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 June 1st
Enough Capital for African Farming, but Investors Want Viable EntrepreneursAccording to panelists at the recent Ethiopia Investment Summit, financiers from both the developed world and local African nations are interested in investing in African agriculture, but often have difficulty finding a talented team of local entrepreneurs.
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Source: How We Made It in Africa (South Africa)
South Africa: The Gateway to Africa? South Africa’s Business Pre-Eminence is Being ChallengedThe Economist weighs South Africa’s economic achievements, market strengths, and recent shortcomings, concluding that Africa no longer possesses only one single investment gateway, but many.
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Source: The Economist
France Telecom Increases Stake in Egyptian Venture, MobinilIn an attempt to tap into the booming Egyptian telecoms market, France Telecom has increased its stake in Egyptian mobile phone venture Mobinil to 94 percent in a €1.5bn deal. Mobile subscriptions overall in Egypt grew 25 percent to more than 91 million over the last year.
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Source: Financial Times
South Africa, Nigeria Pledge Closer Ties After Mending RiftDespite a dispute over deportations earlier this year, the governments of Nigeria and South Africa have recently signed a new wave of agreements to increase economic and technical cooperation. Nigeria supplied 40 percent of South Africa’s oil imports in March. Read More »
Source: Bloomberg BusinessWeek
Integration of Companies Under ECOWAS Scheme Yielding DividendsAccording to Nigerian Minister of Foreign Affairs and Regional Integration Muhammad Mumuni, African companies registered under the ECOWAS Trade Liberalization Scheme, including those of booming economies like Ghana and Nigeria, are now able to circulate their finished products freely throughout the zone. Read More »
Source: Business Day (Nigeria)
Trade Between Nigeria-Brazil Hits $8.9 BillionThe Nigerian-Brazil Chamber of Commerce was recently established to facilitate the rapidly expanding trade between the two countries. Brazil is now the third largest importer of Nigerian crude oil after the U.S. and India. Read More »
Kenya Airways Eyes More Destinations in AfricaKenya Airways is acquiring new aircraft in order to facilitate flights to eight new destinations throughout Africa and the wider world. The new routes include Kilimanjaro in Tanzania, Mauritius, Cape Town, as well as Beirut and newly opened direct flights to New Delhi in India. Read More »
IMF Says Last Decade Best Ever for Sub-Saharan AfricaThe deputy director of the Africa department of the IMF, Roger Nord, highlights Africa’s resilience during the 2008 financial crisis, stating that African economies are now much less vulnerable to fluctuations in the Western world. He also points out that over the past 10 years, some African economies have expanded faster than even their counterparts in Asia 20 years ago. Read More »
Source: Voice of America
Airtel to Invest $100 Million in RwandaAirtel has announced its intention, with partners IBM and Ericsson, to establish world-class facilities in Rwanda, whose government has heavily prioritized developing their economy as a telecom and technology center in East Africa. Read More »
Source: New Business Ethiopia
Emerging Capital Partners Announces Investment in Nairobi Java HousePrivate equity firm Emerging Capital Partners has announced their intention to open a new office in Nairobi as part of an investment push that includes funding the expansion of Nairobi Java House, Kenya's leading café and casual dining restaurant operator. Read More »
Source: Emerging Capital Partners