November 2015 African Business News


Leaving the UK and going home to Ghana

Leaving the UK and going 'home' to Ghana

A growing number of young professionals born in the UK are choosing to migrate to Africa. Nancy Kacungira went to meet some to find out why.

Aita Ighodaro, Director, Idaro

Dynamic Nigerian diaspora chases glittering ambitions

In her debut novel Sin Tropez, Aita Ighodaro drew on her experience as a fashion model to explore the complex consequences that await three young women lured aboard a playboy’s super yacht by the intoxicating promise of easy money and wild excess.

Africa's biggest media company will fight Netflix for control of the global streaming market

Africa's biggest media company will fight Netflix for control of the global streaming market

When Naspers, the South African media conglomerate, launched its video-on-demand (VOD) service Showmax earlier this year, the assumption was this was an attempt at keeping out Netflix.

Japheth Joshua ("JJ") Omojuwa is one of Nigeria's most popular bloggers.

Cult following gives Nigeria's young bloggers the last word

Japheth Omojuwa started blogging in 2009 with a simple goal: to make his opinions heard by the senators and governors that make up the top echelons of powers in Nigeria.

Big deal: Private equity firm Helios has invested in the petrol stations of energy company Oando.

Prospectors detect hidden gems for Nigerian private equity

Private equity (PE) investors, lured by the potential for rapid growth offered by industries serving Africa’s young, fast growing populations, are beating a path to Nigeria in search of bargains.

An Ethiopian coffee farmer (AP Photo/Sayyid Azim)

Commodity exchanges can help unlock Africa's agricultural potential: Paul Boateng, former British High Commissioner to South Africa

With agriculture making up approximately 65% of Africa’s labour force and 35% of the continent’s GDP, the sector’s capacity to help realise major continental development priorities is beyond doubt.

Herbert Wigwe, CEO, Access Bank

Mobile telephony enables Nigerian banks to fine tune services

Uzoma Dozie can remember when really effective marketing by banks took a different form.

Kemi Adeosun, Nigeria’s new Finance Minister, takes office before President Muhammadu Buhari

Party barons on notice as President Buhari puts voters first

As the epicentre of political life in Nigeria, the Hilton hotel in Abuja can usually be relied upon to reflect prevailing trends.

Africa's digital banking boom

Africa's digital banking boom

Five years ago, banking clients in Nairobi had to spend an hour queuing to pay their utility bills. Fast forward to the present day, and these clients can now pay their bills at the touch of a button from the comfort of their home.

Budget savvy: Yemi Osinbajo, Nigeria’s Vice President, is curbing spending.

Overhaul of Nigeria's government agencies aims to end excess

As well as being a professor of law, Nigeria’s new vice-president Yemi Osinbajo is a Christian pastor who preached at the same Evangelical church in Lagos as the new trade, investment and industry minister, Okechukwu Enelamah.

Africa trade - A digital game changer

Africa trade: A digital game changer

New payment technology will pave the way for faster, safer trade that could boost Africa’s exports.

Tayo Oviosu, CEO, Paga

Nigerian mobile payments company Paga attracts foreign backers

When Tayo Oviosu quit his job in the US technology sector to return to Nigeria in 2008, he was a man in search of an idea.

Mark Essien (Left), Founder of Hotels.ng

Nigerian travel startup Hotels.ng wants to conquer Africa (Video)

PricewaterhouseCoopers (PwC) projects Nigeria‘s hospitality market will grow signficantly in the next five years. Online hotel booking portals are benefiting. Among such portals is hotels.ng.

Entertainment and Media Outlook - South Africa, Nigeria & Kenya (2015 - 2019) - PwC

Entertainment and Media Outlook - South Africa, Nigeria & Kenya (2015 - 2019): PwC (Report)

South Africa’s entertainment and media (E&M) market continues its run of double-digit year-on-year growth, recording an 11.5% rise to reach R112.7 billion in 2014.

Starbucks, Dunkin Donuts, Krispy Kreme, H&M launching in Africa

Your favorite brands are launching in Africa

Krispy Kreme and H&M are launching in South Africa this month, marking their first foray into the African market.

