September 2014 African Business News


Olkaria -Geothermal- Power Plant

Kenya's Biggest Challenge: Power Generation

Kenya, a visually stunning country of 45 million people, is blessed in many ways. It has the largest and most advanced economy in East Africa along with the best ICT (Information and Communications Technology) infrastructure of any country in the region.

KopoKopo

Mobile Money Is Driving Africa's Cashless Future

The evolution of African markets faces significant barriers: cost, distance, and a lack of infrastructure. Less than 30% of the population have bank accounts, and even fewer have credit cards.

There were 66,000 BWM-3 series produced in South Africa in 2013. Of those made for export, the cars were sent to Japan, Australia, Singapore, as well as sub-Saharan Africa.

Car makers in the driving seat of South Africa's economy

The smells of oil, tires and hard work surround Monwabisi Bokwe as he stands on the Volkswagen production line.

The 2015 Nissan Armada. Nissan, in a joint venture with the Stallion Group

Automobile assembly revs up in Nigeria

The first made-in-Nigeria passenger cars for decades rolled off factory lots in Lagos State in June, marking what authorities hope is the beginning of a new era for automotive assembly in the country.

Ethiopian Airlines

Ethiopian Airlines voted "Best Airline in Africa" for the second year in a row: Passenger Choice Awards, Airline Passenger Experience Association (APEX)

Ethiopian Airlines, the largest airline in Africa, is pleased to announce that it has won the Passenger Choice Awards for "Best Airline in Africa" for the second time in a row at the APEX 2014 EXPO held between 15 and 18 September 2014 in the Anaheim Convention Centre in California.

Uche Orji, CEO, Nigeria Sovereign Investment Authority (NSIA)

The Nigerian Sovereign Wealth Fund's investment strategy: Uche Orji, CEO, Nigeria Sovereign Investment Authority (Video)

The Nigeria Sovereign Investment Authority (NSIA), which manages the nation’s Sovereign Wealth Fund, often treads cautiously when embarking on key investments.

iROKOtv

Why startups, not media giants, lead online video in Africa

Global data use through the consumption of video is set to increase by around 55 percent per year until the end of 2019, according to research by Ericsson, while in Africa video is the fastest-growing internet activity.

Tewolde GebreMariam, CEO, Ethiopian Airlines

Ethiopian Airlines places $2.1B order for Boeing 737s

Ethiopian Airlines Enterprise, Africa’s largest carrier by revenue, agreed to buy 20 redesigned 737 models valued at $2.1 billion in the largest single order for Boeing (BA) Co. planes from the continent.

A M-KOPA retailer hands out flyers about the solar product. Courtesy of M-KOPA, Georgina Goodwin.

Pay-as-you-go solar startup M-KOPA signs up 100,000 solar users in East Africa

Pay-as-you-go solar products — that tap into cell phone infrastructure and micropayments — are slowly emerging across rural Africa, and India.

Mark Mobius, Executive Chairman, Templeton Emerging Markets Group

Africa is finally on the path to becoming a consumer society: Mark Mobius, Executive Chairman, Templeton Emerging Markets Group

For readers of a certain age, the name of Africa will never sit comfortably alongside the word luxury.

Goodluck Jonathan, President of Nigeria

Nigeria's Power Industry Bailout Heads Off Threat to Lenders

Nigeria has headed off a threat to its banking industry by propping up struggling power companies with an intervention fund, said analysts including Pabina Yinkere of Vetiva Capital Management Ltd.

Kenyan Shilling

Kenya to update base year for GDP data, likely bumping up size of economy by an estimated 21 percent

Kenya will update the year it bases its calculations of economic output on from 2001 to 2009 next Tuesday, the statistics office said, in a move that is expected to increase the size of the economy.

South African Properties

South Africa's middle class is a force to be reckoned with

As the ranks of black middle and upper classes have swelled in the 20 years since South Africa’s first democratic election, so too have the aspirations of a wealthy new elite.

BlackBerry Passport

Given BlackBerry's strong popularity in Nigeria and South Africa, will the newly-launched BlackBerry Passport be a hit on the continent?

BlackBerry released its new Passport phone today, a keyboard smartphone with a 4.5-inch​ screen aimed at corporate users.

