Walmart, keen to enter oil-rich markets such as Nigeria and Angola, is launching an aggressive plan to open up at least 90 stores in Sub-Saharan Africa over the next three years, according to a report in ValueWalk.

With growth potential in North America almost tapped out, Africa could be the key to the company’s continued expansion, the report said.

The move follows Walmart’s $2.4 billion acquisition of MassMart, a major big box retailer in South Africa.

The world’s largest retailer has enjoyed past success entering emerging markets such as China but failed in other markets, such as Germany.

Investors want to know if this will be another success, or another failure. Given Walmart’s track record in Mexico and China, they have good reason to feel optimistic, ValueWalk reports.

Walmart’s failed expansion efforts have been largely due to misinterpreting local cultures, the report said. Efforts in Germany were plagued by cultural misunderstandings. For example, the company enforced policies that cashiers should smile at customers, but customers misinterpreted this as flirting. And when the company placed greeters at the front entrances, a common practice in the U.S., German customers felt harassed. In 2006 Walmart sold off its German assets at a $1 billion loss.

Walmart’s strategy in Africa is unknown, though it will likely differ from its U.S. strategy of being the lowest cost retailer. It stands a good chance of finding success as it will be one of the first true big box retailers in the region, the report said. Instead of targeting lower end consumers in Africa who will lack the buying power to support the chain, the company will most likely target Africa’s emerging middle and upper classes. Walmart has already found similar success with this strategy in China, Mexico, and elsewhere.

The International Monetary Fund predicts that by 2018 the world’s fastest-growing markets and economies will be found in Africa. Past predictions in regards to Africa, however, have fallen short, so many investors remain wary.

Either way, Walmart has the money, capacity, and reputation necessary to invest for the long haul, the report said. If Africa’s economy continues to grow, and Walmart is able to avoid cultural missteps of the past, the company could position itself as one of Africa’s leading retailers in years to come.