Koeberg Nuclear Power Station in South Africa is the only nuclear power plant on the African continent.

Nuclear and renewables: South Africa's ambitious new energy mix (Video)

Heavily reliant on coal-fired electricity, South Africa is launching ambitious new projects aimed at diversifying its energy sources and avoiding power cuts.

John Dramani Mahama, President of Ghana

Ghana's ruling party NDC votes massively for Mahama's second term bid

Ghana’s ruling National Democratic Congress (NDC) voted massively to affirm President John Mahama as its candidate for elections next year, setting the stage for a tight race between him and his main 2012 rival.

Luxury Goods in Africa - A Maturing Sector

Luxury Goods in Africa - A Maturing Sector (Report): KPMG

There has been a noticeable improvement in economic growth in Africa since the turn of the century, driven by an improvement in the business environment and investment climate, and a decrease in aggregate political risk.

Afrobeat king Tony Allen. Credit: cnn.com

"I still want to play something impossible": Afrobeat king Tony Allen (Photos)

“The first thing he asked was ‘Are you the one who said that you are the best drummer in this country?’ I laughed and told him, ‘I never said so.’ He asked me if I could play jazz and I said yes. He asked me if I could take solos and I said yes again.”

Nigeria should look forward to automobile boom, says PwC (Reuters/Monica Mark)

In 35 years, Nigeria could be the automotive capital of Africa

New data from PricewaterhouseCoopers (PwC) predicts that Nigeria can become a leading automotive hub in Africa by 2050 with an increase in local production and an expansion in new car markets.

After decades of building up his cement business and expanding into sugar, flour, oil, and other commodities, Aliko Dangote today is worth $18.6 billion, making him Africa’s wealthiest man and among the world’s richest. Credit: Jon Chase/harvard.edu

The path to profits in Africa: Africa's richest man Dangote describes how businesses can succeed despite obstacles

When Aliko Dangote was building his business, running four cement trucks in Nigeria in the late 1970s, a relative gave him $750,000 to expand. Business was booming — there was a cement shortage — but instead of investing the money in the business, he gave it back.

Shameel Joosub, CEO, Vodacom Group

Smartphone boom will drive African data explosion: Shameel Joosub, CEO, Vodacom Group (Video)

Cheap smartphones could drive a data revolution in Africa, according to the CEO of one of Africa’s biggest cellphone operators.

World Trade Center (WTC) Abuja

Nigeria's new World Trade Center poised to send its economy sky high (Photos)

Nigeria‘s capital city of Abuja is about to get a new heart: a brand new World Trade Center complex. The development is expected to open to the public early next year after the completion of the first phase of construction.

Fairmont Mount Kenya Safari Club

Hotel real estate sector in Africa set for strong growth: JLL

JLL’s latest thought leadership research paper ‘Spotlight on Africa: Opportunity on the Horizon’ explores the investment potential of hotels in Africa, which has improved significantly over the past decade, though it is not without its challenges.

Multinationals in Africa are growing revenues but losing market share to local rivals. Credit: Reuters/Phillimon Bulawayo

Multinationals in Africa are growing revenues but losing market share to local rivals (Infographics)

Whether its Starbucks opening its first coffee store in sub-Saharan Africa next year, or fast-fashion retailer, H&M, opening its first African store in Cape Town, multinationals are lining up to cash in on the vast opportunities in Africa’s growing consumer goods market.

Compelling investment markets in Africa. Credit: sc.com

Nigeria offers investors a unique opportunity for strong long-term growth: Global X MSCI Nigeria ETF (Infographics)

Nigeria is currently offering investors a unique long-term growth opportunity at a great value through the Global X MSCI Nigeria ETF (NGE).

Baraza Resort and Spa Zanzibar

How Africa is getting ready to welcome more travelers (Video)

Is there room at the inn? There might not be in some parts of Africa, but that is set to change.

Chicken Republic

Eating out: Africa's booming fast food scene (Video)

Africa’s growing economies mean more people with disposable incomes and more eating out.

