Africa

1. Migration mindset
2. Training developers
3. Fundraising breakthrough
4. Reality bites
5. Speaking my language

Also, Nigeria’s dwindling elephant population.

Welcome to Semafor Africa, where we think about leadership a lot. It’s hard not to when so many of the stories we cover — from business trends to economic development, and political maneuvering — rely on decision makers and the culture they create. That’s why it was interesting to learn that Kingsley Moghalu, Nigeria’s former deputy central bank governor, is heading a new graduate-level institution in Rwanda. It will open next year with the aim of training African leaders across all walks of life.

The African School of Governance (ASG) will offer public policy and governance programs aimed at mid-career professionals and senior executives, Moghalu told me. He sees ASG’s graduates as future policymakers capable of creating “business and investment-friendly environments in African countries” as well as showing “purpose-driven leadership” to deliver basic social services in healthcare and education.

These ideas can sound theoretical and abstract, but formal training from an institution offers tangible solutions to challenges holding back economic development in parts of the continent. The Gallup research below, which shows a rising desire among young Africans to move overseas, is a reminder that the continent needs great leaders capable of creating opportunities.

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African migration trends up

More than a third of Africans want to live somewhere else, a new high, according to a 2023 survey by Gallup. In 2012, 29% wanted to migrate; last year the number was 37%.

Not everyone wants to leave. While more Zambians want to migrate — up 13 percentage points — there was a 15 percentage point drop in Gabon. Still, the continent’s overall increased longing to set up home elsewhere mirrors global trends. Some 16% of the global adult population in 2023 wanted to move to a different country, compared with 12% a decade ago.

Even in the United States and Canada — the top two destinations for all aspiring migrants over the past decade — more people said they wanted to move abroad, compared to the previous survey. Only in the European Union was the percentage stable, Gallup said.

Developing skills

The number of developers from across Africa set to receive skills training from chip giant Nvidia, in partnership with pan-African tech talent company Gebeya. The initiative aims to create an ecosystem of Nvidia-certified developers with specialized skills in areas including artificial intelligence. Wei Xiao, Nvidia developer relations director, said in a statement that Africa has a “nearly unlimited opportunity in AI” thanks to its large developer base. One aim of the program is to help position Africa as a hub for AI expertise and attract investments, she said.

Janngo closes $78M fund

An African venture capital firm positioning as a long-term investor in startups from their early stages towards maturity has raised $78 million for its next investment fund.

Janngo Capital, founded by Senegalese investor Fatoumata Ba, raised the fund through a range of equity investments over the last half decade.

They include $10 million from the Development Finance Corporation in Washington DC, and $6 million from the World Bank’s International Finance Corporation. Mastercard Foundation’s Africa-focused fund also invested, while the African Development Bank had sourced €10.5 million ($11.4 million) for the fund three years ago.

“Fundraising in Africa as an emerging female fund manager — Francophone, in her thirties — it’s not for the faint of heart,” Ba told Semafor Africa. The firm exceeded its initial target of $65 million and plans to write checks of up to €5 million ($5.4 million) per startup, over multiple investments.

— Alexander Onukwue

South Africa cuts growth projections

South Africa’s government unveiled grim budget forecasts on Wednesday, cutting its projections for economic growth. Finance Minister Enoch Godongwana (pictured), in the coalition government’s first half-year budget, cut the growth target for this year to 1.1% from the 1.3% target set by the previous administration. Pretoria is set to cut spending in a bid to reduce debt and narrow budget deficits.

The latest estimates highlight the scale of the challenge facing Africa’s most industrialized economy. Electricity shortfalls in recent years, coupled with problems at state-run rail and ports company Transnet, have curtailed growth and thus tax intake. South Africa’s coalition, formed after the African National Congress lost its parliamentary majority following elections in May, has until now been buoyed by hopes that South Africa could regain economic momentum amid positive investor sentiment and improved electricity provision.

