Country-Level Analysis · May 2026

Africa Market Entry: Country Analysis & Directional Entry Assessment

Preliminary sovereign-level assessment of four priority markets, evaluated against a working scorecard framework to develop directional, evidence-informed entry insights.

Nigeria

Kenya

Egypt

South Africa

Primary Analysis Markets

4 Countries · 5 Criteria · Directional Assessment

01 · Scope & Deliverables

What We Are Building Together

Three focused deliverables grounded in AlsoThere's core question: which African markets offer the best conditions for compliant, cost-effective expansion, and how do we get there?

Fiscal & Tax Optimization Map

WHT matrix covering Nigeria, Kenya, South Africa & Egypt vs. EU, LATAM & USA across Professional Services, SaaS, Licenses, and IaaS, plus a "Golden Sample" invoicing structure per country detailing local VAT/GST, WHT, and digital service taxes.

Operational & Currency Risk Assessment

FX volatility report on NGN, KES, ZAR & EGP including historical volatility and hedging availability, plus a comparative CAPEX/OPEX breakdown of entity setup costs (registration, compliance, local talent benchmarks) per hub.

Strategic Entry & Segmentation Model

Country ranking via a "Speed to Market vs. Cost" weighted index, plus a target segment profile identifying the top 3 inbound industries per country most likely to adopt AlsoThere's platform.

Four Priority Markets

🇳🇬 Nigeria 🇰🇪 Kenya 🇪🇬 Egypt 🇿🇦 South Africa

3

Client
Deliverables

02 · Project Approach & Methodology

How We Are Assessing the Four Markets

01

Country Baseline

Independent deep-dive on each of the four assigned markets: Nigeria, Kenya, Egypt, and South Africa. No regional averaging. Each country stands on its own data.

Output: Country Profile Cards

02

Weighted Comparison

Each country is scored against five criteria with explicit weighting: market size, FX stability, trade access, regulatory readiness, and competitive intensity.

Output: Working Attractiveness Scorecard

03

Directional Prioritisation

Preliminary scores are aggregated into a directional priority view. The leading market receives an indicative entry pathway with feasibility signals and risk considerations, subject to client calibration.

Output: Directional Entry View

Scope boundary: This is a country-level feasibility assessment, not a continental scan. Companies enter countries, not regions — regional trade bloc data is used as a supporting input to country scores only. Preliminary analytical work is already underway. All directional views are subject to validation against client growth priorities and risk tolerance.

03 · Country Comparison

Country-Level Assessment: Five Criteria, Four Markets, One Ranked View

Sovereign-level assessment across five weighted criteria. Each country is evaluated independently, with no regional averaging. Indicative composite scores are directional, pending calibration against client cost structure and risk tolerance.

Criterion (Weight)	🇳🇬 Nigeria	🇰🇪 Kenya	🇪🇬 Egypt	🇿🇦 South Africa
Market Size & Growth 30%	HIGH 220M pop · 3.3% GDP	HIGH 56M pop · 5.0% GDP	HIGH 106M pop · 4.2% GDP	MED 62M pop · 1.1% GDP
FX & Currency Stability 25%	LOW Naira devalued ~70%	MED KES moderate vol.	MED EGP managed float	MED ZAR volatile vs USD
Trade Access 20%	HIGH AfCFTA + ECOWAS	HIGH AfCFTA + EAC hub	HIGH AfCFTA + COMESA	HIGH AfCFTA + SADC
Regulatory Readiness 15%	MED DB rank 131	HIGH DB rank 56	MED DB rank 114	HIGH DB rank 84
Competitive Intensity 10%	HIGH Dense MNC presence	MED Growing but open	MED Growing competition	HIGH Mature, saturated
Directional Tier	#2	#1	#3	#4

Preliminary Weighted Score (out of 100), indicative only, pending client cost & risk calibration

🇰🇪 Kenya

78

#1

🇳🇬 Nigeria

65

#2

🇪🇬 Egypt

62

#3

🇿🇦 S. Africa

52

#4

Key Insight

Kenya currently appears strongest across regulatory quality and FX stability. Nigeria presents the largest market by volume (220M) but carries higher FX complexity. Each country is assessed independently. Regional context informs but does not replace sovereign-level scoring.

Scores are preliminary and directional. Final prioritisation requires client cost structure and risk tolerance inputs to calibrate FX and competitive intensity weights. Current view subject to revision.

05 · Market Attractiveness Assessment

Country Attractiveness: Composite Score Comparison

Country-level comparison across all five weighted criteria. Each score reflects sovereign-level analysis, not regional averaging. All scores are directional, subject to client calibration.