BlackBerry Z3

Robust BlackBerry Z3 sales in emerging markets, including Nigeria and South Africa, may bring early return to profitability

Late last month, International Data Corporation (IDC) forecast that the growth of smartphone sales in mature markets in 2014 would slow to a low single digit of 4.9% with emerging markets continuing to soar at 32.4%. The exponential growth rate in emerging markets is now 6.5 times of that in developed countries.

Jumia is one of Africa Internet Holding's portfolio companies

Africa Internet Group's parent company Rocket Internet draws big IPO investor crowd for emerging markets web plan

Rocket Internet, the global e-commerce investor, will take a more hands-on role in its stable of companies through a stock market listing which was fully subscribed within the first hour of taking orders, it said on Wednesday.

The principal of Tundunwada Secondary School Enenwan Essien checks a student's temperature for Ebola during an assembly in Abuja on September 22, 2014 (AFP Photo)

Nigeria in first step towards all-clear on Ebola: As of today, there is no case of Ebola in Nigeria

Nigeria has cleared all patients being monitored for the Ebola virus, the federal health ministry said on Wednesday, but doctors said they would have to wait to declare the outbreak over.

The African Consumer

11 of the 20 fastest-growing economies in the world are in Africa: World Bank

Where will you find the fastest-growing economies in the world this year?

Lake Kivu Serena Hotel

African vacationers discover attractions of holidays in their home countries

As a senior east African banking executive, John Ngumi could holiday pretty much where he pleases.

Sepp Blatter, FIFA President

Confederation of African Football (CAF) promises support for Sepp Blatter's FIFA presidency bid in upcoming election

Africa will support Sepp Blatter in next year’s FIFA presidential election, the Confederation of African Football said on Saturday after a meeting of its executive committee in the Ethiopian capital.

Tina Joemat-Pettersson, South Africa's Energy Minister

South Africa makes nuclear deal with Russia

South Africa has signed a deal with Russia to get up to eight nuclear reactors built with Russian technology.

Patrick Akinwuntan, Ecobank and Daniel Monehin, MasterCard

MasterCard and Ecobank partner to accelerate electronic payments adoption in 28 Sub-Saharan African countries

Ecobank Transnational Inc. (“Ecobank”) and MasterCard, http://newsroom.mastercard.com/ today announced  a multi-country licensing agreement which will provide access to MasterCard’s electronic payments solutions for Ecobank’s customers in a further 23 African countries.

Hugo Boss Store

Chain reactions: savvy supply is key to success in the African luxury market

Luxury retailers are eyeing the African continent as one of the next frontier markets. “Luxury in Africa is a hot topic,” says Oliver Merkel, a partner at Bain & Company, a management consultancy.

Four Points by Sheraton, Lagos, Nigeria

Sheraton owner Starwood plans to add as many as 20 hotels in Africa as travel demand rises

Starwood Hotels & Resorts Worldwide Inc. (HOT) plans to add as many as 20 hotels in Africa over the next four years as the U.S. owner of the Sheraton and St Regis brands takes advantage of rising travel on the continent.

Thin SIM

Kenya regulator approves use of thin SIMs by new Mobile Virtual Networks Operators (MVNOs), including Equity Bank

The use of thin SIM technology has been approved in Kenya paving way for new Mobile Virtual Networks Operators (MVNOs) to use them for new services among them mobile money transfer.

2014 Range Rover Sport

Kenyans' taste for luxury cars evolves

Sanjiv Shah has sold only a measly three top-of-the-range Jaguars this year. But given their $200,000 price tags, the luxury car salesman is far from distressed.

LinkedIn

LinkedIn usage grows 40% in South Africa

In a tough economy it may appear that South African job seekers are turning to online professional services network, LinkedIn, to connect with prospective employers.

Jason Njoku, Founder, iROKO Partners

The impact of over-the-top (OTT) internet-based content delivery in Africa: Jason Njoku, Founder, iROKO Partners (Video)

The over-the-top (OTT), internet-based content delivery invasion is occurring on four distinct battlegrounds. Telecommunications operators, which have a variety of strategic weapons in their arsenal, stand the best chance of gaining a foothold in the market.

