Features: Latest News
Jeffrey Cavanaugh, 12:48 pm AFKI Original
As if corruption, a sinking currency, Boko Haram rebels, and perennially-simmering Christian-Muslim conflict were not enough for Africa’s most populous country to contend with, organized theft of oil from wells and pipelines has now reached endemic, catastrophic levels. Take, for example, the latest figures offered by Nigerian officials as to the extent of the problem. According to the Nigerian government, with no end in sight, the country has lost $1.21 billion in the first quarter of 2013 alone.
Jeffrey Cavanaugh, 9:26 am AFKI Original
Since 2000, when there were 16 million cell phone subscriptions in Africa, use has exploded to more than 630 million – more than the total population of the U.S. and the E.U. This forty-fold growth has made Africa the second-largest growth market for mobile communications services and devices after South Asia.One in three Africans owns a cell phone. There is still yet room for major expansion in the field of Internet service and mobile technology for investors to get in on.
Ann Brown, 5:57 am AFKI Original
Africa’s fashion industry is coming into its own on the continent and many African designers are becoming a force globally with bases outside Africa. Being from Africa influenced Congolese Adama Amanda Ndiaye’s design. She recently showed her collection at the groundbreaking Dakar Fashion Week. “I’m a proud African woman,” she said. “African fabric is something you can’t ignore when you grow up seeing your mom and aunt wearing those beautiful traditional clothes. So I use a lot African textiles in my collection.”
Jeffrey Cavanaugh, 12:16 pm AFKI Original
The Financial Times reported last month that three major international offshore financial centers – Mauritius, Singapore, and Luxembourg – are taking steps to protect investors seeking wider exposure to African opportunities. This includes inking investor protection and promotion agreements with several African countries that protect investors from nationalization risk as well as double-taxation treaties aimed at reducing corporate and individual investor tax liability.
Jeffrey Cavanaugh, 1:00 pm AFKI Original
South Africa’s currency ended the past week on a brighter note. Increased optimism resulted from news that the South African economy grew at an annualized rate of 3 percent, which beat market expectations.
Jeffrey Cavanaugh, 10:30 am AFKI Original
Of the two countries traditionally thought to have the “right stuff” to be potential great powers in Africa, South Africa is probably the furthest along. South Africa boasts Africa’s largest and most diversified economy. A major obstacle, however, is that it is relatively isolated from the rest of the continent. Nigeria could potentially overtake South Africa as the continent’s largest economy. It also has a huge population and a central location.
Ann Brown, 9:00 am AFKI Original
Nigerian-American Osas Ighodaro launched Joyful Joy Foundation in honor of her sister who died of malaria in Nigeria. Today, Joyful Joy fights malaria In Africa. Osas is inspired by the words of Edward Everett Hale, who said, “I am only one; but still I am one. I cannot do everything; but still I can do something; and because I cannot do everything, I will not refuse to do the something that I can do.”
Jeffrey Cavanaugh, 11:00 am AFKI Original
Not just your traditional heavy-industrial firms are benefiting from growth in Sub-Saharan Africa. Other major U.S. firms such as Harley Davidson – the U.S. motorcycle manufacturer – and Cummins, an American truck-part manufacturer, are trying to cash in on a collective economy many analysts expect to grow to $1 trillion by 2020.
Jeffrey Cavanaugh, 11:00 am AFKI Original
Many of China’s biggest investments in Africa are directed by Beijing for strategic reasons – principally the long-term acquisition of natural resources required to feed, clothe, power, and house its immense population and growing economy. Since China has long since passed the point where domestic reserves of such resources are sufficient for its needs, it has been forced to elsewhere for what it lacks at home.
Jeffrey Cavanaugh, 10:41 am AFKI Original
Across the continent they are disappearing. Masukus and baobabs. jackalberry, marula, and Natal mahogany – tall trees that for centuries spread their limbs and provided shelter, fuel, and food for man and beast. Now, however, Africa’s forests are coming under increasing pressure as population growth and globalization increase the rate at with which the lumberjacks’ […]
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