Richard Auty, a renowned scholar in 1993 introduced a concept of the ‘resource curse’ to define how countries rich in natural resources are generally unable to use that wealth to improve their economies. The concept delves around how counter-intuitively these countries have lower long‐ term economic growth than countries which do not possess an abundance…
Eswatini Electric Company is gauging its interest in a plan to build infrastructure that would tap gas from neighboring Mozambique to generate electricity. The power company’s infrastructure will include pipelines as well as trucks will be used to ferry gas from locations in Mozambique. This is in a bid to supply gas-fired turbines, with additional…
Millions of African businesses are set to benefit from opportunities in the African Free Trade Area (AfCFTA) as MFS Africa, one of Africa’s largest digital payments network announced that it has joined the Pan-African Payment and Settlement System (PAPSS) network. PAPSS which is the newly established African cross-border and financial markets infrastructure, facilitates the clearance,…
World Health Organization has named six African countries who will be the first recipients of the technology required to produce mRNA vaccines in Africa. Egypt, Kenya, Nigeria, Senegal, Tunisia and South Africa will receive the technology as part of the vaccine hub program by WHO. The announcement was made at a ceremony hosted by the European…
Uganda has withdrawn from the International Coffee Organization. This follows a decision by Uganda Coffee Development Authority not to renew their two-year extension of their membership through the International Coffee Agreement. Uganda’s intention to leave was signaled in September 2021. According to a press release by Uganda Coffee Development Authority, the body wants the International…
Finnish Fund for Industrial Cooperation Ltd (Finnfund), a sovereign wealth company has opened a regional office in Nairobi. This office is set to expand its portfolio in the local market where it has already made several investments. The fund normally invests $226M to $280M in 20 to 30 companies throughout developing countries with its targets…
I have had so much ease transacting business in the recent days since everything is just a tap away on my mobile phone. Making purchases, receiving tailored solutions, choosing customized products, enjoying delivery of almost any item directly at my front door from different applications has become the norm for both consumer goods and services….
Zanzibar is drumming up a $2BN plan to encourage shipping, oil exploration and processing of seaweed as it seeks to expand beyond tourism that makes up more than quarter of the economy.. “The 5-year blueprint proposes developing the oil and gas sector alongside with efforts to boost the booming blue-economy,” says Ali Hassan Mwinyi, president…
Africa is without a doubt, a continent full of opportunities and a robust manufacturing sector is a key vehicle to propel development. While the manufacturing industry is widely viewed as a path to economic growth, it still faces a myriad of challenges that have tripled with the effects of COVID-19. However there is still hope…
African Union must work collectively to reform the global financial architecture as well as build and strengthen the union’s financial institutions. This was said by Ghana’s President and AU’s champion for financial institutions Nana Akufo Addo during his delivery of the second report to the Assembly in the just concluded AU summit in Addis Ababa,…
An oil production and storage vessel has exploded off the Nigerian Coast with 10 crew members on board. Trinity Spirit, a Floating Production, Storage and Offloading (FPSO) vessel by Sheba Exploration and Production Company limited (SEPCOL) was engulfed by flames near Warri in Southern Nigeria. The vessel could process up to 22000 barrels of crude…
Growing up in a farming community in central Kenya had a huge impact in the way I saw food systems. Tilling, planting, weeding and harvesting were a common phenomenon if not the order of the day in my day to day life as a child and young adult. I only read about hunger and malnutrition…
Ethiopian airlines has resumed flights with the Boeing 737-Max. This comes approximately three years after the deadly crash of one of its aircrafts outside the country’s capital Addis Ababa. Ethiopian Airways Flight 302 heading to Nairobi lost control and crashed shortly after takeoff from Bole International airport in Addis Ababa killing all 157 on board….
Dangote Peugeot Automobiles Nigeria Limited (DPAN) has commenced its assembly of the Peugeot brand of vehicles in its Green Field Assembly plant in Kaduna state. This is a major boost for Nigeria’s automotive industry which has been experiencing mass production halts due to the COVID-19 set protocols and massive lockdowns. Owned jointly by billionaire Aliko…
Swedish Tech founders, executives and venture capitalists have committed finances to a new impact fund focused on supporting entrepreneurs in Africa. The $200 million equity growth fund targets African startups and has completed its first close at $110million. Dubbed Norskenn22, the fund is backed by 30 founders of startups that have achieved a pre-market valuation…
The Chinese government has announced its plan to invest over $300BN in Africa over the next three years. This was announced by Chief Dana Chen, the chairman China Africa Business Council during the signing ceremony of the Memorandum of Understanding between Lagos Chamber of Commerce and Industry (LCCI) and China Africa Business Council (CABC) in…
The dramatic evolution of digital currencies, coupled up by the never ending evolution of new technologies and finance is transforming how we use money today. Gone are the days we would have to queue at banking halls to withdraw and deposit money or apply for mortgages by visiting a bank branch. For many people across…
Mali a vast Sahelian country has been rocked by mass protests in the recent days with Malians taking to the streets after Colonel Assimi Goïta called for protests against harsh sanctions imposed by the West Africa regional bloc ECOWAS over delayed elections. In the capital Bamako, thousands of its citizens wearing the national colors of red, yellow…
African airlines continue to recover from the challenges brought by COVID-19. Both passenger and cargo fleets showed great improvement in 2021 as compared to when the pandemic struck in 2020. Passenger demand for air transport rose to 58% as compared to 2020 when it had fallen to 65% while the international demand for cargo grew…
The World Bank has approved South Africa’s $750 million development loan request. The loan is set to support South African government’s efforts to accelerate its COVID-19 response by protecting both the vulnerable and poor from adverse socio-economic impacts of the pandemic and support a resilient and sustainable economic recovery. This is according to a statement…