is not to copy Mauritius sector by sector, but to understand how consistent policy, openness, diversification and investment in people can compound over decades.
ET&A Research · 12 August 2026 · 10 min read
Nigeria’s telecom sector combines a large and still-expanding subscriber base with accelerating data consumption, improving pricing economics and growing fintech ambitions. Yet the opportunity remains inseparable from heavy capital expenditure, currency exposure, regulation and the challenge of serving a price-sensitive population.
ET&A Research · 10 August 2026 · 10 min read
Morocco has transformed itself from a relatively small vehicle assembler into one of the world’s most competitive export-oriented automotive hubs. Its success reflects more than low labour costs: it is the result of coordinated industrial policy, world-class logistics, trade access, workforce development and a deliberate effort to build complete manufacturing ecosystems.
ET&A Research · 6 August 2026 · 12 min read
Ghana has moved from sovereign default and currency instability to stronger growth, lower inflation and improving fiscal balances. Yet the crisis has permanently changed how investors should assess the country: opportunity remains, but credibility, currency exposure and cash-flow resilience now matter far more than the headline growth rate.
ET&A Research · 6 August 2026 · 10 min read
Africa’s largest investment markets are often grouped together, but they offer fundamentally different combinations of growth, stability, market access and risk. Nigeria is primarily a scale and reform opportunity; Kenya is a regional services platform; Egypt is an industrial and macroeconomic recovery case; while South Africa offers institutional depth and the continent’s most developed capital markets.
ET&A Research · 5 August 2026 · 11 min read