Nigeria Launches AfCFTA Air Corridor, Boosting Trade with Three Countries
Nigeria has established an AfCFTA air corridor to Kenya, Uganda, and South Africa, slashing export logistics costs by up to 75% for local businesses. Announced by Trade Minister Dr. Jumoke Oduwole, the corridor—operated by Uganda Airlines—aims to boost trade in products like textiles, cosmetics, and agricultural products by removing transport bottlenecks. This move coincides with Nigeria’s official […]
African Development Bank Secures Record $11 Billion in Fresh Investments
The African Development Bank (AfDB) has secured a record-breaking $11.1 billion in new investments for 2024–2025, the highest in its history. Half of this, $5.5 billion, will fund climate-related projects, reinforcing the bank’s role in driving sustainable and inclusive growth across Africa. According to the bank’s Annual Development Effectiveness Review, the AfDB made major progress across its […]
Naspers and Platinum Push SA Stocks to a Decade-Best May
South Africa’s stock market is on a winning streak, with the FTSE/JSE All Share Index up over 7% in dollar valuation in May. This marks its best monthly performance since June 2024 and strongest May in over a decade, outperforming the S&P 500 and Stoxx Europe 600, among others. Leading the charge is tech investor Naspers, […]
E-Commerce Showdown: Can Jumia Hold Off China’s Retail Powerhouses?
Jumia, Africa’s largest e-commerce platform, is doubling down on partnerships with Chinese merchants to counter the aggressive rise of Temu and Shein, both of which are Chinese platforms, across the continent. Temu and Shein, neither of which owns physical infrastructure in Africa, are winning over consumers with flashy ads, ultra-low prices, and massive inventories. Both rivals […]
Kenya Eyes Safaricom Stake Sale as Debt Pressure Mounts
Kenya is preparing to sell part of its 34.9% stake in Safaricom, its most valuable corporate asset, to raise $1.1 billion and ease mounting debt pressures without imposing more taxes. The sale, expected before the end of the 2025/26 fiscal year, would be the government’s largest divestiture in almost two decades and could attract global investors […]
EBID Opens First Country Office in Abidjan to Boost West African Integration
The ECOWAS Bank for Investment and Development (EBID) plans to launch its first-ever country office in Côte d’Ivoire, marking a major milestone in its regional expansion strategy. This move reflects the Bank’s commitment to fostering local partnerships and enhancing its development impact across West Africa. Located in Abidjan, the office will serve not just Côte d’Ivoire but […]
Trump’s Remittance Tax Could Hit African Families Where It Hurts Most
A new US remittance tax under President Trump’s administration could deeply impact millions of African families who rely on money sent from abroad. The 3.5% levy, targeting non-citizens, has sparked concern among experts who argue that these funds are vital for education, healthcare, and daily survival. With over $12 billion in remittances flowing from the US to […]
Alliance of Sahel States Charts Bold Path Toward Economic Sovereignty
In a bold shift toward economic sovereignty, Mali, Burkina Faso, and Niger are deepening their Alliance of Sahel States (AES) with moves that go beyond security and into transformative regional integration. Since leaving ECOWAS, AES has eliminated mobile roaming fees within member territories, introduced a unified customs duty on non-member countries, and launched a joint passport. […]
Shell Deepens Roots in Nigeria with $510M Bonga Oil Field Deal
Shell has agreed to purchase TotalEnergies’ 12.5% stake in Nigeria’s Bonga offshore oil field for $510 million, boosting its own share to 67.5%. The transaction marks TotalEnergies’ strategic exit from a production-sharing deal signed with Nigeria in 2021, which also included ExxonMobil and Eni. Located 120 km south of the Niger Delta, the Bonga field is a […]
Mastercard Foundation Welcomes 12 Startups to 3rd EdTech Fellowship in Kenya
Twelve promising ed-tech startups in Kenya have been selected for the third cohort of the Mastercard Foundation EdTech Fellowship, a six-month acceleration program designed to supercharge education innovation. Launched in 2019, the initiative supports African ventures with funding, training, and post-program advisory, helping them scale and deepen their impact. This year’s cohort spans diverse solutions—from AI-powered […]