Exchange-Traded Funds (ETFs)

Nigerian Stock Exchange investors urged to take advantage of soon-to-launched Stanbic IBTC NSE-30 ETF

Chief Executive Officer, Stanbic IBTC Asset Management Limited, Mr. Olumide Oyetan, has advised investors to take advantage of its on-going N1 billion initial public offer for the Stanbic IBTC Exchange Traded Fund Stanbic IBTC ETF 30 to invest in a low cost instrument that will deliver the required market return from the NSE 30 Index of the Nigerian Stock Exchange NSE.

William Lauder, CEO, Estee Lauder Companies

Luxury heavyweights eye Africa's newly affluent

Sub-Saharan Africa was dismissed for decades by the luxury industry, and has attracted the attention of international heavyweights only in the past two years.

Transcorp Hilton, Abuja, Nigeria

Transcorp Hotels plans close to $50M IPO to develop new luxury hotels in Nigeria

Transcorp Hotels Plc will invest the proceeds of an 8 billion naira ($49 million) initial public offering into two new luxury Nigerian properties as the operator seeks to exploit a rise in international travel

Porsche Panamera

Africa's elite develops a taste for the finer things in life

The luxury sector has been adjusting to what some analysts call the “new normal”. After growing at 10-13 per cent a year in 2010, 2011 and 2012, rates were already slowing last year, and are forecast to settle at between 4 and 6 per cent.

Ngozi Okonjo-Iweala, Nigeria's Minister of Finance

Nigeria's 2014 GDP growth will exceed 6 percent: Ngozi Okonjo-Iweala, Nigeria's Minister of Finance

Nigeria’s finance minister said on Friday she is confident that growth in 2014 will be around the government’s latest forecast of 6.5 percent after discounting the economic impact of the insurgency waged by the Islamist group Boko Haram.

credit card

Nigeria's Interswitch acquires Kenya-based Paynet

Integrated payments company Interswitch Transnational Holding has acquired a majority shareholding in Paynet Group, a multi-institutional payments provider in East Africa.

Jumia Express Delivery - Jumia Nigeria introduces same day delivery in Lagos

Jumia Nigeria introduces same day delivery in Lagos

Leading online retailer in Nigeria, JUMIA has introduced same day delivery to its customers in Lagos, exactly two years after its major competitor, Konga introduced the same delivery service.

Barclays

Barclays' Exposure To Africa Is A Catalyst For Growth

With the upcoming Scottish vote on independence (scheduled for September 18, 2014), and the no-campaign losing ground, it is fair to expect turbulence in the British stock market in the next 10 days (or more, if the vote results in a victory for the yes).

Lakepoint Apartments, Ikoyi, Lagos, Nigeria

The number of millionaires in Nigeria, Kenya and Angola will more than double by 2030

According to the latest studies, there have never been so many high net worth individuals (HNWI) in the world, and they’ve never been richer.

Stock Exchange Market Data

Stanbic IBTC opens N1B IPO for ETF that tracks Nigerian Stock Exchange's NSE 30 index

Stanbic IBTC Asset Management, a member of Standard Bank Group, has opened its initial public offering for the Stanbic IBTC Exchange Traded Fund 30 (ETF 30), with 10,000,000 units of the fund available at N100 each at par.

Wizkid from Nigeria is one of the biggest artists in the African entertainment business

Nigerian entertainment & media revenues will more than double to $8.5B in 2018

Nigeria entertainment and media revenues will reach an estimated USD 8.5 billion in 2018, more than doubling from the 2013 figure of USD 4.0 billion at a CAGR of 16.1 percent, according to a report issued by PwC.

Mobile Internet

Nigeria mobile internet subscribers forecast to surge six fold to 50.4M in 2018 from 7.7M: PwC

Nigeria’s number of media consumers via mobile internet is forecast to boom from 7.7 million in 2013 to 50.4 million in 2018, according to a PricewaterhouseCoopers (PwC) report.

PwC

South Africa Entertainment and Media Outlook including Nigeria & Kenya (2013 - 2017): PwC (Report)

The South African entertainment and media (E&M) market will generate estimated overall revenues of R175.4 billion in 2017, having increased from R104.8 billion in 2012 – a compound annual growth rate (CAGR) of 10.9%.

south-africa mobile

There's at least one country where BlackBerry utterly dominates the smartphone market

In most parts of the world, Samsung smartphones rules the market by virtue of their ubiquity, affordability, and variety.