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About Africa

27 Mar 2024

Lagos Free Zone emerges as an economic lifeline for Nigeria

Jaco Maritz, NTU-SBF

A new deep sea port and free zone complex in Lagos, Nigeria aims to transform the country's manufacturing sector and position Nigeria as a West African industrial hub.

The Lekki Deep Sea Port, the largest in Nigeria, can handle massive cargo ships. The Lagos Free Zone (LFZ) provides manufacturers with tax breaks, reliable power, and other benefits.

The LFZ is already attracting major companies like Kellogg's and BASF. Nigeria's economic challenges are a hurdle, but the developers are taking a long-term view and believe Nigeria's future is bright.

Lagos Free Zone emerges as an economic lifeline for Nigeria

25 Mar 2024

Kenya displaces Nigeria as Africa’s top private equity destination

Bunmi Bailey, Business Day

Kenya was the leading recipient of private equity deals (95) in Africa last year, according to a report by DealMakersAFRICA There was a year-on-year decline in private equity deals for both Kenya and Nigeria. The report also revealed a rising trend in the proportion of deal value attributed to private equity transactions, which have consistently accounted for half of all deals in recent years.

Kenya displaces Nigeria as Africa’s top private equity destination

5 Mar 2024

Africa’s Richest Person Wants to Create a Trading Firm for Its Biggest Refinery

Charles Kennedy, Oilprice.com

Aliko Dangote, Africa's richest person and owner of Nigeria's biggest refinery, plans to create a trading firm. The Dangote Refinery, with a capacity of 650,000 barrels per day, aims to eliminate Nigeria's reliance on fuel imports. Major oil companies haven't provided loans for crude purchases, prompting Dangote to establish his own trading arm. The London-based firm will likely be led by Radha Mohan, an experienced oil trader.

Africa’s Richest Person Wants to Create a Trading Firm for Its Biggest Refinery

15 Nov 2023

Algeria named host of fourth Intra-African Trade Fair

Afreximbank

Algeria was chosen to host the Intra-African Trade Fair (IATF) in 2025. This is the fourth edition of the trade fair, which is designed to help boost trade and investment within Africa. Algeria will be the third country to host the IATF, following Egypt and South Africa. The Algerian government has implemented new economic reforms to prepare for the event, and they are inviting all Africans to participate.

The IATF is a large event, organised by ASEACC member, African Export-Import Bank (Afreximbank), in collaboration with the African Union Commission and the African Continental Free Trade Area (AfCFTA) Secretariat, that attracts thousands of people from across Africa and beyond.

 Algeria named host of fourth Intra-African Trade Fair

17 Feb 2022

Barkindo: The last wiseman standing in OPEC

Ndu Ughamadu, The Guardian

The indelible imprints of Dr Mohammad Sanusi Barkindo, outgoing Secretary-General of OPEC, have been on the Organisation since June 1986.

Cumulatively, Barkindo, a brilliant technocrat cum savvy negotiator endowed with lots of native Intelligence, has served – still serving- OPEC in different capacities: first, as Nigeria’s official government delegate( in his twenties) to the Conference; second, Nigeria’s OPEC Representative and Member of the Organization’s Economic Commission Board; third, Nigeria’s OPEC Governor; fourth, Acting OPEC SG and lastly, current OPEC SG.

Barkindo: The last wiseman standing in OPEC

1 Jan 2022

The African Sports & Creative Institute's Comparative Study on the Budgets of 19 African Sports Ministers

The African Sports & Creative Institute

Despite the rising influence of the private sector, states are far from the first investors in the African sports sector. The African Sports & Creative Institute's new study presents key figures to evaluate the level of financial engagement of the 19 African nations regarding sport.

The African Sports & Creative Institute's Comparative Study on the Budgets of 19 African Sports Ministers

1 Jan 2022

Sote, An African Supply Chain Company, Raises $4M In A Seed Extension Round

Afrotech

Sote, an African supply chain-focused company, has announced its recent round of funding.

In a press release announcement provided to AfroTech, it was revealed that the company — which launched the “continent’s first licensed tech-enabled customs clearing and forwarding service“ — raised an additional $4 million in its seed funding extension round. The funding, which was led by Social Capital, Chamath Palihapitiya’s fund, brought Sote’s total fundraising efforts to $8 million.

Sote, An African Supply Chain Company, Raises $4M In A Seed Extension Round

15 Dec 2021

Google To Invest $1 Billion In Africa Over Five Years

Reuters

Google plans to invest $1 billion in Africa over the next five years to ensure access to fast and cheaper internet and will back startups to support the continent's digital transformation, it said on Wednesday.

Google To Invest $1 Billion In Africa Over Five Years
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