Every week, we review the best Africa-related business and finance news across the web and deliver to you the top 10 pieces of the week!
Week of March 2
1. South Africa Q4 Economic Growth Exceeds ForecastSouth Africa unexpectedly surpassed expectations, with a fourth quarter Gross Domestic Product (GDP) increase of 3.2 percent, a higher rate than the third quarter growth of 1.7 percent. Growth was led by government services and the manufacturing industry.
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2. Saudi Billionaire to Invest $3.4 Billion in Ethiopia Over Next Five YearsMohamed Al-Amoudi, a 66-year-old Ethiopian born billionaire and ranked by Forbes as the 63rd richest person in the world, will invest $3.4 billion across seven industrial projects in Ethiopia. The investment could produce an estimated 370,000 jobs.
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3. Private Equity: Mismatch Between Opportunities and Capital RequiredDespite increased deal activity in Africa, private equity activity remains relatively small compared to other emerging markets. Nevertheless, the low deal entry price enables investors to acquire influential stakes in a wide range of investments.
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Source: How We Made It In Africa
4. Nestlé Nigeria Plans to Focus on Lead Brands to Boost SalesNestlé plans to spend more money in Nigeria in an effort to increase the output and sales of its leading brands. The company has invested over $445 million in Nigeria since 2003, and opened its second factory at the beginning of last year. Read More »
5. Ericsson and MTN Collaborate on M-Wallet ServicesMTN and Ericsson announced their partnership to launch m-wallet services in Africa and the Middle East during this year’s Mobile World Congress in Spain. MTN is the first operator to deploy Ericsson Converged Wallet across its operations in Africa. Read More »
6. Kenyan Firms to Invest $930 Million in PowerGitson Energy Ltd, backed by Kenyans in the diaspora and Bluesea Energy Ltd. are investing a combined $930 million to build a wind farm and solar plant with plans to reduce the country's reliability on expensive hydro power. Read More »
Source: The East African (Kenya)
7. Nigeria Gears Up to Revive Textile IndustryDuring a recent meeting with the Nigerian Textile Manufacturers Association (NTMA), Olusegun Aganga, Nigeria's Minister of Trade and Investment, stated that 20 percent duty charge on textile imports will be earmarked to revive the textile industry. Read More »
Source: Fibre 2 Fashion (India)
8. Africa’s Green Energy RevolutionAfrica is beginning to position itself as a potential model for the supply of cost-effective clean and renewable energy without relying on government subsidies. Read More »
Source: This Is Africa Online (United Kingdom)
9. Nigerian Banks: Back From the BrinkIn a recent report, Standard & Poor’s has given Nigerian banks a generally positive approval. Nigerian banks are beginning to show signs of improvement after several bank bailouts, mergers and management shake-ups in the sector. Read More »
Source: Financial Times
10. Airtel Kenya Launches its 3G NetworkThis week, Airtel Kenya launched its 3G Broadband network in Nairobi. The company plans to eventually offer the same service in towns such as North Coast, Kisumu, Nakuru, and Naivasha, which contribute 80 percent of telecommunications revenue. Read More »
Source: International Data Group (IDG)