Africa’s agricultural sector may still be underdeveloped, but it is growing as investors increasingly seek to exploit local and regional sources of demand and develop the continent’s processing capacity. A greater provision of banking services is also helping.

A sovereign bond issue by Rwanda took the capital markets into uncharted territory, but the syndicate team at BNP Paribas found investors keen to seize the opportunity to diversify their portfolios.

The Deals of the Year winners from Africa.

Life for Angola’s banks is getting harder, thanks in no small part to falling interest rates and new taxes. But, as the country's economy continues to perform impressively, growth opportunities will remain. The challenge will be to make sure that this growth is sustainable. 

Angola’s government has won plaudits for its macroeconomic reforms since the 2009 crisis, but plenty more are needed to lure foreign investment and modernise what is still one of the world’s toughest business environments.

Angola has recovered quickly from its slump four years ago and regained its position as one of the world’s most buoyant economies. But despite that, the country's ruling party will have to adapt to the changing expectations of Angolans, for many of whom peace is no longer enough. 

Oil looks set to dominate Angola's economy in the medium term and potentially longer if pre-salt discoveries prove as lucrative as optimists hope. But new regulations in the US and Europe could shake up the industry, while the government hopes to develop gas exports and the mining sector.

Nigeria’s banking sector has become highly concentrated over the past 10 years, with the biggest five lenders now dominating market share. But executives at smaller firms are not worried. They insist that innovation and nimbleness, not to mention the huge scope for growth in Nigeria, will see them make up for their lack of size.

In the three years since Arunma Oteh was brought in to head Nigeria’s Securities and Exchange Commission and tasked with rebuilding the country's capital markets, much progress has been made. But she still has plenty to do if she wants to fulfil her bold ambitions.