Africa
Africa Registers USD 29.2 Billion Investment Interests in Three Days
About USD 29.2 billion in investment interests have been registered in three days for various projects in Africa as the continent turns its needs into bankable and beneficial opportunities for investors. The investment interests were realised from 37 projects in 41 boardroom meetings in three days at the recently concluded 2024 Africa Investment Forum market days in Rabat, Morocco.
It covers projects in transport, power and energy, food and agribusiness, mining, pharmaceuticals, water and sanitation, urban infrastructure, and tourism, across various African countries. At the Forum, some 15 new sponsors and partners, including banks, insurers and export credit in Africa and globally, registered their interest in boosting investment on the continent. Dr Akinwumi Adesina, Chair of AIF and President of the African Development Bank said the development showed that the forum was becoming a global investment movement for Africa.
He spoke at the closing press conference of AIF stating that over 2,300 investors and delegates from 83 countries, marking a 60 percent increase in the number of participants from 2023 was “truly outstanding.” He highlighted USD 4.8 billion garnered for Nigeria’s Special Agro-Processing Zone, and other projects initiated by Morocco and the Democratic Republic of the Congo as examples of projects that drew investor interest higher than initially targeted.
Source: Ghana Business News
DRC / Morocco / Zambia
DRC, Zambia and Morocco Setting Up an e-Mobility Value Chain
The Democratic Republic of Congo (DRC), Zambia and Morocco are gearing up to pool their collective resources to establish an e-mobility value chain. Representatives from the three countries recently met in Lusaka, Zambia as part of a project initiated in 2023 by the Economic Commission for Africa: Office for North Africa to facilitate the establishment of regional electric mobility value chains in Africa
Marie Pascale Diatuka Malanda, Coordinator of the DRC Agency for Ecological Transition and Sustainable Development, said the country is rich in strategic minerals such as cobalt and copper and has a central role to play in advancing electric mobility value chains. She emphasised the importance of exploring synergies among the three countries’ technical capabilities, facilitating technology and knowledge transfer, and sharing best practices to promote green, low-carbon industrialisation.
Crusivia Hichikumba, Permanent Secretary for Investment and Industrialisation at Zambia’s Ministry of Commerce, Industry and Trade, said the countries’ resource endowments and experiences complement each other well enough to support the development of robust regional value chains for the production of batteries and battery precursors for electric vehicles.
Idriss Addahbi, Head of Intelligence and Strategy at the Moroccan Ministry of Industry and Trade, highlighted the country’s transformation into Africa’s leading car producer, manufacturing a million vehicles annually, including four electric models, over the past two decades.
Source: ESI Africa
Algeria
Algeria to Build 2,400 Kilometre Railway Network
Algeria has completed studies for a project involving the construction of a 2,400 kilometre railway linking the Northern and Southern parts of the country, an official has said.
The National Agency for Studies and Monitoring of Railway Investment is preparing the technical and feasibility studies for the project, which is part of a large-scale plan to develop Algeria’s rail network, the Agency’s information chief Abdul Qadir Mazar said.
He told the official Algerian news agency that studies for nearly 1,084 km of rail line have been finished and the remaining part would be ready soon. Part of the line will link the capital Algiers on the Northern Mediterranean coast and Tamanrasset on the Southern border with Niger, Mazar said. A second parallel line will link the two regions and pass through 10 provinces with a total length of 2,406km, he added.
“We are working in line with instruction by the President of Algeria to execute projects to modernise and develop the country’s rail networks…the main part of these projects include building a network that will reach the southernmost part of Algeria, especially the trans-desert line that will connect the capital with the border with Niger.”
Source: Zawya
Côte d’Ivoire
Côte d’Ivoire Bags USD 6.4 Billion in Investment Deals at Debut SIREXE
Côte d’Ivoire, West Africa’s rising investment hub, made a splash at its inaugural International Exhibition of Extractive and Energy Resources (SIREXE), raking in nearly CFA4 trillion (approx. USD 6.4 billion) in fresh investment deals.
Aka Mireille Chiniango, the Deputy General Commissioner of SIREXE, who made the disclosure, described the event, held in Abidjan, as a “resounding success,” signalling Côte d’Ivoire’s ambition to emerge as a key player in Africa’s extractive and energy sectors.
For a country determined to tap its resource-rich soil and waters, the investment deals were a golden harvest that affirmed the West African country’s growing stature on the global energy map.
