World Bank Group (WBG) News

Malusi Gigaba, South Africa's Minister of FinanceMalusi Gigaba, South Africa's Minister of Finance

South Africa Weighs State Internet Company Merger

South Africa is considering a merger of state-owned technology companies Broadband Infraco and Sentech to help to accelerate the rollout of high-speed internet to the population within three years, according to two people familiar with the matter.

Aliko Dangote, CEO, Dangote Group

Africa's Richest Man Invests $4.6 Billion in Nigeria Farming

Dangote Group, controlled by Africa’s richest man, Aliko Dangote, plans to invest $3.8 billion in sugar and rice and $800 million in dairy production in the next three years as the company seeks to expand and deal with a shortage of dollars in its home market of Nigeria.

Edwin Dande, Managing Partner & CEO, Cytonn Investments

Meet the Kenyan entrepreneur who built an $800 million asset management firm

Kenyan-born Edwin Dande is the Founder of Cytonn Investments, an alternative investment management and real estate company, with offices in Nairobi and the DC Metro area.

The Pinnacle, Nairobi, Kenya

Work begins on the tallest skyscraper in Africa

The mighty peaks of Kilimanjaro and Kenya are the highest points in Africa, towering over the East Coast nations.

Africa's consumer data opportunity is being tackled by startups

Africa's consumer data opportunity is being tackled by startups

The Peter Drucker management aphorism, “You can’t manage what you can’t measure,” is a favorite of Yannick Lefang, the founder of Kasi Insight, an integrated marketing research firm operating in seven African countries.

Novare Lekki Mall (Illustration)

African Property Delivers for Private Equity Investors: Derrick Roper, CEO, Novare Equity Partners

In Sub-Saharan Africa, private equity funds offer investors access to competitively priced assets that have strong growth potential in a region where stock exchanges are still developing.

XSML Capital announces final close of African Rivers Fund at $50 million

XSML Capital announces final close of African Rivers Fund at $50 million

XSML Capital, the fund manager active in Central & East Africa, last week announced its final close of the African Rivers Fund at $50 million.

Gerald Gondo, Business Development Executive, RisCura Africa. Credit: afsic.net

African fixed income investments coming into their own: Gerald Gondo, Business Development Executive, RisCura Africa

Given the continued global search for yield and growth in an increasingly low-yield world, debt markets in Africa should and will attract increasing attention from institutional investors.

World Bank launches program, XL Africa, to support Africa’s top tech entrepreneurs. Credit: infodev.org

World Bank launches program, XL Africa, to support Africa's top tech entrepreneurs

With support from prominent African investment groups, XL Africa will help 20 selected startups attract early stage capital of between $250,000 and $1.5 million.

Pizza Hut Enters Ethiopia in Latest Expansion Into Africa

Pizza Hut Enters Ethiopia in Latest Expansion Into Africa

Pizza Hut is set to open three outlets in Ethiopia this year, becoming one of the first international restaurant chains to enter Africa’s second-most populous country.

Shoprite

Africa growth to rebound in 2017: Africa Capital Group (Infographic)

After the U.S. election in November, many Africa investors became concerned that a move toward a more isolationist trade policy in the U.S. would hinder business, trade and capital flows to and from Africa.

Nigeria's President Muhammadu Buhari (L) and Vice President Yemi Osinbajo

The Economist explains: The demand for Nigerian debt

Nigeria’s economy shrank by 1.5% in 2016, its first annual contraction in 25 years.

Top 3 Mortgage Growth Markets in 2017 - Egypt, Algeria and Nigeria

Egypt, Algeria and Nigeria are the top 3 mortgage growth markets in 2017: Euromonitor

Euromonitor International has identified the top three markets globally in 2017 by fastest growth in mortgaged households.

Paul Kagame, President of Rwanda. Credit: WSJ

Rwanda's President on Africa's Fate in an Age of Trump-Style Populism (Videos)

Rwanda’s economy is one of Africa’s best performers, and many say President Paul Kagame has played a big role in that.

