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 May 18th
Frontier Mentality: Investing in EthiopiaEthiopia, with the fastest-growing non-oil economy in Africa, has captured the attention of investors. Schulze Global Investments has set up a $100 million private-equity fund, the first ever exclusively devoted to Ethiopia.
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Source: The Economist
Africa's Economic Boom Points Up the Need for ManagersA key issue facing entrepreneurs and big businesses on the continent is a lack of highly skilled and ethical managers. The African Management Initiative is a nonprofit attempting to remedy this situation and aid business expansion by training potential managers.
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Source: The Los Angeles Times
Working in Africa: Expatriates in Little Danger of Seeing the Money Run OutThough some sectors are promising for expatriate employees, others are now facing more competition for the best jobs, especially with repatriated Africans returning to work on the continent. Certain regions of Africa, however, continue to be more attractive to expats and tourists alike.
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Source: Financial Times
$1 Billion Nigeria Sovereign Wealth Fund to Begin OperationNigeria, the largest crude oil exporter in sub-Saharan Africa, is transferring $1 billion from its excess crude account into a sovereign-wealth fund. Finance minister Ngozi Okonjo-Iweala announced that the management team to oversee this fund for economic growth will be chosen in the upcoming few weeks. Read More »
Source: This Day (Nigeria)
Africa Finance Corporation Eyeing $3 Billion in DealsWithin the next year, the Africa Finance Corporation is planning to review and close investments totalling $3 billion across Africa, from Senegal down to Mozambique. The power-deficits in sub-Saharan African present many opportunities for investment. Read More »
Source: Newsday (Zimbabwe)
South Africa’s Retail Sales Decline in First QuarterRetail revenue growth in South Africa is slowing, accompanied with a decrease in sales in the first quarter. The Reserve Bank’s 5.5 percent benchmark rate is likely to remain low for longer. Read More »
KFC Bet on Africa Middle Class Draws Global RetailersGlobal retailers like Kentucky Fried Chicken are the new symbols of status for Africa’s growing consumer middle class. According to radio manager Teddy Muthusi, “Kenyans have that feeling that if you can eat at KFC, you’ve made it.” Read More »
Source: Bloomberg BusinessWeek
French Billionaire Bollore To Invest $100M In Cameroonian Rail ProjectCross-border trade in Central Africa is expected to increase substantially following the planned construction of a high-speed train in Cameroon. Vincent Bollore, a French CEO worth $1.6 billion, says he is investing $100 million in its construction. Read More »
West Africa Cable to Propel Cheaper InternetData costs for South Africans should decrease with last week’s commission of the ultra-high capacity 14,000 km West African Cable System. The $650 million cable lines the sea to the Western Cape from London, with the intent of increasing the continent’s broadband capabilities. Read More »
Source: Business Live (South Africa)
Kenya, Japan State Firms Join to Survey for OilSubsequent to the recent oil discovery in Kenya, national oil corporations of Japan and Kenya have decided to jointly survey the onshore petroleum reserves to ascertain whether hydrocarbons in Kenya are practical and profitable. Read More »