Reimagining Africa’s Digital Future: A Strategic Approach to Cybersecurity

Welcome to your August edition of the Africa Bulletin.

This month, we focus on Africa's cybersecurity, it's role and impact in advancing growth opportunities and promoting investment across the digital landscape. While some countries have made significant strides in cybersecurity, more needs to be done to secure the digital landscape. To secure the landscape and promote investor confidence different stakeholders need to work together and take a multi-faceted approach - a critical step towards securing the digital infrastructure and business success.

Our focus also delves into major African business headlines impacting the region and the globe at large. These stories combine with comprehensive reports centered on Africa's trade landscape, artificial intelligence, renewable energy and unlocking financing to combat the plastic crisis.

As always, we've curated news stories to navigate you through today's business environment, offering a global perspective on the legal issues relevant to your industry.

We are ALN. One region, One vision, One ALN.

Top Story

Africa’s burgeoning digital economy is full of growth opportunities as global businesses and investors continue to explore its digital landscape. With this upward trajectory, various stakeholders across the continent are focusing more on cybersecurity to reduce incidents and address vulnerabilities.

According to a report by Kearney titled Cybersecurity in Africa - A Call to Action, the African cybersecurity market was valued at USD 2.5 billion in 2020 and is projected to increase to USD 3.7 billion by 2025, encompassing the amount organisations invest to enhance their cybersecurity capabilities. Due to its economic development, growing strategic relevance and evolving digital landscape, the region has become a prime target for cyberattacks...Read more.

Stories that Matter

1. Africa | Afreximbank to Double Intra-African Trade Financing to USD 40 Billion by 2026 -African Export-Import Bank (Afreximbank) plans to double its financing of intra-African trade from USD 20 billion in 2021 to USD 40 billion by 2026, Mr Haytham El Maayergi, Afreximbank’s Executive Vice President, Global Trade Bank, recently said while addressing...Read more
2. Cameroon | Cameroon to Develop 4 GW of Renewable Energy by 2035 - Cameroon is on its way to developing up to 4GW of renewable energy across a range of technologies by 2035. A renewable energy provider recently signed a Memorandum of Understanding (MoU) with the Cameroon West Regional that will see the country develop multiple projects...Read more
3. Egypt | Egypt Launches Africa’s First Carbon Market - Egypt has launched its first regulated voluntary carbon market for registering, issuing, and trading carbon reduction certificates, according to Rania Al-Mashat, Minister of Planning and Economic Development. This is a significant step towards achieving economic and environmental sustainability...Read more
4. Ethiopia | Ethiopian Airlines Signs Deal for USD 6 Billion Mega Airport - National Carrier Ethiopian Airlines plans to build a mega airport with the capacity to handle 100 million passengers a year once completed. He said Ethiopian Airlines had signed a memorandum of understanding with Dubai-based consulting company Dar to develop the design...Read more
5. Ghana | Ghana Begins Construction of USD 12 Billion Oil Refinery - Ghana officially launched the construction of a 300,000 barrel-per-day oil refinery, which will position Ghana as a key petroleum hub in the region. Reuters reported that Ghana, known as the world’s second-largest cocoa producer, began producing oil in 2010 and currently outputs about 132,000...Read more
6. Morocco | Morocco’s Aerospace Industry Exports Expected to Reach USD 4 Billion by 2030 -Morocco’s aerospace sector is projected to experience an average growth rate of 15 percent starting from the current year, according to Hamid El Andaloussi, president of the industrial cluster Midparc. This will contribute to doubling job opportunities to 40,000 and...Read more
7. Rwanda | Rwanda Expresses Interest in Joining Kenya-EU Economic Partnership Deal - Rwanda has expressed interest in joining Kenya’s Economic Partnership Agreement with the European Union, a top official said, becoming the first partner state of the East African Community (EAC) to do so. Ambassador Henriette Geiger, the Head of the EU...Read more
8. Uganda | Uganda’s Proven Oil Reserves May Hit 6.5 Billion Barrels Amidst New Exploration -Uganda is conducting oil exploration in two additional regions that could boost the country’s proven reserves beyond the current 6.5 billion barrels. Commercial crude oil deposits were first discovered nearly two decades ago in the Albertine Graben basin, located in...Read more

Reports

African Trade Report 2024 | Afreximbank

The 2024 African Trade Report, titled “Climate Implications of the AfCFTA Implementation”, acknowledges the significant threats climate change poses on African and other developing economies. Climate disasters have already eroded significant proportions of the African economy and 77 percent of African trade.

The report acknowledges and commends the unified continental response to the crisis as Adaptation and Resilience. Climate considerations have become central to Afreximbank’s operations. The Bank’s climate-linked programmes aim to enhance access to financing and, more importantly, to ensure just transitions from fossil-dependent economies to green growth.

Click here to read and download the full report.

AI for Africa: Use Cases Delivering Impact | GSMA

This report seeks to address this gap by identifying AI-enabled use cases and solutions for development in Kenya, Nigeria, and South Africa, some of the continent’s tech leaders. The findings are based on the analysis of over 90 use case applications identified across sectors, including agriculture and food security, energy and climate action. The report also examines the maturity of the AI ecosystem and enabling environment, considering factors such as the availability of and access to data, computing, and skills to understand their impact on the development and adoption of use cases. It provides recommendations to various stakeholders on key priority actions to support AI deployment and adoption across the continent.

Click here to read and download the full report.

Sub-Saharan Africa: Policies and Finance for Renewable Energy Deployment | IRENA

This report explores trends in renewable energy investment, finance and policy in Sub-Saharan Africa, to unlock the potential of renewable energy as an important lever of socio-economic development in the region.

Click here to read and download the full report.

Unlocking Financing to Combat the Plastics Crisis | World Bank

The report highlights the potential benefits of plastic crediting, such as increased funding for plastic waste management projects, enhanced accountability and transparency, and promotion of sustainable practices.

Click here to read and download the full report.

Thank you for being a part of our community, and we hope you find this edition of the Africa Bulletin informative and inspiring.