AfDB Pushes for Local Mineral Processing in Battery Supply Chain
The African Development Bank (AfDB) is in active discussions with major Asian battery manufacturers from India, Japan, and South Korea to boost mineral processing within Africa. The move aims to shift the continent from a raw exporter to a value-adding powerhouse. AfDB Vice President Solomon Quaynor revealed the bank is exploring investment partnerships with these companies […]
Africa’s Industrial Future: Afreximbank’s Incoming Chief Targets $250 Billion Asset Base
George Elombi, a founding member of Afreximbank, has been appointed its new president, succeeding Benedict Oramah. Backed by nearly three decades of experience, Elombi vows to build on Oramah’s legacy by transforming the Bank into a $250 billion powerhouse over the next decade. Speaking at the Bank’s AGM in Abuja, Elombi called Afreximbank “a force for industrializing […]
Nigeria’s Green Shift: Chinese Investment Fuels Lithium and EV Growth
Chinese companies are making substantial investments in Nigeria’s burgeoning lithium mining and electric vehicle (EV) industries, solidifying their presence across the clean energy supply chain. This year, Chinese investors are set to fund the construction of two lithium processing facilities in Nigeria with a combined investment of $800 million, contributing to an expected total of $1.3 billion […]
Starlink Boosts Nigeria Presence with Direct Shipments to Lagos
Starlink has resumed direct shipments of its internet kits to Nigerian cities after a seven-month pause due to regulatory hurdles. Alongside the relaunch, the company opened a new walk-in support office in Lagos, marking a renewed commitment to its biggest African market. High-demand cities like Lagos, Abuja, and Port Harcourt will now pay a $455 setup fee […]
Ruto Unveils Bold Plan to Privatize State Assets and Cut Debt Reliance
Kenya is taking bold steps to attract private investment with plans to privatize state assets, President William Ruto announced at the London Stock Exchange. The first major move will be listing the Kenya Pipeline Company on the Nairobi Securities Exchange later this year. Ruto stated that his government has a time-bound strategy to open key public […]
South Africa Secures Major Boost for Just Energy Transition and Transport Overhaul
The African Development Bank has approved a $474.6 million loan to finance South Africa’s Infrastructure Governance and Green Growth Programme (IGGGP), supporting the country’s shift to a sustainable, low-carbon economy. Building on a successful $300 million energy program from 2023, the IGGGP is the second part of the AfDB’s strategic support for South Africa’s Just Energy Transition. […]
Akon’s Ambitious $6 Billion “Akon City” Project in Senegal Canceled
Akon’s ambitious $6 billion dream of building an eco-friendly smart city in Senegal has officially been scrapped. Once hailed as a futuristic beacon powered by cryptocurrency and renewable energy, Akon City never progressed beyond the construction of a single incomplete reception building. With its curvaceous and avant-garde design, many compared the city to the fictional city […]
Moody’s Cuts Afreximbank Rating as Ghana, Zambia Debt Exposure Mounts
Moody’s has downgraded Afreximbank from Baa1 to Baa2, citing rising risks from its increased exposure to distressed sovereign borrowers such as Ghana and Zambia. According to Moody’s, Afreximbank’s shift from trade finance to unsecured lending has heightened the bank’s vulnerability in a tough operating environment. Ghana and Zambia, currently restructuring debt under the G20’s Common […]
