Africa

1. Migrant money
2. Mining investment
3. Good credit
4. Nuclear option
5. Twin F1 hopes

Happy New Year again, and welcome to Semafor Africa, where we’re not afraid of change! This is our 300th (!) edition — and also our last weekend one. We’re switching things round this year and will be moving to a weekday run on Monday, Wednesday, and Friday starting on Jan. 13.

But have no fear: we will still cover much of the groundbreaking art, design, and cutting-edge pop culture you’ve usually seen on Sundays; we’ll just feature them throughout the week.

We’ve focused on the economics and business of culture because of the way modern African youth culture has taken advantage of the internet, social media, and smartphones to become a preeminent force. Its influence on global culture from Afrobeats and amapiano to movies, fashion, and cultural tourism is easy to see.

We look forward to digging deeper into the cultural sector alongside our expanding coverage of business, tech, geopolitics, macroeconomics, and much more.

🟡 Follow us on social media here and join more than 160,000 followers on WhatsApp. And if this email was forwarded to you, sign up here to get it in your inbox too.

African migrants thrive in US

African immigrants from sub-Saharan Africa’s largest economies have some of the highest median household incomes in the United States, outperforming native-born Americans. Latest data from the US Census Bureau shows that South Africans in the US earn the most of any African community, with a median household income of nearly $108,000. Kenyans, Cameroonians, Ghanaians, and Nigerians all earn above $77,000, which is the average for the US population as a whole — and far above exceed median incomes in most African countries.

— Alexander Onukwue

AI mining company secures fresh funding

The amount mining startup KoBold Metals raised in its Series C round co-led by new investor Durable Capital Partners and previous investors including funds backed by Jeff Bezos and Bill Gates. KoBold, which uses artificial intelligence and machine learning to identify mineral deposits, said the funds would support the exploration and development of “high-potential” projects. The company focuses on key minerals required in the transition to green energy. Its projects include its flagship Mingomba mine in Zambia, where it aims to produce at least 300,000 tonnes of copper annually by 2030.

Nigerians set for credit boost

Nigeria’s president pledged to improve credit to key parts of the economy by setting up a credit guarantee company.

Bola Tinubu, on Wednesday in his first address of the year, said the new National Credit Guarantee Company, a partnership between several government agencies and multilateral institutions, would increase access to credit for entrepreneurs in “critical sectors of the economy to boost national economic output.” He said the company would begin operations before July.

Only 6% of Nigerian adults had access to credit through a regulated lender in 2023, according to a survey by EFInA, a research group. Tinubu said the new credit company will “strengthen the confidence of the financial system” and drive growth.

— Alexander

Join us for a world-class lineup of live journalism at the World Economic Forum 2025, where Semafor editors will engage with industry leaders to discuss key themes, including global finance, regulatory challenges, Africa’s growth, and the state of media.

Explore the schedule and request invitations to attend these sessions.

Zimbabwe eyes Russia for nuclear power

Zimbabwe is turning to Russian investors to help it build small, modular nuclear reactors to cope with power shortages. The country plans to grow its energy production capacity from 2,600 megawatts to 4,000 megawatts by 2035; power cuts currently last as long as 18 hours.

Officials also said the government aimed to increase the use of renewable energy resources, including solar and wind.

Rwanda, South Africa, Zambia, and Burkina Faso have signed deals with Russia over the last decade to support the development of nuclear resources.

— Martin K.N Siele

Formula 1 in Africa: “Why not two grand prix?”

South Africa and Rwanda both want to host a Formula 1 grand prix, and they don’t see why only one of them can win.

“It’s not a zero sum game,” South Africa’s sports minister, Gayton McKenzie, said in December after unveiling a steering committee to lead the country’s bid. “Why is it when it comes to Africa we are treated like we can only get one?”

Rwanda’s Foreign Minister Olivier Nduhungirehe told Semafor Africa “both of us” could host a grand prix, when asked how the nation hoped to fare against the other bid from the continent. “Having Rwanda hosting Formula 1 will not prevent South Africa from doing so.”

South Africa hosted Africa’s last grand prix in 1993. Africa is the only continent that will not host a grand prix in the 24-race 2025 season.

— Martin and Alexis Akwagyiram

Weekend Reads

🇺🇬 Uganda’s popular street food, rolex, has evolved to become more than just a humble snack, argues communication researcher Ivan Lukanda in The Conversation. The dish, which comprises a flatbread rolled around fried eggs mixed with spices and vegetables, is sold in kiosks in towns and cities. The snack has become a symbol of nationalism, diplomacy, and an economic indicator, writes Lukanda.

🇲🇿 Protesters in Mozambique have embraced music as a formidable tool for expressing dissent, months after they took to the streets to reject a presidential election which many believe was rigged by the long-governing party, Frelimo. Tavares Cebola and John Eligon, in The New York Times, note that for many who have rallied behind the main opposition candidate, a song that translates to “People in Power” articulates their criticisms of the government.

🌍 Africa must take its rightful place on the global stage by being at the center of processes that forge a new global order in a multipolar world, writes Lonzen Rugira in The Pan African Review. Rugira argues that Africa has historically been regarded by world powers as a continent to be conquered and organized, a worldview that needs to be upended for Africans to benefit from global changes.

🇪🇹 The opening of Ethiopia’s new securities exchange marks a notable step in Prime Minister Abiy Ahmed’s efforts to liberalize the country’s economy, write Andres Schipani and David Pilling in the Financial Times. They argue that pro-market reforms, such as opening up the banking sector to foreign investors, mean the country is heading in the right direction.

🗓️ Week Ahead

Jan. 5-11 — Chinese Foreign Minister Wang Yi will visit Nigeria, Namibia, the Republic of the Congo, and Chad. The trip continues China’s tradition of making Africa the first official overseas destination for its foreign minister at the start of each year.

Jan. 6 — Stanbic Bank Kenya will release the Purchasing Managers’ Index survey for December, 2024.

Jan. 7 — Ghana’s John Dramani Mahama will be inaugurated as president, eight years after the end of his first term.

Jan. 8 — Tanzania’s central bank is set to announce its latest lending rate decision.

Meta is revamping its global policy team, with President Nick Clegg stepping down and being replaced by Joel Kaplan, his deputy and the company’s most prominent Republican, Semafor’s Liz Hoffman, Reed Albergotti, and Gina Chon scooped.

Meta’s political operation is now well placed for a Republican-dominated Washington.

If you’re enjoying the Semafor Africa newsletter and finding it useful, please share with your family and friends. We’d love to have them aboard too.

Let’s make sure this email doesn’t end up in your junk folder by adding africa@semafor.com to your contacts. In Gmail you should drag this newsletter over to your ‘Primary’ tab.

You can reply to this email and send us your news tips, gossip, street food recommendations, and good vibes.

— Yinka, Alexis, Alexander Onukwue, Martin Siele, and Muchira Gachenge