Stories that Matter | April 2026

Africa
Africa Pulls in USD 16 Billion in Early 2026 as Investors Make Fewer, Bigger Bets on Infrastructure

Africa’s private capital market opened 2026 with a surge in value, even as the number of deals slowed, pointing to a shift in how investors are approaching the continent.

Total disclosed deal value reached USD 16.1 billion in the first quarter, according to Stears’ latest Private Capital Activity Report, while transaction volume fell to 172 deals, down from 188 in the previous quarter and 201 a year earlier.

Rather than signalling a downturn, the data reflects a clear pivot toward fewer, larger investments focused on critical sectors.

Activity was strongest in telecommunications and industrial sectors, with additional momentum in fintech as larger players absorb smaller platforms to scale more quickly and strengthen their infrastructure.

Institutional investors, particularly development finance institutions, remained central to the market’s momentum.

Afreximbank was the most active player in the quarter, participating in a dozen transactions spanning large-scale energy projects, transport initiatives, and early-stage startup funding through its accelerator programme.

Its involvement in deals such as the Dangote Refinery financing, alongside investments in logistics and mobility, underscores the continued importance of multilateral capital in Africa.

Source: Business Insider Africa

West Africa
West Africa’s Digital Economy Hits USD 216 Billion as WATRA Pushes Regulatory Harmonisation

The West Africa Telecommunications Regulators Assembly (WATRA) has reaffirmed its commitment to strengthening regulatory coordination across the subregion as West Africa’s digital economy expands to an estimated USD 216 billion, according to industry projections.

Aliyu Aboki, Executive Secretary of WATRA, described the 4th Working Groups Meeting in Ouagadougou, Burkina Faso, as a milestone in the organisation’s evolution, noting that the groups have become a platform for coordination, peer learning and policy alignment among member states.

West Africa’s telecoms and digital sectors are expanding, driven by mobile connectivity, fintech, digital financial services, artificial intelligence and the Internet of Things (IoT).

WATRA said digital technologies are contributing to economic growth, job creation and financial inclusion across the subregion.

Aboki said the outcomes of the meeting will feed into the review of WATRA’s 2022–2025 Strategic Plan and the development of its next strategy cycle.

Nigeria remains the region’s largest digital economy, while Ghana, Côte d’Ivoire and Senegal continue to expand their digital sectors.

Source: Business Insider Africa

East Africa
Kenya, Tanzania and Neighbours discuss Joint Refinery as Dangote Offers to Build It

East African countries are discussing plans for a joint oil refinery at Tanzania’s port of Tanga ​modelled on Nigeria’s Dangote plant, Kenyan President William Ruto recently said.

East Africa currently imports all its refined petroleum products, mainly from the Middle East, leaving the region vulnerable to supply disruptions and price spikes ​as seen in the fallout of the Iran conflict.

“We’re going to have ​a joint refinery in Tanga to benefit all of ⁠us because that refinery is going to take on board the ​oil from DRC (Democratic Republic of the Congo), the oil from Kenya, the ​oil from South Sudan, and the oil from Uganda,” Ruto told a conference on infrastructure financing in Nairobi.

Africa’s richest man Aliko Dangote, who also attended the conference, ​said he could replicate his 650,000‑barrel‑per‑day Nigerian refinery in East Africa, ​provided governments in the region supported the initiative.

Uganda, which hopes to start ​commercial crude oil ​production this year, ⁠has also said it plans to build a refinery. In 2024, it announced a deal with United ​Arab Emirates‑based Alpha MBM Investments to develop a 60,000‑barrel‑per‑day ​plant.

Dangote also ⁠said he planned to establish about 20 fertiliser blending plants across Africa by 2028 to meet most of the continent’s needs.

Source: Business Insider Africa

Egypt
Egypt and Russia Race to Build a USD 30 Billion Nuclear Project

Egypt and Russia are currently intensifying efforts to expedite the construction of the USD 30 billion El Dabaa Nuclear Power Plant.

During a meeting between Egypt’s Minister of Electricity and Renewable Energy, Mahmoud Esmat, and Nikolai Shulginov, Chairman of the Russian Duma Committee on Energy, Minister Esmat emphasised the necessity of enhanced bilateral cooperation.

