Africa News Bulletin

Business

Rapid Expansion of Giant Snail Farms Marks Agricultural Shift in Ivory Coast.

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In Ivory Coast, the unique and highly prized giant snails are facing a worrying decline due to deforestation and pesticide use, causing these creatures to vanish from their natural rainforest habitats. To combat this trend and simultaneously sustain their livelihoods, local communities have taken up the initiative to breed these snails in flourishing farms. Bernus …

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African Finance Summit Explores Challenges and Opportunities in a Thriving Sector.

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The Africa Financial Industry Summit (AFIS), hosted in Lomé, Togo, organized by the pan-African magazine Jeune Afrique, has swiftly become a pivotal assembly, attracting over 800 leaders in the African finance sphere. Despite facing notable hurdles, the continent’s financial institutions are steadily carving out their place on the global stage. As international competitors take a …

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Exploring Saudi Arabia’s Business Prospects and Strategies in Africa [BusinessAfrica].

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Saudi Arabia Strengthening Ties with Africa; Geopolitical Expert Discusses Strategic Vision on Business Africa. Recently, Riyadh hosted the inaugural Saudi Arabia-Africa summit, witnessing the participation of various African heads of state following an invitation by King Salmane ben Abdelaziz Al Saud. Notably, a series of memorandums of understanding and development loan agreements were inked between …

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Nigeria Launches Electric Train Service

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The Lagos Metropolitan Area Transport Authority (LAMATA) – Nigeria’s government agency in charge of coordinating transport planning, policies and public transport – has launched a new electric train service to reduce traffic congestion within the west African country’s capital city, Lagos. The new light rail service features two electric trains operating 54 trips daily, with …

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Germany to Invest in Nigerian Gas, Critical Minerals

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German Chancellor, Olaf Scholz, has announced that Germany will enter into future partnerships with Nigeria to invest in critical minerals and natural gas, with a focus on facilitating private investment and economic development. Announced during a joint briefing with Nigeria’s President, Bola Tinubu, in Abuja on October 29, Chancellor Scholz welcomed the West African country’s …

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Analyzing Angola’s Ambitious Approach to Attracting Investment

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Amid efforts to diversify the economy while increasing oil and gas production, Angola has instituted a series of ambitious measures to attract investment. This strategic investment approach has not only welcomed foreign players to the market but encouraged pan-African commerce and economic growth. Visa-Free Travel Opens Business Opportunities Under efforts to bolster tourism while attracting …

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IFC partners with FirstRand Bank to expand SME financing in South Africa

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To facilitate increased access to financing for small and medium-sized enterprises (SMEs) in South Africa, including women-owned businesses, IFC has announced a loan to FirstRand Bank, which will support businesses in the agriculture, services, trade, construction, hospitality, and other sectors in the country. IFC’s $150 million loan will enable FirstRand Bank to increase lending to …

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Kenya, Angola Sign 11 MoUs to Strengthen Bilateral Relations

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The Governments of Kenya and Angola signed 11 Memoranda of Understanding (MoUs) aimed at strengthening bilateral relations between the two countries. The agreements will serve to enhance cooperation in oil and gas, mining, shipping and maritime cooperation. Additional areas of cooperation include wildlife management and conservation, youth development, agriculture, trade, information and communication technology, and …

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5 Local Content Initiatives to Follow in the MSGBC Region

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As Senegal and Mauritania prepare for first gas to come online in 2024, the MSGBC region is poised to leverage its newly established extractive industries for enhanced local content development. This involves crafting and implementing dedicated local content policies, facilitating technical training and skill building, and creating forward and backward linkages that generate and retain …

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Oikocredit seals partnership with Fortune Credit

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Social impact investor Oikocredit has provided an € 800,000 first-time loan to Fortune Credit just as the Kenyan inclusive finance organisation’s innovative work has earned it a place in the European Microfinance Award 2023 final. This new partnership marks a significant step in advancing economic empowerment in rural Kenya and underscores Oikocredit’s commitment to fostering …

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