East Africa
Region Looks to Tanzania’s Mega Project to Plug Regional Electricity Gap
East Africa’s electricity supply is set for a boost once the Julius Nyerere Hydropower Project goes online. At the 16th meeting of the Sectoral Council of Ministers on Energy recently held in Arusha, the ministers said the 2,115MW, USD 2.9 billion project across the Rufiji River will be a game-changer in the region. The project is part of Tanzania’s power master plan that aims to interconnect the Tanzania, Kenya, Uganda and Zambia grids. “Energy plays a critical role in industrial development and investment promotion…and this project is a milestone that will reduce the deficit of electricity not only in Tanzania but in the entire region,” said Shaib Hassan Kaduara, Minister of Water, Energy and Minerals of Zanzibar.
According to the International Energy Agency, more than 800 million people – 11 percent of the world’s population – live without reliable electricity. Some 600 million live in Sub-Saharan Africa, and about 82 million live in Kenya, Tanzania, and Uganda. At the sectoral meeting, partner states reported that investments in wind and solar energy infrastructure were also underway, from Burundi’s solar mini-grids to Kenya’s wind and solar projects aimed at increasing renewable energy contributions to the national grids.
Source: The East African
Egypt
Egypt Aims to USD 145 Billion Raise in Petroleum, Non-Petroleum Exports within 6 Years
Minister of Trade and Industry Ahmed Samir recently stated that Egypt seeks to boost its exports of both petroleum and non-petroleum goods to elevate its annual export earnings from the current USD 53 billion to USD 145 billion within the next six years during his meeting with Prime Minister Mostafa Madbouly. Samir added that Egypt plans to increase industrial production by 20 percent, enhance the green economy’s contribution to the gross domestic product to a minimum of 5 percent, and provide job openings, targeting 7 to 8 million opportunities.
He highlighted the expansion of industrial complexes across 15 governorates, with investments totalling LE 10 billion. This development aligns with Egypt’s strategy to become a hub for sustainable manufacturing while actively participating in global trade networks. The government’s comprehensive plan focuses on improving the capabilities of Egyptian workers, enhancing the work environment, and fostering strategic business partnerships.
Source: Egypt Today
Ethiopia
Ethiopia Boosts Revenue Through Energy Exports
Ethiopia earned more than USD 1 billion from electric power export to neighbouring countries in 18 months, the country’s Ministry of Water and Energy has disclosed. Ethiopia is “successfully” supplying energy to its neighbouring countries of Sudan, Djibouti and Kenya, earning over 1 billion U.S. dollars from electric power export in 18 months up until the end of the previous Ethiopian fiscal year that ended in July 2023, state-run Ethiopian News Agency quoted Water and Energy Minister Habtamu Itefa.
The minister said the performance “underscores the nation’s burgeoning role as a regional energy powerhouse, catalysing regional integration.” Itefa noted the growing demand for the supply of Ethiopia’s electric power among its neighbouring countries, as the recipient countries witnessed a 15 percent annual surge during the reported period.
Source: Xinhua
Ghana
Domestic Automotive Industry Projected to Reach USD 11 Billion by 2028
The domestic automotive sector is projected to reach a value of USD 11 billion by 2028 at a compound annual growth rate (CAGR) of 11 percent. The bullish projection by the Ghana jobs and Economic Transformation (JET) follows the entry of some of the industry’s global leading names into the country. The projection, as explained by Eugene Sangmortey, Team Lead at JET, is attributed to the enticing opportunities for carmakers to integrate into regional and global supply chains, especially with the implementation of the Africa Continental Free Trade Area (AfCFTA).
“JET will continue to support the sustainable growth and development of the automotive industry, working with investors, policy-makers and key stakeholders to unlock investment opportunities and create highly skilled jobs,” he said. This was revealed during the conclusion of a four-day India-Ghana Automotive Investor Trade Mission in Accra organised by JET, a programme funded by the United Kingdom (UK). Historically, Ghana has depended on imported used vehicles. However, in recent years, several vehicle manufacturing and assembly plants have been established in the country, with others in the process of setting up operations. JET estimates the value of the domestic automotive industry to be about USD 4 billion.
