Welcome to the African Weekly Roundup, presented by CGO, where we bring you the most impactful news, deep-dive analysis, and consultancy opportunities from across Africa.
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- ???? November 3, 2024 | UK Foreign Minister Lammy vows ‘new approach’ ahead of Africa trip: UK Foreign Secretary David Lammy announced a “new approach” to African relations, emphasizing partnerships that prioritize listening, long-term growth, and prosperity. On his first trip as foreign minister, he will establish a Strategic Partnership in Nigeria on economic growth, security, and climate change. In South Africa, he will work on a UK-South Africa Growth Plan and attend the Earthshot+ conference to explore financing for environmental solutions through Prince William’s Earthshot Prize initiative. Read more on Macau Business.
- ???? November 4, 2024 | Nigeria launches amnesty program to recover from FX hoarded by locals: Nigeria’s government launched a nine-month amnesty program to attract foreign currency held outside banks, aiming to stabilize the Naira amid its sharp depreciation. Participants won’t face tax audits or asset seizure, provided funds meet legal standards. Finance Minister Wale Edun emphasized secure reintegration of these assets to boost economic stability. The policy follows initiatives like “Naira for Crude” to ease market pressures and address liquidity shortages impacting the Naira’s value, which hit record lows in October. Read more on BitKE.
- ????????… November 5, 2024 | 10 megaprojects that will transform the African continent: Mega projects across Africa are driving regional development by enhancing infrastructure in key sectors like energy, transportation, and aviation. However, challenges such as limited infrastructure and economic diversification persist. With investments from initiatives like the African Development Bank, these projects promise economic growth, job creation, and enhanced connectivity across countries. Examples include Nigeria's Dangote Refinery and Ethiopia’s Grand Ethiopian Dam. How can Africa attract more investment to sustain such transformative projects? Read more on Business Insider.
- ?? November 6, 2024 | Easing travel restrictions to boost intra-African trade: At the Global Africa Business Initiative (GABI) event, Africa's wealthiest man, Aliko Dangote, highlighted that mobility restrictions, such as visa requirements, impede African business and economic integration. He shared frustrations over needing visas for 35 African countries, despite significant investments across the continent. The African Continental Free Trade Area (AfCFTA) aims to bolster intra-African trade, which stands at only 17% compared to Europe’s 60%, but challenges remain. How can African nations best address mobility restrictions to enhance trade? Read the full story on the UN’s website.
- ???? What does Donald Trump’s win mean for Africa? Following Donald Trump's re-election, African leaders like Zimbabwe’s Emmerson Mnangagwa and Nigeria’s Bola Tinubu have voiced optimism about economic partnerships. Trump’s past policies, such as Prosper Africa and the Development Finance Corporation, boosted U.S. investments, yet concerns remain about potential reductions in trade benefits like AGOA. His stringent immigration stance and transactional approach to African security issues could affect Africa-U.S. relations. However, initiatives countering Chinese influence in Africa may endure as Trump balances economic strategies with competition concerns. Read the full analysis on BBC.
- ?? This is Africa’s digital decade: Google’s $1 billion commitment to Africa aims to boost connectivity, drive local innovation, and support startups. Its recent impact report highlights that every dollar invested in Africa’s digital economy could yield a return of over two dollars by 2030, emphasizing digital technology’s multiplier effect. Additionally, Google’s products generated $16 billion in economic activity in Africa last year, empowering businesses and creators. As Google expands initiatives like AI training and subsea cable projects, what further investments might foster Africa’s digital transformation most effectively? Read the full story on African Business.
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??? Which story do you think will have the biggest impact on the continent in the weeks and months to come? Feel free to share your insights in the comments below. ??
