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Emerging Investors in Africa: Africans

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By PATRICK MCGROARTY DAR ES SALAAM, Tanzania—As U.S. and European companies retrench from their efforts to bankroll projects across Africa, a group of investors is quickly emerging to pick up the slack—other Africans. Even as overall foreign investment into Africa has contracted, a cohort of homegrown companies has mounted an unprecedented expansion drive. Investment between African countries has almost doubled in the past five years, to 13% of new projects started on the continent last year, according to a report on foreign direct investment released Thursday by the United Nations Conference on Trade and Development. The companies behind those investments are chasing high growth...

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