SECTION A [30 Marks] Please read the extract below and answer the questions that follow :- M&A in Africa: Bleak skies overhead, but the future looks brighter - Part 2 27 JUL 2020 Nigeria Going against the downward trend, deal-making in Nigeria increased by 44% with 26 deals in H1 2020 compared to 18 in H1 2019. Total deal value went down 46% to US$204mn in the first half of 2020, from $375mn in H1 2019 (but this is likely because most of the deals listed for H1 2020 have no disclosed deal value.) The number of cross border deals increased by 18% in comparison to the first half of 2019, while domestic deals were also up by 86% year-on-year. Half of the total M&A deals in Nigeria were cross border transactions, totaling $40mn. Deals were evenly distributed among industries, with financials and high technology recording two inbound deals each and the industrials sector recording two outbound M&A deals. The $21mn acquisition of Interporto di Venezia SpA in March 2020 by an Orlean Invest Holding subsidiary for $21mn, was the biggest cross border deal in Nigeria in the first half of 2020. Wildu du Plessis, Head of Africa for Baker McKenzie in Johannesburg, notes that policy and economic uncertainty, including lack of access to foreign exchange, stalled deal-making in Nigeria recent years. However, the Central Bank of Nigeria introduced a foreign exchange window a few years ago, allowing trading at market-determined rates, which boosted the supply of foreign exchange and encouraged dealmakers. The government was also looking at more business-friendly legislation. The Nigerian economy was already impacted quite severely by the disruption in oil markets in recent years, but Covid-19 has added extensive damage to the economy, and this will negatively impact on M&A numbers going forward." (Source: https://www.bizcommunity.com/Article/196/547/206669.htmloubtedly impact negatively on M&A numbers going forward//date accessed 20th July 2021) Answer ALL the questions in this section.

Question 1 (6 Marks) Give a critical account of the challenges and remedies regarding deal making in Nigeria

Question 2 (14 Marks) Analyse the effectiveness of backward integration. Provide examples to substantiate your response. Question 3 (10 Marks) Critically examine the effectiveness of product development, citing relevant examples.