Google adds African languages

Google is adding 15 African languages spoken by more than 300 million people to its Voice Search, Gboard talk-to-type, and Translate dictation services. Oromo, a language spoken by nearly 40 million people, mainly in Ethiopia, was added, along with Kikuyu, an indigenous Kenyan language with 8 million speakers. Other languages added to Google Translate dictation include Burundi’s Rundi, Tigrinya and Amharic in Ethiopia, and Chichewa in Malawi, and Nigeria’s Igbo, Yoruba, and Pidgin. Google’s managing director of Africa, Alex Okosi, said the additions would enable millions across the continent to “interact with the web with just their voice.”

Earnings

🌍 Transsion, the Chinese maker of Africa’s best-selling phones including Tecno and Infinix, posted a 41% drop in third-quarter net profit compared to the same period a year ago. It blamed tougher competition in African markets and higher supply chain costs. Total revenue dropped 7.2% to $2.3 billion.

Deals

🌍 Airtel Africa has extended its tower lease agreements with American Tower Corporation for sites across Nigeria, Uganda, Kenya and Niger by 12 years. It will increase its lease liabilities by $1.2 billion.

🇫🇷 🇲🇦 Morocco fertilizer giant OCP and French energy firm Engie signed an agreement worth $18 billion for investment in green ammonia production, renewable energy and infrastructure.

🇳🇬 🇰🇪 Nigeria’s Access Bank has completed its acquisition of Kenya’s National Bank, after receiving approval from the Competition Authority of Kenya on Thursday. The merged entity will have an estimated combined market share of 1.9%, according to the regulator.

Tech

🇳🇬 Telecoms company Glo has hired Ahmad Farroukh, a former chief executive of rival MTN Nigeria to be its next CEO, according to reports.

🇰🇪 🇪🇬 Wasoko and MaxAB, two African e-commerce companies undertaking a merger, have hired Mo Elshenawy from General Motors’ autonomous vehicles unit Cruise as a technical advisor and board member.

🇿🇦 A survey by Ford found that more than 40% of South Africans are considering buying an electric vehicle within the next five years.

Economy

🇷🇼 Rwanda’s emergency ministry said it secured $26 million in loans and grants from the World Bank to fund a disaster recovery program, and build homes for families in disaster-prone districts.

🇰🇪 Kenya’s foreign investments slumped to $374.6 million in 2023 from $710.21 million, with the decline attributed to a depreciating currency, high interest rates, dollar shortage and rising inflation, according to the East African Community Secretariat.

Commodities

🇧🇼 Botswana’s central bank said sales of rough diamonds at the state co-owned Debswana Diamond Co. fell 52% to $1.53 billion in the first nine months of 2024 due to the downturn in the global diamond market.

Energy

🇦🇴 Angola’s Cabinda oil refinery, the country’s second, is set to begin production next April, the chief executive of Gemcorp Holdings, the project’s biggest shareholder, said on Tuesday.

🇬🇭 Ghana’s petroleum regulator said the country is considering importing fuel from Nigeria’s Dangote Oil Refinery once it reaches full operating capacity next year, ending $400 million monthly fuel imports from Europe.

Elections

🇲🇿 Mozambique’s leading opposition leader Venâncio Mondlane (pictured) called for a week-long strike from today (Oct. 31). He is disputing the outcome of the Oct. 9 election in which ruling party Frelimo’s candidate Daniel Chapo was declared the winner.

🇬🇳 Guinea’s junta authorities late Monday announced the dissolution of 53 political parties based on an evaluation of all political parties begun in June ahead of the elections scheduled for 2025, set to return the country to civilian rule.

Elephants are present throughout Nigerian folklore and culture in parables, sayings, and even in branding — the long defunct national airline used to have an elephant in its logo. But the reality on the ground (sorry) is that elephants are fast disappearing. Nigeria’s elephant population has tumbled from between 1,200 and 1,500, 30 years ago to around 400 today. About two-thirds are forest elephants (pictured), while about 100 are savanna elephants. Tajudeen Amusa, a forestry professor at Nigeria’s University of Ilorin, writes that the remaining elephants are endangered, “threatened by habitat loss and fragmentation, poaching and illegal ivory trade, human-elephant conflict and climate change.” He explains the steps the country has taken to ensure the long-term survival of its elephants.

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