Weekly Roundup | 11.05.2024
Your curated selection of weekly Africa business and investment headlines.
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Headlines
🦄 A New Africa Unicorn is Born
🎦 Survey Finds 60% of Nigerians Favor Trump Over Harris
Ghana Launches First 5G Network, Aims to Become West Africa's Digital Hub
Muhammad Ali's 'Rumble In The Jungle' Fifty Years On
Britain’s Conservative Party Elects Nigerian-Born Woman to Lead It
📸 After 13 Years South Has Little to Show From BRICS Membership
📸 US Dollar Reserve Currency Status Strengthening
🎦 Experience Lobito Corridor’s Top Copper Mine
Top 10 African Nations With Most Chinese Workers
Regulatory Burden in Africa Isn’t the Issue
📸 DRC Contains 55% of the World’s Cobalt Reserves
Africa
🦄 A New Africa Unicorn is Born
Nigeria-based fintech Moniepoint gains 'unicorn' status after raising $110 million at a valuation exceeding $1 billion dollars. The round for the nine-year-old company was led by Development Partners International (DPI) and Google's Africa Investment Fund. The company has previously raised $55 million… Read More
🎦 Survey Finds 60% of Nigerians Favor Trump Over Harris
Trump’s favorability in Nigeria is likely the highest in Africa and one of the highest in the world.
📰 Ghana Launches First 5G Network, Aims to Become West Africa's Digital Hub
“This new technology is more than just faster internet, but a leap forward in connectivity that aligns with Ghana's vision to become a digital economy hub, accelerating growth, enhancing services, and transforming lives across all sectors,” said President Nana Addo Dankwa Akufo-Addo. Ghana joins South Africa, Nigeria, and Egypt as 5G service providers… Read More
📰 Muhammad Ali's 'Rumble In The Jungle' Fifty Years On
On October 30, 1974, Muhammad Ali knocked out George Foreman in the eighth round of a 15-round bout in Kinshasa, Zaire, known as the "Rumble in the Jungle," to regain his world heavyweight title. Cassius Marcellus Clay Jr. was born in Louisville, Kentucky in 1942… Read More
📰 Britain’s Conservative Party Elects Nigerian-Born Woman to Lead It
Kemi Badenoch believes the British state is broken and she wants to fix it with smaller government and new ideas:
“I don’t take what we have in this country for granted,” she said. “I meet a lot of people who assume that things are good here because things are good here and they always will be. They don’t realize just how much work and sacrifice was required in order to get that.”… Read More
📸 After 13 Years South Has Little to Show From BRICS Membership
📸 US Dollar Reserve Currency Status Strengthening
The US Dollar share in global payments jumped to 49% in 2024 the highest since 2012. This is up from ~40% at the beginning of 2022. Meanwhile, the Euro share has plummeted to ~21%.
🎦 Experience Lobito Corridor’s Top Copper Mine
Lobito Corridor’s Kamoa-Kakula Ivanhoe mine continues to impress and break records…
📰 Pick n Pay Exits Nigeria
“Nigeria’s most significant opportunity for B2C operations lies with consumers who earn around $4 - $8 per day, but that spectrum is not a very sweet domain for organized retail. You need at least $15 per day to make it fascinating for the likes of Shoprite and Pnp. So, there is a clear product-market fit dislocation and that has made organized retail challenging in Nigeria”.… Read More
📰 Top 10 African Nations With Most Chinese Workers
1. Algeria
2. Congo DRC
3. Nigeria
4. Guinea
5. Ethiopia
6. Angola
7. Egypt
8. Kenya
9. Zambia
10. Tanzania
📰 Regulatory Burden in Africa Isn’t the Issue
“The problem then, to my mind, is less about the "regulatory burden" per se, and more about the inconsistency, unpredictability, and sometimes even plain confusion around regulations.” … Read More
📸 DRC Contains 55% of the World’s Cobalt Reserves
Cobalt is a critical mineral in the manufacturing of EVs and other modern technology. Australia is a distant second containing around 15% of global reserves... Read More
