Johannesburg’s governance and infrastructure problems have left its commercial property market at least $12 billion behind Cape Town, offering one of the clearest indications yet of how municipal performance can shape investment within the same economy.
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Somewhere in Nigeria today, a project that will never work is being commissioned. The contract award is televised. The ribbon is cut long before the institution that will keep the asset alive has even been imagined. Nigeria has perfected the politics of commencement. The political reward is front-loaded, while the developmental work is left for later.…