Kemi Adeosun, Nigeria's new finance minister, during the cabinet swearing-in ceremony in Abuja this month

Nigeria's finance minister makes non-oil revenues top priority

Nigeria’s new finance minister said raising non-oil revenues was her top priority, as the slump in oil prices continues to take its toll on Africa’s biggest crude exporter.

Nkosazana Dlamini-Zuma, Chair, African Union

South Africa's first female president could be president Zuma's ex-wife

The race for South Africa’s top job is heating up.

Gary Steinberg, former ‎Chief, Investment Unit at the International Monetary Fund. Credit: telegraph.co.uk

Former IMF investment head joins Nigeria's CBO to launch Africa-focused fund

Gary Steinberg will help CBO launch its first fund to support small West African businesses.

Aubrey Hruby, Co-Founder, Africa Expert Network (AXN)

China's slowdown - An opportunity for Africa to address longstanding economic inefficiencies: Aubrey Hruby, Co-Founder, Africa Expert Network

According to the IMF, a 1 percentage point decrease in China’s investment growth is associated with an average 0.6 percentage point decrease in Africa’s export growth rate.

Tomi Davies, President, African Business Angels Network

Startup funding platform Gust and African Business Angel Network (ABAN) announce strategic partnership supporting early stage investment in Africa

African Business Angel Network (ABAN) will use Gust as an official platform for early stage investment activity.

South Africa's largest REIT Growthpoint joins forces with Investec and IFC to invest in African real estate

South Africa's largest REIT Growthpoint joins forces with Investec and IFC to invest in African real estate

Growthpoint Properties, South Africa’s largest REIT and a JSE ALSI Top 40 Index company, has entered a joint venture with Investec Asset Management, in partnership with the International Finance Corporation (IFC), to make real estate investments in several African markets outside of South Africa.

Next generation BMW X3 to be built at BMW South Africa’s Rosslyn Plant

Next generation BMW X3 to be built at BMW South Africa's Rosslyn Plant

The BMW Group today reaffirmed its long term commitment to South Africa by announcing that it will invest a total of R6 billion at its Rosslyn Plant in Pretoria in the coming years.

7 Reasons to Be Bullish on MTN Group

In Africa, local companies outplay multinationals, says BCG report

Local African companies have gained a competitive edge on the continent over their multinational counterparts and are making inroads where overseas players once dominated, said a report released Tuesday.

President Muhammadu Buhari of Nigeria

Nigerian cabinet hints at austere rule

For the best part of six months Nigerian President Muhammadu Buhari has kept everyone guessing about how he will run Africa’s most populous nation.

Uber signs $14M car rental deal with South Africa's WesBank

Uber signs $14M car rental deal with South Africa's WesBank

Online taxi-hailing service Uber has agreed a 200 million rand ($14 million) deal with South African vehicle finance provider WesBank to rent cars to drivers who can’t afford to buy them, the companies said on Tuesday.

Students at Stellenbosch University have campaigned for it to change its language policy. Credit: bbc.com

Why South African students want to be taught in English

Stellenbosch University’s plan to drop Afrikaans as the language of instruction and teach in English has been warmly received, not only by students who are enrolled at the institution but by the rest of South Africa.

The Key Ministers in Nigerian President Buhari's Cabinet

Here are five key ministers in Nigerian President Buhari's cabinet

After more than seven months since he won election as president in Africa’s biggest economy, Muhammadu Buhari named his cabinet.

Chibuike Rotimi Amaechi (L), Minister of Transportation; Muhammadu Buhari (C), President of Nigeria; and Babatunde Fashola (R), Minister of Power, Works and Housing. Credit: dailypost.ng

President Buhari swears in his cabinet: A quick geopolitical analysis

Over seven months after he was elected, President Buhari has finally sworn in his cabinet.

Kemi Adeosun, Nigeria's Minister of Finance

Nigeria's Buhari Picks Ex-Banker Adeosun as Finance Minister

Nigerian President Muhammadu Buhari appointed former investment banker Kemi Adeosun as finance minister as he swore in his cabinet on Wednesday, more than seven months after he won the election that ushered in the first democratic handover of power in Africa’s biggest economy.