Arunma Oteh, Vice President and Treasurer, World Bank; former Director General of Nigeria's SEC

Harvard Business School Interview: In My Humble Opinion by Arunma Oteh, Vice President and Treasurer, World Bank; former Director General of Nigeria's SEC

World Bank VP and Treasurer Arunma Oteh (Harvard MBA, 1990) has a clear sense of why she likes her job.

iHub

Africa's tech hubs

Innovation hubs have become a mainstay of Africa’s emerging technology ecosystem.

Port of Mombasa, Kenya

Why Invest in Africa? The Big Picture

While the last couple of years have been tough for African equities and currencies, we believe the long-term case for investing in Africa remains intact.

Ghana’s President-Elect, Nana Akufo-Addo

Ghana's new president: Jobs, jobs, jobs

Nana Akufo-Addo, the 72-year-old leader of the New Patriotic Party (NPP), was elected Ghana’s president on December 9 by a margin of 1 million votes.

Felichesmi Mramba, Managing Director, Tanzania Electric Supply Company (TANESCO)

Tanzania plans Ethiopia energy imports as 12-nation regional power pool emerges

Tanzania expects to begin importing electricity from Ethiopia in 2019 when the eastern African nations complete interconnection grids currently to form a regional power pool.

Across Africa, 3 in 4 countries improve business environment

Across Africa, 3 in 4 countries improve business environment (Infographic)

Almost three-quarters of African countries saw an improvement in their business environments in 2016, according to the Doing Business 2017 report published in October by the World Bank.

Jeff Schlapinski, Director of Research, EMPEA

Private equity investment in Africa heats up as pension funds stay local

African private equity is having its moment in the sun, with pension funds on the continent ready to invest in their own backyard as investment banks continue to retreat from lending and domestic strategies mature.

Dangote Industries cement plant in Dakar, Senegal

Gulf investments in Africa beginning to spread far and wide

Traditionally, investments from the Arabian Gulf into Africa have focused on North Africa, owing partly to closer cultural ties and the Gulf’s focus on western markets. This scenario is slowly changing and so too are the pan-African investment strategies of Gulf investors.

Hilton Nairobi Upper Hill, Nairobi, Kenya (Illustration). Credit: hiltonworldwide.com

Hilton to open hotel in Africa's tallest development (Photos)

Iconic $110 million Hilton Nairobi Upper Hill marks Hilton Hotels & Resorts’ 50th property in Africa.

East African Community a bright spot amidst emerging markets gloom

East African Community a bright spot amidst emerging markets gloom

While many countries are registering a sharp slippage in economic growth, East African economies, Ethiopia included, are expected to deliver above 6 percent economic growth, the World Bank has said in its latest report.

Business-to-business market in Africa to show $1 trillion growth by 2025, says McKinsey

Business-to-business market in Africa to show $1 trillion growth by 2025, says McKinsey

According to the World Bank, 35 of 47 economies in sub-Saharan Africa took at least one step in making it easier to do business in their country in 2015.

Scatec Solar and Norfund sign power purchase agreement for Mozambique's first large-scale scale solar plant

Scatec Solar and Norfund sign power purchase agreement for Mozambique's first large-scale solar plant

In addition to this new 40 MW plant in Mozambique, Scatec Solar operates 200 MW of solar power plants in South Africa and Rwanda and has new projects under development across Africa, including in Mali, Nigeria and Kenya.

Okechukwu Enelamah, Nigeria's Minister of Industry, Trade and Investment (L) and Natalie Kolbe, Partner & Co-Head of Private Equity at Actis

An Enabling Enterprise Environment And Accountability Are Key For Nigeria's Long Term Future: Okechukwu Enelamah, Nigeria's Minister Of Industry, Trade & Investment And ACA Co-Founder & Former CEO

Actis, a leading growth markets investor, hosted over 200 senior public and private sector decision makers in Lagos at Heritage Place in Ikoyi to share Actis’ perspectives on the Africa opportunity and potential for Nigeria.

Green White Green (Movie)

Nollywood: Nigeria stands out at the Toronto International Film Festival

Nigerian filmmakers, producers and actors are hoping a spotlight on Lagos at this year’s Toronto International Film Festival (TIFF) will open Nollywood up to the world.

The Wedding Party (Movie)

Check out the 8 Nollywood movies taking this year's Toronto International Film Festival by storm (Photos & Videos)

“Lagos is entirely unique,” said Cameron Bailey the programme curator in a statement. “The city of Fela Kuti’s music has also given birth to one of the world’s most vibrant film industries.