This collaboration aims to ensure the systematic and timely progression of the strategic energy initiative, on the construction timeline and upcoming phases of the project, as seen on Egypt’s State Information Service site.

The nuclear project is Egypt and Russia’s flagship cooperation initiative, built on a series of intergovernmental agreements reached over the last decade.

Once completed, the El Dabaa plant would house four reactors with a total capacity of 4,800 megawatts, considerably increasing Egypt’s power generation capacity and assisting the country’s transition to a more diverse energy mix.

Officials said the initiative aims not just to increase low-carbon electricity production, but also to boost national energy security and reduce long-term reliance on traditional fuel sources.

Source: Business Insider Africa

Nigeria
ExxonMobil Nears USD 10 Billion Investment Decision with Nigeria

The American oil conglomerate, ExxonMobil, recently stated that it is nearing a USD 10 billion foreign investment decision with Africa’s largest oil producer, Nigeria.

The company first touted the deal back in September 2024, following a meeting in New York between some of its executives and Nigeria’s vice president, Kashim Shettima.

After the meeting, the company revealed that it would be sinking USD 10 billion into deep-water oil projects in Nigeria with the intent to increase its oil production in the West African country to 180,000 barrels per day (bpd).

Exxon has already allocated 30% of these funds and expects to formalise its investment readiness within several months.

So far, the company has revealed that it has only inched closer to a decision but has yet to fully commit to the projects.

During an interview with the Nigerian newspaper THISDAY, the Chairman and Managing Director of ExxonMobil Affiliate in Nigeria, Mr Jagir Baxi, stated that ExxonMobil does plan to “declare the investment ready in a short while.”

Source: Business Insider Africa

South Africa
South Africa’s Top Brands Hit USD 41 Billion in 2026 as MTN Extends 13-Year Lead

South Africa’s leading brands posted robust gains in 2026, with the combined value of the country’s top 100 brands rising 12% year on year to about USD 41 billion, according to a new report by Brand Finance.

The study highlights renewed investor confidence and steady economic conditions, with telecoms, banking, and retail continuing to anchor growth.

“As South Africa’s economic environment stabilises, the country’s leading brands are demonstrating strong resilience and growth,” said Jeremy Sampson, chairman of Brand Finance Africa, pointing to notable gains in insurance and brewing.

Telecoms giant MTN Group retained its position as the country’s most valuable brand for a 13th consecutive year, with a valuation of roughly USD 2.7 billion. The group’s performance has been driven by expansion in data services and fintech offerings, as well as sustained investment in infrastructure.”

Chief executive Ralph Mupita said the recognition “encourages us to keep delivering on our purpose of leading digital solutions for Africa’s progress,” adding that the milestone aligns with the firm’s Ambition 2030 strategy, which is focused on customer experience. MTN serves more than 300 million users across 16 markets.

Analysts say sustained brand investment will remain critical to competitiveness as African markets continue to evolve.

Source: Business Insider Africa

Tunisia
Tunisia Unveils Plans for Ambitious Overland Trade Corridor to Connect North Africa with the Sahel

Tunisia is advancing plans for a strategic overland trade corridor linking North Africa to the Sahel, as it seeks to reposition itself as a gateway between the Mediterranean and sub-Saharan Africa.

The project, announced by Tunisian Minister of Trade Samir Abid, will connect the Ras Jedir border crossing with Libya to inland routes stretching toward Niger, Mali, Burkina Faso, Chad, and the Central African Republic.

The initiative is being developed in coordination with Libyan authorities to establish a continuous overland trade axis into landlocked Sahelian markets.

Speaking at the Tunisia-Niger Business Forum alongside Niger’s Trade Minister Abdoulaye Saidou, Abid said the corridor would “reduce the cost and time of export operations, ease logistics and transport challenges, and strengthen African economic integration.”

The project comes as Tunisia deepens its economic engagement with sub-Saharan Africa under the African Continental Free Trade Area.

Abid noted that Tunisia has already recorded nearly 400 export operations to African markets under the AfCFTA’s Guided Trade Initiative, spanning sectors such as mechanical and electrical components, textiles, and agri-food products.

