Stories That Matter | October 2025

North Africa

North Africa Dominates, as Africa’s Gold Reserves hit USD 91.7 billion
The total gold reserves held by African central banks have increased to USD 91.7 billion, boosted by the sharp rise in global gold prices. The price of gold reached USD 3,985 per ounce as of October 10.

The increase in valuations has enhanced the worth of existing reserves throughout the continent. Global central banks are also raising their exposure to the precious metal amidst heightened geopolitical and economic uncertainty.

North African countries continue to lead Africa in gold reserves, with Algeria at the top of the list. According to new data from the World Gold Council, Algeria’s central bank holds 173.56 tonnes of gold, worth USD 22.2 billion at current market prices.

Libya comes next with 146.65 tonnes, reflecting the country’s long-standing strategy of keeping substantial bullion reserves to protect against economic instability. Egypt, South Africa, and the West African Economic and Monetary Union make up the top five, holding 128.59 tonnes, 125.47 tonnes, and 36.52 tonnes respectively.

Beyond North Africa, Ghana ranks sixth with 36 tonnes, highlighting its increasing importance as both a gold producer and a reserve holder. Morocco follows with 22.11 tonnes, while Nigeria, Tunisia, and Guinea make up the top ten with 21.46 tonnes, 6.84 tonnes, and 6.29 tonnes respectively.

Source: Business Day

Algeria

Algeria Sets Out USD 60 Billion Energy Drive through 2029 to Boost Oil, Gas Production
Algeria plans to invest USD 60 billion from 2025 to 2029 to develop its oil, gas, and hydrogen sectors as part of a comprehensive strategy to boost energy output and diversify its resources, recently announced by Energy and Mines Minister Mohamed Arkab.

Speaking at an energy forum in Algiers, Arkab stated that 80% of the total investment will be allocated to upstream activities. These include exploration and the development of new oil and gas reserves, areas regarded as vital for maintaining Algeria’s export capacity.

The remaining 20% will be allocated to refining and petrochemical projects, aiming to enhance processing capabilities and decrease reliance on imported refined products.

Arkab highlighted Algeria’s gradual move towards cleaner energy while emphasising that natural gas will continue to be a key part of its resource mix.

He stated that the government has already initiated projects to produce 3,200 megawatts of renewable energy as part of a broader diversification plan.

State-owned Sonatrach aims to reduce gas flaring to below 1% by 2030. This goal will be supported by an afforestation project covering 520,000 hectares, designed to help offset emissions.

Source: Turkiye Today

Democratic Republic of Congo

DRC Pitches World’s Largest Hydro Site as Power Source for AI Data Centres
The Democratic Republic of Congo (DRC) is promoting the world’s largest hydroelectric site as a source of inexpensive, renewable energy for data centres, amid rising global demand driven by artificial intelligence.

DRC is promoting the world’s largest hydroelectric plant as a source of affordable, renewable energy for data centres, amidst rising global demand driven by artificial intelligence.

The Inga complex on the Congo River currently produces less than 2 gigawatts of power, a small fraction of its 44-gigawatt capacity, according to Bloomberg.

The government believes that collaborating with data centre operators could help unlock that capacity, said Bob Mabiala Mvumbi, head of Congo’s Inga Development Agency.

In June, the World Bank pledged USD 1 billion for the project. The bank intends to allocate USD 250 million for Inga III, part of the Grand Inga hydropower complex.

The project builds on earlier phases, Inga I and Inga II. Inga III is part of the World Bank’s Mission 300 programme. World Bank President Ajay Banga states that the broader effort could attract up to USD 85 billion in private investment.

Once completed, the project, expected to cost USD 10 billion, could generate 11,000 megawatts of power.

Source: The Guardian

Ethiopia

U.S. backs USD 10 Billion Ethiopian Airport following Record Aircraft Purchase
The United States recently pledged support for the construction of a USD 10 billion international airport in Ethiopia, marking President Donald Trump’s first major business initiative in the Horn of Africa.

The Bishoftu International Airport, situated 40 kilometres south of Addis Ababa, is designed to alleviate congestion at Bole International Airport and support Ethiopian Airlines’ operations as Africa’s largest carrier. Spanning 34 square kilometres, it will serve international passengers and cargo, while Bole Airport continues to handle domestic flights. The project also features an airport city with hotels, shopping centres, and recreational facilities.

