As an expatriate Kenyan, looking back at home over the last few years has shown a huge increase in investment by both MNCs setting up there and investors flocking to back local companies. But it's usually a huge wave of euphoria, helped by a government that wants to appear welcoming, which then peters out as the company projects get bogged down in corruption, resource volatility and inconsistent outflow of human capital. Eventually it becomes a sunk cost but the company continues to operate there low-key while they look for other strategies.

I suspect a very similar situation is happening in many other African states that are pro-investment.

I would say that a key thing to bear in mind is that investments in Africa are first and foremost just that: investments. They could fail. And treating it as a homogeneous body is akin to saying you're investing in North America instead of saying you're investing in a specific company in South Carolina because of xyz economic, social and political factors.