Among the standout agreements, Italian energy heavyweight Eni inked a major deal with the Ministry of Mines, Petroleum, and Energy for the acquisition of four new deep-water exploration blocks. Doubling down on its commitment to sustainability, Eni also partnered with the Ministry of Water and Forests to restore 155,000 hectares of forests across the Lagunes and Comoé regions, a critical boost for the country’s ecological resilience.
Côte d’Ivoire’s state oil firm Petroci Holding and Angola’s Sonangol also announced a partnership to finance, construct, and operate an integrated logistics service base in Abidjan. The base is expected to strengthen the city’s strategic role as a logistics hub for regional energy players.
Source: Business Day
Egypt
Egypt, China to Launch USD 7 Billion Agriculture Complex in El Wadi El Gedid
Chinese investors, in partnership with Egypt’s private and public sectors, have launched a USD 7 billion investment alliance to develop a vast agricultural complex spanning 1 million acres in El Wadi El Gedid Governorate.
Mohamed Alaa, Secretary-General of the Egyptian-Chinese Businessmen Association, revealed the plans to Asharq Bloomberg, noting that the project is supported by the Chinese government and funded by private Chinese companies.
The initiative’s first phase, set to cultivate 1,000 acres, is expected to conclude by September 2025. Discussions with the Egyptian Prime Minister will determine the timeline for subsequent stages.
The project aims to produce key strategic crops such as wheat, corn, soybeans, and sunflowers, alongside a variety of fruits intended for export to European markets.
Source: Egypt Today
Kenya
Kenya’s Financial Inclusion hit 84 Percent Amid Policy Reforms, Digitisation
The population of Kenyans who had access to formal financial services rose from 83.7 percent in 2021 to 84.8 percent in 2024, driven by macroeconomic policy reforms and digitisation, according to a recently launched report.
Compiled by the Central Bank of Kenya, Kenya National Bureau of Statistics, and Financial Sector Deepening Kenya, the report, titled 2024 FinAccess Household Survey, says Kenya ranks among five African countries that have made strides in enhancing access to financial products to the general populace. It measured financial inclusion based on four dimensions, including access, usage, quality and impact.
Conducted every three years to track changes in the financial landscape driven by technology, policy and demographic shifts, the 2024 survey highlighted positive trends such as high uptake of green finance, a doubling of mobile money usage and a narrowing gender gap in financial inclusion. The survey called for expanding access to financial services among the rural youth, urgent action on debt distress among borrowers, improving their financial literacy and enhancing consumer protection.
Source: Capital Business News
Nigeria/South Africa
Report Ranks Nigeria, South Africa High in Global Crypto Ownership
Crypto adoption in Africa has continued to improve with rising ownership rates among blockchain enthusiasts. A new report by Consensys, the annual Global Survey on Crypto and Web3, highlights growing global awareness of cryptocurrency, with notable progress in African nations.
Cryptocurrency has particularly practical use cases in Africa, where it is increasingly used for business payments, as a hedge against inflation, and for more frequent, smaller retail-sized transfers.
Joseph Lubin, Co-Founder of Ethereum and Founder and CEO of Consensys, said “Every year, we continue to see positive momentum for the growth and adoption of crypto, blockchain, and web3 — the re-decentralised web.”
The report reveals that approximately 42% of respondents currently own or have previously purchased cryptocurrencies globally. The highest ownership rates were observed in five countries: Nigeria (73%), South Africa (68%), the Philippines (54%), Vietnam (54%), and India (52%).
Sub-Saharan Africa accounts for 2.7 percent of global transaction volume, reflecting its relatively smaller aggregate GDP compared to other regions. Despite this, the region showed growth in cryptocurrency usage, receiving an estimated USD 125 billion in on-chain value during this period—a USD 7.5 billion increase from 2023, as noted in Chainalysis’s 2024 Geography of Crypto Report.
Source: Business Insider Africa
Rwanda
Rwanda Launches 5 Year Multi-Million Dollar Ambitions Fintech Strategy
Rwanda recently launched a five-year fintech strategy to develop a fintech ecosystem to position the country as a regional financial centre.
According to the Ministry of Information Communication Technology and Innovation, the plan aims to establish Rwanda as the preferred location for African fintech companies and investments, as well as to strengthen its status as the continent’s top financial hub.
The ambitious scheme, covering 2024-2029, aims to attract USD 200 million worth of investments for local fintech firms. “This strategy represents not just a policy document, but our country’s commitment to positioning Rwanda as a leading fintech hub in Africa,” said Paula Ingabire, minister of ICT and Innovation.
