Nigeria: Latest News
Dana Sanchez, 5:02 pm
In a sign that local credit ratings are becoming more lucrative in Africa, U.S. buyout firm Carlyle agreed to become the largest shareholder in Africa’s largest rating agency. GCR rates more credits on the continent than giants Fitch, Moody’s and S&P. Growth is constrained in the present credit ratings system, said the president of the BRICS New Development Bank. The Big 3 rate over 90% of the global sovereign ratings market. GCR specializes in national-level ratings, which rely less on a country’s sovereign rating.
Dana Sanchez, 1:55 pm
The African tech space is not immune to the economic pressures faced by other sectors, but it is proving resilient. Significantly more African tech startups raised funding in 2016 than the previous year, but the overall amount of recorded funds declined, according to a new report. Fintech startups were the winning sector, receiving the most investor funding in Africa in 2016. The economic downturn played a part in that. Fintech in Africa is different, a stakeholder said. It’s building new infrastructure rather than disrupting an existing one.
Dana Sanchez, 12:29 pm
Despite reports of inequality and xenophobia, South Africa’s relative wealth and stability continue to draw migrants from all over Africa. South Africa has the highest number of pending asylum claims in the world — more than 1 million. African refugees heading to Europe get disproportionate media coverage. A far greater number would rather seek security and livelihood elsewhere in Africa. Of the world’s 17 million displaced Africans, only about 3 percent are in Europe. The vast majority are in Africa.
Staff, 1:38 pm
A four-page list of Africa-related questions from Trump’s transition team to the State Department suggests a U.S. pullback from development and humanitarian goals but not necessarily from trade. How does U.S. business compete with others in Africa? Are we losing out to China? How much U.S. funding is stolen due to corruption? Why should we spend these funds on Africa when people are suffering in the U.S.? Americans believe the U.S. spends 25% of its budget on foreign aid. In reality it’s closer to 1%.
Staff, 1:01 am
As a Chinese official dangled the possible reward of $40-billion US in desperately needed investments, Nigeria this week hastily ordered the shutdown of a trade office by China’s rival, Taiwan. The Chinese diplomatic offensive has ramped up sharply since last year, when the independence-minded Democratic Progressive Party emerged victorious in Taiwan’s election. Since then, Beijing has lured two more African countries away from Taiwan’s embrace, while also battling to weaken Taiwan’s links to individual African politicians.
Staff, 12:02 am
Private equity opportunities in Africa are often seen as too small for the giants of the buyout industry. The former regional heads for Africa at private equity giants KKR and Carlyle are setting up an investment firm that will focus on the mid-cap, “where we believe the bulk of opportunities are,” a stakeholder said. The new firm will look for ventures which are ready to absorb up to $100 million but will mostly focus on opportunities requiring between $20 and $60 million of equity, Reuters reports.
Dana Sanchez, 11:24 am
Built in China, paid for by China, built by Chinese, operated and maintained by Chinese — news media reports often describe the newly refurbished, high-speed Addis Ababa-Djibouti Railway as a project in which China is fully vested. But China didn’t finance the entire railway by a long shot. Ethiopia and Djibouti financed about 45 percent of the Addis Ababa-Djibouti Railway.
Peter Pedroncelli, 5:45 am AFKI Original
The cosmetics industry in Africa is a burgeoning market that is set for increased interest from international brands as well as added opportunities for local entrepreneurs. From $400 per weekend to $1 million a month, local business successes form part of the cosmetics narrative in Africa, with opportunities waiting to be tapped. Here are 12 things you may not know about the cosmetics industry in Africa.
Kurt Davis Jr., 11:03 am AFKI Original
Presidential term limits are a slippery thing. Occasionally they can seem like a good idea. Most of the time, not so much. That’s what makes these five upcoming African elections so riveting. Everyone is watching to see who replaces Liberia’s popular Ellen Johnson-Sirleaf — Africa’s first female president. Will it be a former soccer player, or the ex wife of former Liberian President Charles Taylor? He was convicted of aiding crimes against humanity. She’s one of the most powerful woman in Liberian politics. Or it may be a former Coca-Cola executive, a former central bank governor or an attorney.
Alexis Borochoff, 7:43 am
Owls have been feared since ancient times, considered symbols of death or bad omens. Some Swahili believe owls bring illness to children. In parts of Cameroon and Nigeria, some consider owls right up there with Voldemort in the Harry Potter series — too evil to name. But owls also have fan clubs — birders who have the passion and means to travel to Africa and look for owls on birding tours. If you don’t agree that owls deserve their bad reputation, owls can be quite amusing. Here’s a little levity on the topic.
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