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Intelligence for the New World Economy

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Intelligence for the New World Economy
Semafor World Economy
Alexander Onukwue

Alexander Onukwue

Nigeria Reporter

Email Alexander@onu_kwue

Alexander is a reporter for Semafor in Lagos, Nigeria. He was previously the West Africa correspondent at Quartz.

Startup investor Novastar launches $147M climate fund

The Kenya-based firm has already made six investments from the fund, including in a Mexican biodigester producer that serves farmers in Kenya.
A farmer working ina greenhouse in Kenya.Tony Karumba/AFP via Getty Images

Flutterwave granted Nigerian banking license

The move is the latest sign of a push among Africa’s fintech leaders to capture more of the value in the continent’s growing digital economy.
A Nigerian man making a digital payment.OLympia de Maismont/AFP via Getty Images

Africa ‘needs capital’ to reap AI boom

African countries should mobilize more capital from domestic markets to adapt to the global shift in economic development sparked by AI, says a new UN report.
Young women looking at a smartphone in Kenya.Yasuyoshi Chiba/AFP via Getty Images

African banks’ revenues surpass $100B

In the five years to 2024, Africa’s banking sector outperformed every other region, according to a new McKinsey report.
ATMs in South Africa.Jeffrey Greenberg/Universal Images Group via Getty Images

Top CAF official resigns amid AFCON backlash

The resignation came shortly after the controversial ruling by African football’s governing body that stripped Senegal of its African Cup of Nations title.
Senegal parades its AFCON trophy before a friendly game with Peru in France.Julien de Rosa/AFP via Getty Images

Nigeria’s Moniepoint acquires 78% stake in Kenyan microfinance bank

Moniepoint is one of Africa’s fastest-growing financial services companies.
A Moniepoint payment device.Wikimedia Commons/Creative Commons Photo/Salaha Mahmood/CC0 1.0

Kenya Airways sees passenger numbers surge over Iran war

African aviation is facing a stress test as a result of the conflict, as fuel costs rise and routes are closed in the Middle East.

Iran war drives interest in Dangote refinery fuel

South Africa, the continent’s largest fuel importer, inquired about a 12-month supply contract with the Lagos-based refinery.

Nigeria secures $1B ports financing deal with UK

The deal to revitalize the congested Apapa and Tin Can Island ports was the highlight of President Bola Tinubu’s state visit to the UK.

Chinese firm strikes $4.2B Ethiopia gas deal

The firm will supply natural gas to a planned fertilizer plant in Ethiopia.

Football federation overturns Senegal’s AFCON victory

The federation cited rules that punish a team that abandons an ongoing football match for more than 10 minutes.

Opposition leader Bobi Wine flees Uganda

Wine said he was escaping the government’s attempt to capture him following his criticism of recent election results.

Chinese mining company blamed for DR Congo health crisis

Residents living near a mine contracted respiratory illnesses following continued exposure to sulfur dioxide gas, a US non-profit found.

Middle East airspace closures hurt African airlines

Ethiopian Airlines, the continent’s largest carrier, said it incurred a $137 million loss in a single week.

Djibouti taps carbon fund for climate challenges

Djibouti created the Sovereign Carbon Initiative in 2023 to help reduce national greenhouse gas emissions by 40% by 2030.

Dangote Refinery halts petrol loading on Iran war

Higher crude oil prices could greatly benefit Nigeria and other African oil producers.

Canal+ to shutter streaming service Showmax

Launched in 2015, Showmax was an attempt to challenge global streaming giants in the battle to reach Africa’s growing middle class.

Senegal PM threatens to withdraw his party from government

It marks an escalation in an ongoing power struggle between the president and the prime minister.