The increase in net foreign capital inflows stems from the gradual reforms undertaken by the Tinubu administration to achieve an exchange rate determined by market forces. Nigeria saw a significant rise in foreign capital inflows during the first half of 2024, with an increase of 177% compared to the same period in 2023. According to the National Bureau of Statistics (NBS), these flows...

Ecobank Transnational Incorporated (ETI), a leading pan-African bank, has announced plans to raise up to $600 million through a new senior unsecured bond offering. This decision comes after ETI’s shareholders approved the fundraising during a meeting earlier this year, aimed at strengthening the bank’s financial position, particularly its Nigerian subsidiary. Major financial institutions...

The startup ecosystem in Morocco has seen significant growth in recent years. In 2023, their funding reached $111.2 million, compared to $7.6 million in 2022, according to the Global Startup Ecosystem Index 2023. Morocco has set aside 240 million dirhams ($24.4 million) to boost demand for innovative digital services and support local startups. This was announced by Ghita Mezzour...

Corruption costs Morocco about $5.09 billion (50 billion dirhams) each year, making up between 3.5% and 6% of the country's GDP, according to Mohamed Bachir Rachdi, head of the National Authority for Integrity, Prevention, and Fight Against Corruption (INPPLC). He shared this alarming figure during a conference held on October 8, 2024. According to local media, Rachdi revealed that 23% of...

Promoting financial inclusion is critical for Namibia's economic development, as it offers numerous benefits for individuals and the broader economy. With a significant portion of Namibia’s population still excluded from formal financial services, initiatives like MTC Maris are essential. On October 4, Mobile Telecommunications Company (MTC) Namibia launched MTC Maris, a mobile phone-based...

In 2021, the WHO developed a guide to help analyze the health sector labor market and trained 75 experts from 25 African countries. Building on this, it created a tool to assist in labor market analysis for the health sector. The World Health Organization’s Africa Regional Office (WHO Africa) has introduced a new tool to help countries analyze the health sector labor market. The tool, called...

As Ethiopia works to recover from ethnic tensions and economic challenges, Taye Atske Selassie’s appointment as the country's new leader presents an opportunity to strengthen political institutions and promote national reconciliation. Yesterday, Ethiopia's two parliamentary chambers elected Taye Atske Selassie as the country's new president. He succeeds Sahle-Work Zewde, who made history in...

Digital trade is experiencing impressive growth in Africa. Although several challenges remain, countries and regional institutions are making significant efforts to support the sector's development. In 2023, Africa’s exports of information and communication technology (ICT) services reached $9.2 billion, marking a 5.4% increase from the previous year. This growth highlights the expanding...

Australian company Genmin has raised $AU10 million (around $US6.8 million) to support its Baniaka iron ore project in Gabon. The project is expected to produce 5 million tonnes of iron ore annually for at least ten years. On October 4, 2024, Genmin announced the funding, which will primarily be used for general corporate purposes, including the operation of its representative office in...

Due to insecurity, several gold mines have closed in Burkina Faso, causing production to drop. Most active mines in the country are controlled by foreign companies, mainly Canadian and Australian. Burkina Faso wants to take control of its gold mines. In a national radio broadcast, President Ibrahim Traoré criticized the dominance of foreign multinationals in the local gold sector. "All the gold...