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South Africa-based e-commerce logistics startup Pargo has taken a significant step toward becoming a dominant force in African logistics by expanding into the Egyptian market. The expansion follows a successful $4 million funding round led by 3Capital Ventures, alongside investors such as Endeavor, SAAD Investment Holdings, and UW Ventures. Established in 2014 by co-founders Derk […]

The United States has reinforced its commitment to Zambia by approving a substantial $458 million grant aimed at enhancing Zambia’s agricultural infrastructure and market access. This investment is being made under the US Millennium Challenge Corporation (MCC) and is aligned with the larger regional efforts to develop the Lobito Corridor, a strategic transportation and trade […]

Rwanda is making strides toward becoming a significant player in the global pharmaceutical industry, with its Social Security Board (RSSB) embarking on a third attempt to invest in the sector. This initiative involves deploying pension funds into a high-potential yet uncertain industry, demonstrating Rwanda’s commitment to achieving both economic growth and improved healthcare outcomes. The […]

The long-awaited sale of ExxonMobil’s onshore assets in Nigeria to Seplat Energy has finally received regulatory approval, marking a major milestone in Nigeria’s oil industry. This deal, valued at $1.28 billion, has been under intense scrutiny and awaiting approval for over two years since it was first announced in February 2022. The approval signals the […]

The recent $9 billion investment in six luxurious cruise ships under Nigeria’s IPADA Initiative marks a pivotal moment for Africa’s maritime infrastructure and economic future. Spearheaded by AKL Lumi, Africa’s first digital currency backed by solar energy and gold, this initiative presents enormous potential to transform Africa’s ocean trade, tourism, and financial stability. The project’s […]

Ethiopia has taken a significant step in its ongoing economic reform efforts with the launch of the partial privatization of Ethio Telecom, the country’s 130-year-old state-owned telecom operator. On October 16, 2024, Prime Minister Abiy Ahmed announced the sale of 10% of Ethio Telecom’s shares to the public, marking an important move toward modernizing the […]

JPMorgan Chase, the largest U.S. bank by assets, is making significant strides toward expanding its global footprint with plans to enter the Kenyan and Ivorian markets by the end of 2024. This move marks a significant step for the U.S. banking giant as it seeks to deepen its presence in Africa, a region rich with […]

In a significant move aimed at strengthening trade ties, Saudi Arabia’s Export-Import Bank (Saudi Exim) signed a $25 million credit agreement with South Africa’s Standard Bank Group Ltd. This deal, announced at the Saudi-South African Business Forum in Johannesburg, is expected to enhance trade between Saudi Arabia and South Africa, Africa’s most industrialized economy. This […]

Introduction The Nigerian bond market has been experiencing a wave of volatility as investors sell off government bonds ahead of the upcoming Debt Management Office (DMO) auction. The sell pressure pushed average yields on government bonds higher, reaching 19.10% in the secondary market, according to traders and market analysts. The bond market in Nigeria has […]

In a historic move aimed at addressing Africa’s developmental challenges, over 100 chief executive officers (CEOs) from around the globe, world leaders, philanthropists, and artists have signed the Abidjan Accord, calling on G20 governments to raise $120 billion for urgent investment in Africa. The accord, signed at the Economic Development Assembly (EDA) in Abidjan, Côte […]