Score per criterion (0–100) · Higher = more attractive

Nigeria Kenya Egypt South Africa

Criteria Weights

Market Size & Growth 30%

FX & Currency Stability 25%

Trade Access 20%

Regulatory Readiness 15%

Competitive Intensity 10%

Total 100%

Kenya's Current Advantage

Strongest on regulatory quality (DB rank 56) and FX stability. EAC membership amplifies trade access score. Requires sector-specific confirmation.

Nigeria's Complexity

Largest market upside by volume (220M) but Naira devaluation (~70%) creates significant FX complexity. Dependent on client FX risk appetite.

S. Africa's Structural Constraint

Best infrastructure in the cohort, but 1.1% GDP growth and high competitive intensity limit attractiveness for new entrants.

06 · Entry Feasibility

Porter’s Five Forces: Kenya & Egypt Show the Most Favourable Entry Conditions

Porter's Five Forces applied independently per country, not as a regional average. A strong forces profile indicates a more defensible entry position. A weak profile signals conditional entry or deferral, subject to deeper competitive analysis at midpoint.

Threat of New Entrants

NG: MED KE: LOW EG: LOW ZA: MED

Capital requirements, licensing complexity, and distribution access. Low threat = high barriers protect new entrant position.

Supplier Power

NG: HIGH KE: MED EG: MED ZA: MED

Concentration of key input suppliers. High supplier power compresses margins, especially in Nigeria's import-dependent sectors.

Buyer Power

NG: MED KE: LOW EG: LOW ZA: HIGH

Price sensitivity and switching costs. South Africa’s sophisticated buyers have high negotiating leverage.

Threat of Substitutes

NG: HIGH KE: MED EG: MED ZA: MED

Informal sector alternatives and cross-industry disruption. Nigeria’s large informal economy creates high substitution risk.

Competitive Rivalry

NG: HIGH KE: MED EG: MED ZA: HIGH

MNC density, local champion strength, and pricing aggression. Nigeria and South Africa are the most contested markets.

🇰🇪 Kenya

STRONG

Low entry barriers, moderate rivalry, EAC scale advantage. Best structural profile.

🇪🇬 Egypt

STRONG

Large addressable market, moderate rivalry, COMESA trade access advantage.

🇳🇬 Nigeria

CONDITIONAL

Large market but high rivalry, supplier power, and substitution risk require mitigation strategy.

🇿🇦 S. Africa

CHALLENGING

High buyer power, saturated market, and low growth make new entry structurally difficult.

From Forces to Recommendation

Strong profile → Priority 1 entry
Conditional → Entry with defined risk mitigants
Challenging → Defer pending client risk appetite

Forces overlay combined with attractiveness scorecard → Directional prioritisation view, to be refined with deeper competitive analysis and client inputs

07 · Client Meeting Objectives & Next Steps

This Meeting Is a Strategic Alignment Session. Not a Final Presentation.

Four objectives for today's session: reconfirm scope, align on methodology, identify data gaps, and ask the right questions. Preliminary analytical work is already underway. Your inputs will calibrate the final recommendation.

1

Reconfirm Scope & Deliverables

Validate that the three deliverables (Fiscal & Tax Map, Operational & Currency Risk Assessment, and Strategic Entry Model) match your current priorities and board mandate.

2

Explain the Analytical Approach

Walk through the five-criteria weighted scorecard, the Porter's Five Forces feasibility overlay, and how preliminary directional rankings are being constructed across Nigeria, Kenya, Egypt, and South Africa.

3

Identify Data & Information Gaps

Confirm what client-side data is needed to calibrate the final recommendation: internal cost structure, FX risk tolerance, product-line targets, and operational requirements by unit.

4

Ask Key Strategic Questions

Confirm assumptions: Which markets align with your board mandate? What is your acceptable FX volatility ceiling? Which product lines are prioritised for initial entry? What is your minimum viable scale?

Client Inputs Required to Calibrate Final Recommendation

Strategic

· Priority market confirmation
· Risk appetite thresholds

Financial

· Internal cost structure
· Historical FX sensitivity
· Product-line targets

Operational

· Unit-level requirements
· Minimum viable scale

Preliminary Directional Ranking

#1

🇰🇪 Kenya Score: 78

Strong regulatory + EAC scale potential

#2

🇳🇬 Nigeria Score: 65

Largest market — conditional on FX risk appetite

#3

🇪🇬 Egypt Score: 62

Large market + COMESA access — moderate rivalry

#4

🇿🇦 South Africa Score: 52

Best infrastructure — low growth + high rivalry

Preliminary and directional. Final view calibrated upon receipt of client inputs.

Delivery Roadmap

1

Client Alignment Session (Today)

Confirm scope, methodology, and data requirements

2

Midpoint Review (Week 3–4)

Country profiles + scorecard with client data integrated

3

Final Recommendation (Week 6–7)

Ranked country recommendation, board-ready

08 · Directional Assessment, Subject to Client Calibration

Kenya: The Leading Candidate. Directional Assessment.