U.S. Senior Advisor for Africa, Massad Boulos, announced support during a recent visit to Ethiopia. He confirmed that the U.S. International Development Finance Corporation is involved and collaborating with Boeing on projects related to Ethiopian Airlines and other initiatives across Africa.

Phase I of the airport is expected to serve 60 million passengers annually, with plans to expand to 110 million passengers and 3.73 million tonnes of cargo. Groundwork is scheduled to commence in late 2025, with completion expected by November 2029.

Source: Business Insider Africa

Nigeria, Morocco

Morocco, Nigeria form Company to Develop USD 25 Billion Gas Pipeline
Morocco and Nigeria have established a dedicated company to oversee the USD 25 billion Nigeria-Morocco Gas Pipeline project.

The announcement was confirmed by Amina Benkhadra, Director General of Morocco’s National Office of Hydrocarbons and Mines, who described the formation of the project company as “a crucial step for structuring the massive financing and overseeing implementation.”

The pipeline, which will extend nearly 6,000 kilometres across West Africa, is designed to transport between 15 and 30 billion cubic metres of gas annually.

The project aims to supply energy to 13 coastal West African states, reaching approximately 400 million people, and to connect landlocked nations such as Niger, Burkina Faso, and Mali to the main pipeline. Ultimately, the pipeline will link to the existing Maghreb-Europe Pipeline, enabling Nigerian gas to access European markets.

On the financing front, Energy Minister Leïla Benali announced that the United Arab Emirates would join an existing group of major institutions, including the European Investment Bank, the Islamic Development Bank, and the OPEC Fund.

The newly formed project company will manage funding efforts, with a final investment decision expected by the end of 2025.

The pipeline is part of a wider effort to improve regional energy access, bolster West Africa’s energy security, and establish a direct route for Nigerian gas to reach European markets.

Source: The Guardian

Tanzania, Zambia

China Strikes USD 1.4 Billion Deal with Zambia, Tanzania for Railway Upgrade
China, Zambia, and Tanzania recently signed a USD 1.4 billion deal to upgrade the ageing Tanzania–Zambia Railway.

Built in the 1970s with Chinese financing and engineering under Mao Zedong, the 1,860-kilometre line, known as Tazara, has deteriorated to a fraction of its original capacity.

Under the terms, China Civil Engineering Construction Corporation will undertake a 30-year concession: the initial three years will focus on reconstruction, track upgrades, safety enhancements, and line restoration; the subsequent 27 years will involve full operational management, including rolling stock procurement and maintenance.

Part of the investment will be allocated to new locomotives (32), around 762 wagons and passenger coaches, modern maintenance facilities, upgraded signalling and communications, and staff training.

Beijing had already signed a preliminary agreement last year to revive Tazara, even as Washington and Brussels backed a competing transport corridor centred on Angola’s Lobito port.

Once restored, Tazara would provide landlocked copper producers with a vital alternative to South Africa’s congested ports and border crossings, where increasing output from Zambia and the Democratic Republic of the Congo has congested road traffic.

It will also compete directly with the US- and EU-supported Lobito corridor, which connects the same copper belt to an Atlantic port on Africa’s west coast.

Source: Business Insider Africa

South Africa

Europe Commits USD 12.5 Billion to Power South Africa’s Green and Industrial Future
The EU delegation to South Africa stated that the move demonstrates Europe’s commitment to “work with South Africa to become global leaders in the just energy transition, sustainable infrastructure, digital connectivity and pharmaceutical value chain.”

The announcement builds on a previous EUR 4.7 billion pledge made in March, but it remains unclear if the new figure is in addition to that earlier commitment.

According to the EU, approximately EUR 8.7 billion of the total will be channelled through blended financing, combining public and private sector resources, to support the development of facilities for critical mineral processing and green hydrogen production in South Africa, Africa’s most industrialised economy.

The remaining funds will back projects focused on climate resilience, modern transport networks, and vaccine manufacturing capacity, highlighting Europe’s increasing interest in long-term African supply chains and local production ecosystems.

Analysts say the investment represents a strategic shift in Europe’s engagement with Africa, moving from aid to partnership, as global powers compete to secure access to the raw materials necessary for the worldwide energy transition.

