Weekly Roundup | 11.26.2024
Your curated selection of weekly Africa business and investment headlines.
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Headlines
Nigeria Making Moves to Revive Its $2.8 Billion Sugar Industry
📸 Disposable Income in Africa is Low ⤵️
Trafigura Faces Corruption Charges for Allegedly Bribing Officials in Angola
📸 Africa is the Future of Global Population Growth
Nigeria is Africa’s Largest Rice Producer, 13th Globally
Japan’s Mitsui Emerges Top Bidder for First Quantum Mines Stake
New Chinese Mining Body to Invest $5 Billion in Zambia Copper Production
📸 GDP Per Capita Growth Across Africa
Why This German Invested in Tanzania’s First Commercial Apple Farm
Stronger Dollar Under Trump Makes Cutting Rates in Africa Harder
Ivory Coast to Establish $500 Million Green Finance Fund
Africa
📰 Nigeria Making Moves to Revive Its $2.8 Billion Sugar Industry
An agreement has been signed to develop 250,000 hectares of sugarcane fields and establish six sugar and ethanol plants over the next three years in Nigeria. The consortium includes leading sugarcane firms from Brazil and India. In the 1960s, Nigeria's sugarcane industry thrived but later stagnated, with current cultivation covering less than 20,000 hectares.… Read More
📸 Disposable Income in Africa is Low ⤵️
📰 Trafigura Faces Corruption Charges for Allegedly Bribing Officials in Angola
Trafigua has a leading role in managing the Lobito Corridor rail concession and has recently been accused of paying a $6 million bribe to secure a project that generated a $144 million profit… Read More
📸 Africa is the Future of Global Population Growth
By 2100, Africa is set to dominate global population growth, with 6 out of the top 10 countries gaining the most people:
🔮 Nigeria (+527 million people)
🔮 DRC (+272 million)
🔮 Tanzania (+226 million)
🔮 Ethiopia (+179 million)
🔮 Niger (+141 million)
📰 Nigeria is Africa’s Largest Rice Producer, 13th Globally
Nigeria produces one-fifth of Africa’s rice, with most of the harvest consumed domestically, leaving little for export. However, rice prices have risen sharply due to higher costs of imported inputs, such as fertilizer, machinery, and spare parts, as well as increased transportation expenses driven by the removal of fuel subsidies.… Read More
📰 Japan’s Mitsui Emerges Top Bidder for First Quantum Mines Stake
The $2 billion bid is said to be the highest for First Quantum’s Zambian copper mines. The bid is for a 20% in the copper mines and bested the bid from Saudi Arabia’s Manara Minerals Investment Company.… Read More
📰 New Chinese Mining Body to Invest $5 Billion in Zambia Copper Production
China will inject up to $5 billion into Zambia's copper industry by 2031 to increase the production of copper and cobalt, with the investment made through a new body, the Chinese Mining Enterprise Association in Zambia, the Zambian government said in a statement Nov. 13… Read More
📸 GDP Per Capita Growth Across Africa
📰 Why This German Invested in Tanzania’s First Commercial Apple Farm
Apples can be challenging to grow in Africa since they favor cooler climates. Two German-born entrepreneurs have made inroads as early investors in apple farming in East Africa… Read More
📰 Stronger Dollar Under Trump Makes Cutting Rates in Africa Harder
14 of Africa’s ‘monetary authorities’ are due to set their interest rates, with 8 expected to cut rates, 1 to hike, and 5 to stay put. The window to ease interest rates is likely to close once Trump takes the US oval office… Read More
📰 Ivory Coast to Establish $500 Million Green Finance Fund
Ivory Coast will create a $500 million green finance fund to support sustainable growth initiatives, the International Monetary Fund (IMF) said in a statement. In March, the IMF's executive board approved a $1.3 billion, 30-month lending arrangement for Ivory Coast under its Resilience and Sustainability Facility… Read More