Source: BFT Online
Morocco
Morocco Bets on Nuclear Energy, Plans to Build Experimental Reactor
According to a report by La Razón, a Spanish newspaper, Morocco is decisively betting on nuclear energy. The country’s ambassador and permanent representative in Vienna, Azzeddine Farhane, recently called for “granting more support to the International Atomic Energy Agency to continue strengthening the capacities of national experts in nuclear science, technology, and applications,” as reported by La Razón. This appeal seems to be related to Morocco’s project to build an experimental reactor.
According to La Razón, Morocco is moving closer to realizing its strategic goal of producing electricity from nuclear energy. This follows an agreement between Russian company Rosatom and the Moroccan government. Additionally, Rafael Mariano Grossi, Director General of the International Atomic Energy Agency, named Morocco among the countries expected to become “nuclear.”The newspaper reports that the country aims to reduce its high energy bill and adapt to climate change, citing local digital media reports.
Source: Morocco World News
Nigeria
Nigeria Among Top 15 Nations Globally Shaping AI and Crypto Landscape in 2024
A study has ranked Nigeria among the top 15 nations worldwide leading the artificial intelligence (AI) and crypto narrative in 2024. The study, published by Coingecko, revealed that the top three AI crypto countries in 2024 are the US, which accounted for an 18.9% share of global interest in the narrative, followed by the UK (9.1%) and Türkiye (6.5%).
The study also found Southeast Asia has shown particularly outsized interest in AI crypto coins, with four countries in the region ranking among the top 15. The four Southeast Asian countries were the Philippines, which came in 10th with a 2.8% share of global interest in the narrative, while Singapore and Indonesia accounted for 2.2% each and Vietnam 1.2%. In the European Union, the study revealed that the AI crypto narrative is most popular with the Netherlands (5.6% global interest share), Poland (3.2%), Germany (3.2%) and France (2.1%). Nigeria is the sole African country among the top 15 with (1.82%) market share, thanks to the efforts of the youth, governmental initiatives, and private institutes and organisations in terms of investment and expenditure on AI.
Source: Business Insider
South Africa
Project Finance Clinched for 520 MW South African Wind, Solar Projects
Johannesburg- and London-listed diversified mining and marketing company Anglo American recently announced a jointly owned renewable energy venture with EDF Renewables, Envusa Energy, which has completed the project financing for its first three wind and solar projects in South Africa. The terms and structure of this non-recourse project financing are typical of high-quality renewable energy infrastructure assets. These three renewable energy projects, known as the Koruson 2 cluster of projects and located on the border of the Northern and Eastern Cape provinces of South Africa, will have a total capacity of 520 MW of wind and solar electricity generation.
Anglo Africa and Australia regional director Themba Mkhwanazi described the successful project financing of these initial projects as Anglo’s first major step towards addressing the largest remaining source of its Scope 2 emissions – its electricity supply in Southern Africa. As Anglo progresses towards its 2040 carbon-neutral operations commitment, it also sees the opportunity to enhance energy reliability and grid resilience in South Africa.
Source: Engineering News
Tanzania / Kenya
Kenyan Investors Out to Profit from Tanzania’s Pro-Business Policies
Kenyan investors are targeting Tanzania’s promising business landscape, aiming to double the number of projects in the country in the coming years. Their strategy revolves around leveraging Tanzania’s pro-business policies and growth potential. At the recent Kenyan Diaspora in Tanzania (Kedit) forum held in Dar es Salaam, investors convened to chart out plans for expanding investments, strongly emphasising the importance of encouraging fellow Kenyans to tap into Tanzania’s thriving market.