Source: Business Insider Africa

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Reports

Africa Economic Update: Making Industrial Policy Work in Africa | World Bank
Sub-Saharan Africa’s economic recovery from successive global shocks is losing momentum, with growth projections for 2026 revised downward from those published in October 2025. Geopolitical spillovers from the conflict in the Middle East, high debt service burdens, and structural weaknesses are limiting growth prospects and job creation.

Against this backdrop, the report argues that Africa’s growth challenge is structural, reflected in low investment, weak productivity, and limited job creation. While interest in industrial policy has revived, past efforts often failed due to weak implementation capacity, fiscal and institutional constraints. The report proposes a pragmatic, ecosystem-based approach that aligns policy tools with country capabilities to deliver productivity gains and durable structural transformation.

Click here to download and read the report.

2025 African Private Capital Activity Report | AVCA
Africa’s economic landscape in 2025 was defined by cautious recovery amid persistent structural pressures. While global volatility continued to shape the operating environment, the continent demonstrated steady, if uneven, economic progress across several fronts.

Economic growth across Africa remained resilient, supported by a gradual easing of inflation in several major markets and renewed momentum in commodity exports and services sectors. Many economies benefited from stabilising global supply chains and improved fiscal discipline following the turbulence of recent years.

Across the continent, governments increasingly prioritised macroeconomic reform, currency stabilisation, and debt restructuring as part of broader efforts to restore investor confidence. Yet the recovery remained uneven. Against this backdrop, the African private capital landscape in 2025 was shaped by three interconnected dynamics: selective fundraising, stabilising investment activity, and a strengthening exit environment.

The 2025 edition of the annual African Private Capital Activity report provides an in-depth assessment of how the continent’s private capital market evolved and stabilised in 2025. Africa’s private capital market recalibrated in 2025, showing resilience amid global uncertainty.

Click here to download and read the report.

African Trade & Economic Outlook 2026 – Moving Up the Ladder: Capturing more Value from Africa’s Commodities | Afriexim Bank
This report explores the current landscape of African economies amid a volatile and uncertain global environment. Chapter 1 analyses macroeconomic trends and trade dynamics for 2025, with a particular focus on U.S. tariffs and other geopolitical shocks. It provides forecasts for 2026 and evaluates the risks and opportunities facing African economies in this volatile environment. Despite geopolitical tensions, particularly U.S. tariffs, African economies have shown significant resilience. In 2025, the continent’s output expanded by 4.2 percent, up from 3.4 percent in 2024, supported by robust domestic demand, strong export performance, growth in the services sector, and renewed investment in infrastructure.

Nevertheless, Africa’s economic landscape remains vulnerable, given its overreliance on commodities, which leaves it exposed to high price volatility. The inflation rate peaked at an elevated average of 16.3 percent in 2025 but is projected to moderate significantly to 9.2 percent by 2026 as domestic monetary tightening takes effect. Fiscal and external imbalances remain a concern, though the average public debt is expected to decline to 63.5 percent of GDP by 2026, down from 65.3 percent in 2025. In 2025, total African trade reached approximately USD 1.4 trillion, with intra-African trade accounting for roughly 18 percent of total trade, supported by the ongoing implementation of the African Continental Free Trade Area (AfCFTA).

Click here to download and read the report.

 The Impacts of the Middle East Conflict on African Economies|AfDB, UNDP and UNECA
The ongoing conflict in the Middle East adds to an already heightened, volatile and uncertain global environment, characterised by climate-induced shocks, trade tensions and geopolitical fragmentation. The increased uncertainty since the conflict began on 28 February 2026 has already stoked volatility in the global commodity, financial and stock markets. It is also reshaping global geopolitical alliances. Preliminary analyses indicate that the conflict presents systemic risks to the African and global economies and if it persists, could exacerbate humanitarian crises across some of Africa’s most fragile regions.

This joint policy paper maps how global geopolitical shocks impact African economies, from disrupted trade routes and volatile energy and fertiliser markets to exchange‑rate pressures and financial instability. It shows how these pressures interact with existing structural vulnerabilities and why shocks differ across regions and countries, particularly in import‑dependent and fragile contexts.

This joint policy paper was developed through a rapid, real‑time collaboration between the African Development Bank (AfDB), the African Union (AU), UNDP Regional Bureau for Africa, and the UN Economic Commission for Africa (UNECA). It reflects live market data, macroeconomic monitoring, and direct policy engagement.

Click here to download and read the report.