Jumia Technologies has listed on the New York Stock Exchange (NYSE), becoming the first African startup to list on a major global exchange. Shares in the e-commerce company, dubbed ‘the Amazon of Africa’, began trading at an opening price of US$18.95 under the ticker JMIA, but...
The World Bank has cut its 2019 growth forecast for sub-Saharan Africa to 2.8% from an initial 3.3%, citing a decline in industrial production and the impact of a trade dispute between the US and China. The bank’s 2019 forecast means that economic growth will remain...
Nigerian oil producer Oando is aiming to raise fresh capital over the next two years in order to repay debt used to acquire Conoco Phillips’ Nigerian assets, according to chief executive Adewale Tinubu. Oando acquired Conoco Phillips’ Nigerian assets for US$1.5 billion in 2013 but struggled...
Sibanye-Stillwater’s CEO Neal Froneman has revealed that the company will consider changing its primary listing as it explores capital growth opportunities beyond the South African market. “In the future we will probably have to look at our primary listing from the point of view of accessing...
A group of 20 innovative and exciting tech startups have arrived in London today from Kenya, Nigeria and South Africa to participate in the first Go Global Africa programme. The African version of Go Global, a successful innovation scheme which supports startups to improve their business...
South Africa’s central bank has revealed that foreign direct investment (FDI) into the country more than doubled in 2018, boosting President Cyril Ramaphosa’s hopes of attracting US$100 billion of investment over five years. FDI inflows rose to a five-year high of R70.7 billion ($4.88 billion) in...
Kenya’s Safaricom has announced it has secured a deal to use its M-Pesa mobile payment service for online shopping on AliExpress.com, a website run by Chinese e-commerce giant Alibaba Group. The deal will allow Kenyan shoppers to buy goods on the site using M-Pesa in a...
South Africa’s economy grew by 0.8% last year according to latest figures from Statistics South Africa, which also revealed GDP growth of 1.4% in the fourth quarter of 2018, compared to 2.6% in Q3. The latest figures from Statistics South Africa (Stats SA) portray an economy that...
The Fraser Institute’s Annual Survey of Mining Companies has ranked Botswana as the most attractive African jurisdiction in the world for mining and investment. The Southern African nation was ranked 32nd in the world on the Investment Attractiveness Index ahead of South Africa, which was the next highest ranked African...
Kenya Electricity Generating Company (KenGen) and a Chinese firm have signed a deal with Ethiopian Electric Power (EEP) to develop a geothermal power project in Ethiopia. The Kenyan electricity firm will be responsible for drilling at the project, along with Shandong Kerui Oilfield Service Group. The...