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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.

Abiy expected to retain power in Ethiopia election

Prime Minister Abiy Ahmed has pursued economic liberalization during his two terms in power.
Ethiopia’s Prime Minister Abiy Ahmed votes during the parliamentary and regional elections.Ethiopia’s Prime Minister Abiy Ahmed votes. Ethiopia News Agency/Handout via Reuters.

Former Nigerian VP Atiku wins election nomination

Atiku Abubakar, who has sought the Nigerian presidency on six previous occasions, will represent the African Democratic Congress.
Nigerian Vice President Atiku Abubakar. Nigerian Vice President Atiku Abubakar. Pius Utomi Ekpei/AFP via Getty Images.

Blackstone’s VFS banks mega profits on African, Asian visa applicants

An investigation found VFS staff pressured to add costly auxiliary services for prospective travelers to Europe, UK.
VFS Global application center in Istanbul, Turkey.VFS Global application center in Istanbul, Turkey. Murad Sezer/Reuters

$100M philanthropy-backed fund launched to support manufacturers

The Africa Jobs Fund plans to raise capital from philanthropic sources.
A Pepsi plant in Nairobi.

AfDB cuts Africa’s growth forecast to 4.2% over Iran war

The continent’s economic growth is projected to slow due to the “expected effects” of war in the Middle East, the bank said in its latest outlook report.
Johannesburg’s financial district. Siphiwe Sibeko/Reuters

Benin’s new president focuses on economic prosperity

Romauld Wadagni, the former finance minister, promised to ensure citizens benefit from the growing strength of the country’s economy.
Benin’s President Romuald Wadagni waves as he walks next to his wife Nathalie Villette-Wadagni.

African Development Bank meets amid Iran war, Ebola

The week-long gathering is the first since Sidi Ould Tah, Mauritania’s former finance inister, was elected the lender’s president a year ago.

Africa Finance Corporation commits $100M to digital growth

The move is unusual for the Africa Finance Corporation, which mainly deploys capital for infrastructure projects.

Kenya cuts fuel prices after deadly protests

Nairobi has been rocked by demonstrations, with four people killed and dozens injured.

Telecoms giant Airtel Africa’s revenues soar

Airtel operates in 14 sub-Saharan African countries and experienced a 10% rise in its customer base in the year to March.

South African firm scoops equity assets worth $120 million

Africa’s secondaries market is gradually taking off.

Major opposition split sparks Nigerian election scramble

President Bola Tinubu is now seen as a favorite for January’s elections.

Dangote Cement plans London Stock Exchange listing

UK regulators are pursuing more initial public offerings by African companies.

Jumia leans on China imports as Nigeria becomes top market

The African e-commerce company is locked in fierce competition with Chinese players Temu and Shein on the continent.

Nearly 8 million South Africans use crypto: report

South Africans increasingly see cryptocurrencies as an investment option to supplement traditional assets like stocks and properties.

Chinese fintech OPay eyes US IPO with $4B valuation

OPay has engaged three banks on the move, according to Bloomberg.

Nigeria’s Peter Obi leaves opposition coalition

The move increases the likelihood that the opposition vote will be split in January’s election.

IMF warns Angola it could reach debt ceiling

The organization advised the country to deploy an expected windfall from rising oil prices toward reducing debt.