Peter Kariuki, a prominent Kenyan investor in Tanzania, underscored the country’s conducive business environment as a key driver for expanding operations and nurturing growth. He expressed the ambition to elevate the presence of Kenyan companies in Tanzania to at least 1,000. Currently, Tanzania hosts over 500 Kenyan companies across various sectors, collectively employing between 70,000 to 100,000 individuals. Isaac Njenga, the Kenyan High Commissioner to Tanzania, shared insights indicating Kenya’s significant role as one of the top five sources of foreign direct investment in Tanzania, amounting to approximately USD 2 billion.
Source: The Citizen
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Reports
Future of Trade: Africa| Standard Chartered
As globalisation continues to power cross-border trade, exports from Africa, currently USD 645.3 billion, are set to reach USD 952 billion by 2035, with connections with South Asia, East Asia and the Middle East growing at a particular pace. Intra-Africa trade is also expected to flourish. Flows within East and West Africa will increase by 15.1 and 13.2 percent, respectively, far outpacing the global average of 4.2 percent.
This report lays out recommendations for navigating the challenges ahead. Broadly, Africa’s businesses and markets should focus on building regional value chains and integrating into the global economy. The introduction of the African Continental Free Trade Area (AfCFTA) – a landmark achievement bringing together 54 diverse markets – should help significantly here. Implemented effectively, it can radically reshape future growth and development. It will enable higher value-added supply chains and more diversified exports, allowing member states to reduce historical commodity dependence and achieve meaningful progress towards multiple Sustainable Development Goals. The World Bank estimates that AfCFTA will boost the region’s exports by up to 29 percent through 2035.
Click here to read and download the full report.
African Tech Startups| Mozilla Africa
Over the past 20 years, national startup ecosystems have emerged across Africa, with South Africa, Nigeria, Egypt, and Kenya leading the pace of innovation, talent development, digital entrepreneurship, and investment appeal compared to the rest of the continent. These four countries combined contributed at least 81 percent of total venture capital (VC) funding of USD 3.1 billion in 2022, and the gulf between them and the rest of the continent is large and widening. Startup ecosystems of these countries are being driven mostly by a large and growing network of foreign VCs whose profit focus and high-risk tolerance provide African startups with the funding they need to exploit new opportunities within their national markets and across borders.
This report provides a detailed review of the startup ecosystem in Africa. It examines the key features of African tech startups, the regulatory environment, recent trends in the industry, including investment flows, the challenges startups face, and the opportunities to advance the ecosystem further.
Click here to read and download the full report.
Green Hydrogen for Sustainable Industrial Development| International Renewable Energy Agency
Green Hydrogen represents a unique opportunity for the clean energy transition. Climate change is an existential threat to a sustainable future, but at the same time, facing the climate challenge is an opportunity to promote prosperity and a brighter future for all. Green hydrogen and its derivatives will play a vital role in the just energy transition.
This toolkit is a valuable resource for developing countries aiming to embark on a path to industrialisation fuelled by green hydrogen. It informs policymakers about the latest strategies, challenges and solutions for creating a local value chain around green hydrogen production. Based on these insights, country-specific needs may be addressed through further cooperation and projects.
Click here to read and download the full report.
Mining and Metals: Trends, Challenges and the Way Forward | World Economic Forum
Minerals and metals are indispensable for countless economic activities. The energy transition is set to increase the demand for materials, and numerous industries are expected to require more minerals in the near future. This, combined with a renewed focus on sustainability, makes the mining and metals industry ripe for a transformation whose implications will extend beyond the immediate sector to a myriad of industries and processes essential to everyday life.
Over 2023, the World Economic Forum gathered a select group of senior leaders from the mining and metals community to discuss the industry’s new challenges and opportunities for the way forward. This report captures this vision to help inform discussion on the future of the mining and metals industry. This report examines key industry trends, including the shift towards renewable energy and sustainability considerations, technological advancements, and the deepening relationship between supply chains, socio-environmental effects and geopolitics. From energy transition and geopolitics to the need to rethink business models through innovation and partnerships, it recognises the interplay between supply chains, environmental impacts and socio-economic considerations. At its core, it echoes the need for collective action for the industry’s resilience amid global challenges.
Click here to read and download the full report.