Source: Business Insider Africa

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Reports

Financing Electricity Access in Africa | International Energy Agency
Access to electricity is essential for economic development, poverty reduction, and social equity. However, nearly 600 million people in Africa currently lack access to electricity, and progress has significantly fallen short of the targets set by both African governments and the international community. Achieving universal electricity access will necessitate a rapid increase in investment and financing to USD 15 billion annually, supporting the expansion of generation capacity, grid infrastructure, and decentralised solutions, while ensuring that progress remains inclusive and sustainable.

In a new flagship report, Financing Electricity Access in Africa, the International Energy Agency (IEA) conducts its authoritative energy analysis to offer a comprehensive overview of the current state of electricity access financing, including a pioneering tracking of public and private investment flows. Building on the study of the existing landscape, this report provides deeper insights into how investment changes to achieve universal access.

This report arrives at a time when the international community is mobilising to provide additional financial support to address this key issue, under South Africa’s leadership of the G20, Brazil’s COP30 Presidency, and the Mission 300 initiative. IEA’s analysis highlights how international finance, resources, and technical expertise must be strategically allocated to drive the transformation of electricity access needed across the continent, supporting Africa’s economic, social, and environmental objectives.

Click here to download and read the report.

2025 Africa Sustainable Development Report | Africa Development Bank
The 2025 ASDR reviews the status of the implementation of the two Agendas in Africa and offers policy recommendations to facilitate their attainment. As in previous years, the 2025 report aligns with the theme and corresponding Sustainable Development Goals (SDGs) selected by the High-Level Political Forum on Sustainable Development (HLPF) for any particular year.

In this context, the SDGs reviewed by the 2025 HLPF focus on good health and well-being (Goal 3), gender equality (Goal 5), decent work and economic growth (Goal 8), life below water (Goal 14), and strengthening global partnerships (Goal 17). Each SDG is analysed in relation to the corresponding goal of the African Union Agenda 2063.

The report’s findings emphasise the importance for Africa to accelerate progress across all five SDGs and enhance statistical systems for better performance tracking. Africa is advancing on 12 of the 17 SDGs; however, the current pace is not sufficient to meet them by 2030. Overall, data gaps hinder a complete understanding of the continent’s performance.

Click here to download and read the report. 

Africa Pulse: Pathways to Job Creation in Africa | World Bank Group
Economic growth in Sub-Saharan Africa is projected to rise from 3.5 percent in 2024 to 3.8 percent in 2025, then accelerate further to an average of 4.4 percent in 2026–27. Improved terms of trade are helping stabilise local currencies, but real income per capita is only expected to increase slightly, leaving extreme poverty largely unaddressed. By 2050, the region is forecast to have over 620 million more people of working age. This demographic change requires innovative, transformative strategies for job creation, as current growth is not resulting in significant wage employment. To address these challenges, foundational infrastructure and skills, a favourable business environment, and good governance are essential. Overcoming barriers to private-sector development will enable the growth of productive sectors such as agribusiness, tourism, and healthcare, generating quality employment. With the right approach, Sub-Saharan Africa can develop a vibrant job market, helping to meet the needs of its expanding labour force.

Click here to download and read the report. 

SDG Pulse 2025 | UNCTAD
As we enter the final five years of the 2030 Agenda, concerns about achieving sustainable development for all are mounting rapidly. Economic and social distress, particularly for those most in need, is exacerbated by tariff escalation, wars, climate disruptions, energy insecurity, and fragile supply chains, all of which affect developing countries’ ability to meet the SDGs.

This report fulfils three main objectives: firstly, to provide an update on the development of selected official SDG indicators along with supplementary data and statistics; secondly, to report on progress in creating new concepts and methodologies for SDG indicators for which UNCTAD is a global custodian; and thirdly, to highlight UNCTAD’s support to member States in implementing the 2030 Agenda. Building on the previous edition, SDG Pulse continues to monitor progress across four transformations identified at UNCTAD’s intergovernmental meeting in Bridgetown (UNCTAD, 2021a): multilateralism and trade, development finance, diversification, and sustainability with resilience. The report also examines thematic issues relevant to the 2030 Agenda. This year’s In-Focus topic explores critical minerals.

UNCTAD defines critical minerals not only by their global importance and supply risks but also by their relevance to trade and development, which reflect the priorities of developing economies. The trade in critical minerals considerably influences the energy transition, digital transformation, and industrial growth worldwide.

Click here to download and read the report.