Kenya leads on composite scoring across all five weighted criteria. This slide presents the directional case — subject to client calibration on cost structure and risk tolerance.

Why Kenya Leads

1

Regulatory readiness

Transparent legal framework, established FDI pathways, and active investment promotion via KenInvest.

2

FX stability

KES is the most stable currency among the four markets assessed, reducing repatriation and hedging risk.

3

EAC regional hub

Nairobi as EAC gateway unlocks Tanzania, Uganda, Rwanda — a combined market of 250M+ from a single entry point.

Composite score: 78/100. Highest across all four markets assessed.

Key Risks to Monitor

Political risk — post-election instability cycles require monitoring; mitigation via local partner structuring

Infrastructure gaps — logistics and power reliability outside Nairobi corridor require operational planning

Talent depth — senior specialist talent pool is limited; hybrid remote/local model recommended

Sector licensing — sector-specific permits vary; timeline 3–9 months depending on industry classification

Risk Verdict

Manageable risk profile. No structural blockers identified at this stage of analysis.

Score Breakdown

Kenya scores highest on 4 of 5 weighted criteria.

Regulatory Readiness 85%

FX Stability 80%

Market Access 78%

Infrastructure 70%

Talent Availability 65%

Weighted composite: 78/100. Directional — pending client calibration.

09 · Conclusion

From Analysis to Action. A Clear Path Forward.

This analysis evaluated four African markets across five weighted criteria. The evidence points to a clear directional priority — with a structured pathway to confirm and execute.

Summary of Findings

1

Kenya is the directional priority market

Strongest composite score across regulatory readiness, FX stability, and trade access. Nairobi as EAC hub unlocks regional optionality.

2

Nigeria is a conditional high-upside opportunity

220M population and strong trade access, but Naira volatility requires client FX risk appetite confirmation before commitment.

3

Egypt and South Africa are monitor/defer

Egypt warrants re-evaluation once EGP trajectory stabilises. South Africa's mature, saturated market does not support near-term entry investment.

All findings are directional and subject to client cost structure and risk tolerance calibration.

What Happens Next

Client calibration session — align on FX risk tolerance, cost structure, and operational constraints

Kenya deep-dive — sector-specific regulatory mapping, licensing timeline, and local partner identification

Nigeria FX scenario modelling — stress-test entry economics under Naira volatility assumptions

Final ranked recommendation — locked in after client inputs are incorporated into the weighted scoring model

Target Outcome

A board-ready, client-calibrated market entry recommendation — ready for executive sign-off.

Analytical Principle

"No regional averaging. Every country assessed on its own sovereign merits."

🇰🇪

Kenya #1

🇳🇬

Nigeria #2

🇪🇬

Egypt #3

🇿🇦

South Africa #4

Indicative composite scores. Pending client calibration.

09 · References & Data Sources

References & Data Sources

African Development Bank. (2024). African economic outlook 2024. African Development Bank Group. https://www.afdb.org

African Union. (2024). AfCFTA implementation status report. African Union Commission. https://au.int/afcfta

Bloomberg & Reuters. (2024). FX volatility data: ZAR and EGP. Bloomberg Terminal / Reuters Eikon.

Central Bank of Kenya. (2024). KES exchange rate statistics. Central Bank of Kenya. https://www.centralbank.go.ke

Central Bank of Nigeria. (2024). Exchange rate data. Central Bank of Nigeria. https://www.cbn.gov.ng

COMESA Secretariat. (2024). COMESA trade and investment report. Common Market for Eastern and Southern Africa. https://www.comesa.int

Deloitte Africa. (2024). Africa market entry guide. Deloitte Touche Tohmatsu Limited. https://www.deloitte.com

East African Community. (2024). EAC partner states overview: Common market protocols. EAC Secretariat. https://www.eac.int

ECOWAS Commission. (2024). Regional integration overview. Economic Community of West African States. https://www.ecowas.int

International Monetary Fund. (2024). World economic outlook database. IMF. https://www.imf.org

KPMG Africa. (2023). Africa tax & regulatory guide. KPMG International. https://www.kpmg.com

McKinsey Global Institute. (2023). Africa's business revolution: How to succeed in the world's next big growth market. McKinsey & Company. https://www.mckinsey.com

Porter, M. E. (1980). Competitive strategy: Techniques for analyzing industries and competitors. Free Press.

PwC. (2024). Worldwide tax summaries: Africa. PricewaterhouseCoopers International. https://www.pwc.com

World Bank. (2020). Doing business 2020: Comparing business regulation in 190 economies. World Bank Group. https://www.worldbank.org

World Bank. (2024). World development indicators. World Bank Group. https://data.worldbank.org

Disclaimer: All data cited is preliminary and used for directional analytical purposes only. Scores and rankings are indicative, not definitive. This presentation does not constitute investment, legal, or tax advice.