Tech companies help foster the startup ecosystem in Africa. Credit: Reuters/Thomas Mukoya/qz.com

Half of the tech hubs in Africa are located in South Africa, Kenya, Nigeria, Egypt and Morocco

A total of 314 tech hubs and incubation centers was recorded in July by the global telecoms industry body GSMA’s Ecosystem Accelerator, a program that works to enable partnerships between operators and developers on the continent.

Africa - The great opportunity

Africa: The great opportunity

Africa is rapidly becoming the global economic growth engine. Half of the world’s 25 fastest-growing nations are in Africa and almost 40 per cent of the continent will achieve GDP growth of more than 5 per cent in 2016.

Cape Town, South Africa. Photograph: Eric Nathan/Alamy

A New Map for Business in Africa

Only a few years ago, Africa was being dubbed “the next Asia,” and multinationals watched with mounting interest as local economies boomed across the continent.

Africa Telecom and Tech IPO Pipeline Swells as Growth Companies Target Public Markets. Credit: sokopay.com

Africa Telecom and Tech IPO Pipeline Swells as Growth Companies Target Public Markets

From Nigerian fintech to East African fiber, several exciting and diverse companies are emerging as IPO contenders in Africa’s rapidly growing Technology, Media & Telecommunications (TMT) sector, according to specialist news provider TMT Finance.

Denis Duverne, Director, Deputy CEO, AXA

AXA expands Africa operations in joint venture with Lloyd's specialty group Chaucer

AXA is targeting the rapidly expanding market for African specialty insurance by partnering with Chaucer, a Lloyd’s specialty insurance group.

Kamar Abass, CEO, Ntel

Nigeria's Ntel seeks $1 billion for mobile broadband growth

Nigerian Internet provider Ntel is seeking more than $1 billion to invest in 4G mobile broadband by 2020 as the owner of the former state landline company seeks to take advantage of a rising number of smartphone users in Africa’s most populous country.

Lagos, Nigeria

There is much to like in Nigeria, says RenCap's Chief Economist Charles Robertson

We have always maintained that Nigeria’s future does not lie with oil, and are encouraged by the high quality government team that is pushing hard for diversification.

Azeb Asnake, CEO, Ethiopian Electric Power (EEPCo)

Ethiopia is the ideal environment for independent power producers (IPPs), says EEPCo CEO Azeb Asnake

Ethiopia has more than 45,000 MW of untouched hydro potential, plus huge resources of solar, wind and geothermal energy to tap; along with rising domestic demand for electricity; pro-investment policies; and plans laid out for the country to become a region-wide clean energy exporter.

UK investors eye Africa's burgeoning opportunities

Africa is one of the few bright spots on the global economic horizon, says billionaire investor George Soros

Investor and philanthropist George Soros has described Africa as ‘one of the few bright spots on the global economic horizon’, while consultants McKinsey say that the continent offers higher returns than any other developing region.

Andrea Nono, CEO, MTU South Africa (Rolls-Royce Power Systems)

Rolls-Royce Power Systems plans African expansion, says South Africa CEO Andrea Nono

Rolls-Royce Power Systems plans to replicate the 100 megawatt (MW) Mozambique gas-fired power station it is commissioning elsewhere in Africa as the company expands its footprint across the continent.

Orange Strikes $160M Deal for Tigo DRC

Orange Strikes $160M Deal for Tigo DRC

Orange is set to continue its acquisition spree in Africa with a $160 million takeover of Millicom’s Tigo-branded mobile phone business in the Democratic Republic of Congo.

Nairobi is the most attractive city in Africa for foreign investment, says PwC.

Africa's big cities are investment bright spots, says private equity firms Abraaj and Actis

Like most emerging and frontier markets around the world, Africa’s largest economies have been affected by the drop in commodity prices over the past 18 months.

Muhammadu Buhari, President of Nigeria

Nigeria seeks $3.5B in loans from World Bank & AfDB

Nigeria’s government is in talks for concessionary loans worth $3.5 billion from the World Bank and African Development Bank to help finance a planned record budget this year, Finance Minister Kemi Adeosun said.