She stated that despite having only three registered fintech companies in 2014, the East African country currently has over 75 active fintech players serving more than 3 million people nationwide.
According to the government, this expansion has helped raise the financial inclusion rate. Aside from attracting investments, Rwanda intends to have at least 300 fintech businesses, 7,500 direct jobs in the sector by 2029, an 80 percent fintech adoption rate, and a ranking in the top 30 on the global fintech index.
Source: IT Web Africa
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Reports
Rising Gulf Investments in Africa Unlocking Opportunities and Navigating Challenges | Afriexim Bank
Africa is emerging as a significant hub for international investment, driven by its vast natural resources and demographic trends predicting a population increase to 1.5 billion by 2025. The continent boasts a GDP of approximately USD 3.1 trillion and is expected to achieve annual growth rates between 4 percent and 5 percent, augmenting its share of global GDP.
The youthful demographic profile, alongside extensive mineral reserves and considerable agricultural potential, fosters a conducive environment for economic growth and development. In recent years, there has been a notable increase in interest from the Gulf Cooperation Council countries—namely Saudi Arabia, the United Arab Emirates, Oman, Kuwait, Qatar, and Bahrain—toward African markets. In diversifying their economies beyond oil and gas, GCC states have strategically integrated African markets into their economic models. This shift is reflected in bilateral trade volumes exceeding USD 121 billion, with foreign direct investment accumulating to over USD 100 billion from 2012 to 2022.
This analysis explores the increasing presence of GCC countries in Africa, examining potential macroeconomic implications while offering policy recommendations to leverage this relationship further for mutual growth.
Click here to read and download the full report.
Global Trends in AI Governance: Evolving Country Approaches | World Bank
As artificial intelligence (AI) becomes increasingly integral to global economies and societies, the need for effective AI governance has never been more urgent. The rapid advancement in AI technologies and their widespread adoption across many sectors, such as healthcare, finance, agriculture, and public administration, presents unprecedented opportunities and significant risks. Ensuring that AI is developed and deployed in a manner that is ethical, transparent, and accountable requires robust governance frameworks that can keep pace with technological evolution.
This report explores the emerging landscape of AI governance, providing policymakers with an overview of key considerations, challenges, and global approaches to regulating and governing AI. It examines the foundational elements necessary for thriving local AI ecosystems, such as reliable digital infrastructure, a stable and sufficient power supply, supportive policies for digital development, and investment in local talent. As countries navigate this complex landscape, the report highlights the need to encourage innovation by mitigating risks like bias, privacy violations, and lack of transparency, emphasising the importance of sustainable growth and responsible AI governance.
Click here to read and download the full report.
Promoting Manufacturing Export: A Study of Africa’s Manufacturing Landscape | Afriexim Bank
This paper provides in-depth analyses of contemporary Africa’s manufacturing landscape, identifies critical strategies for promoting manufacturing exports, evaluates the sectoral challenges and opportunities driving export growth, and considers the socioeconomic implications of manufacturing trade specialisation for the continent.
The most notable evidence of the industrial revolution is embodied in structural changes in the manufacturing sector. These changes are visibly manifest in different ways, including secular changes in the structural composition of capital intensity, value-added output, relative labour productivity, and trade specialisation.
Economic development in Africa differs from the pattern observed in other parts of the world, where it is often associated with the rapid growth of industrialisation and manufacturing exports. Policy measures should focus on diversifying exports, particularly in labour-intensive industries; building manufacturing capacity and increasing skills development; strengthening value chains; and formulating a robust industrial policy framework to capitalise on manufacturing’s potential. Prioritising manufacturing could drive employment and economic transformation in Africa.
Click here to read and download the full report.
Estimating Potential Economic Contribution of Cultural and Creative Industries in Africa | Afriexim Bank
From the performing and visual arts to fashion, film, design, and digital media, Africa’s vibrant cultural and creative industries (CCI) are imbued with the potential to drive economic growth, generate employment opportunities, and foster social development. The creative industries encompass a vast range of activities contributing not only to the continent’s cultural richness but also to its economic resilience.
By harnessing the creativity and innovation inherent in African societies, cultural and creative industries can be pivotal in addressing developmental challenges, promoting inclusive growth, and enhancing Africa’s global cultural presence. Despite their potential, the creative industries in Africa remain underdeveloped and underfunded. This report examines the potential contribution of CCI to Africa’s economy, identifies barriers to its growth, and highlights critical areas for intervention by key stakeholders, including policymakers, development finance institutions (DFIs), and private investors.
Click here to read and download the full report.
