Author: june njoroge

Fashion business in Africa is booming
  • Over 180 works of fashion from 40 designers drawn from across 20 countries in Africa are currently exhibiting in Brooklyn, New York.
  • The Africa Fashion is celebrating works by iconic designers and artists from Nigerian Shade Thomas-Fahn, Ghana’s Kofi Ansah, South African Thebe Magugu and Djibouti’s Gouled Ahmed.
  • South Africa, Nigeria, Ghana, Morocco and Kenya boast of a dynamic local fashion scene setting trends in African fashion.

Africa’s dynamic and lucrative fashion industry has taken center stage at the Brooklyn Museum in New York in the ongoing ‘Africa Fashion’ display that ends on Sunday, 22nd October 2023.

The landmark event has been hailed as the largest presentation of African fashion. It involves more than 180 works from over 40 designers drawn from 20 countries in the continent. Africa Fashion celebrates works by iconic designers and artists. Some of the industry’s icons are Nigerian Shade Thomas-Fahn, Ghana’s Kofi Ansah to …

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Pharmaceutical industry in Africa on the rise.

Africa has taken giant strides to become a global pharmaceutical manufacturing hub, with the sector catching the eye of international investors. For Africa, achieving medical security has become a priority. This is especially so following the painful lessons the continent picked when tackling the COVID-19 pandemic. As other continents got vaccines on preference, Africa was vulnerable due to her overreliance on foreign support.…

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Islamic Finance taking shape in Africa
  • Uganda has issued first Islamic Banking License after a 20-year wait. On its part, Kenya has issued the first Islamic Bond to finance affordable housing agenda.
  • The performance of Sukuk bonds in the continent is revealing untapped demand that could finance development projects.
  • Estimates show global Islamic finance assets could reach $3.8 trillion by 2024.

Islamic Finance is on an exponential growth trajectory across Africa, garnering momentum by the day broadening the continent’s financial landscape. African countries are making significant steps towards bolstering access to shariah-compliant financial instruments and services, to cater to the largely financially, excluded Muslim population. This comes as figures from the Islamic Development Finance Corporation (IDFC), forecast that global Islamic Finance assets could reach $3.8 trillion by 2024.

Large swathes of African populace still remains unbanked, pertinently those shifting stance from the conventional system driven by their religious beliefs, thereby unlocking an untapped pool of investments.…

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7th Africa Aviation Summit held in AbujaNigeria.Photo Times Aerospsace

The aviation industry in Africa is currently experiencing an upward growth trend and presents a positive financial outlook for African airlines in 2023 compared to 2022. Projections indicate that overall air traffic growth in Africa will exceed the global average of 6.1 per cent, reaching an impressive 7.4 per cent, with flights already surpassing pre-pandemic levels.

These revelations emerged during the recently concluded 7th Aviation African Summit & Exhibition, which took place on September 13th and 14th, 2023, in Abuja, Nigeria. This landmark event has been lauded as the most prominent summit, drawing nearly 1,500 delegates from over 75 countries and boasting more than 110 global exhibitors and sponsors.…

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Red Sea Shipping Disruptions
  • Africa’s maritime trade, which hit $22Bn in 2018, will reach $48Bn by 2063 but relies heavily on fossil fuels.
  • Shipping fuels global warming and is responsible for 2.5 per cent of greenhouse gas emissions.
  • Africa urged to include maritime decarbonisation in NDCs for a greener future.

Africa’s maritime trade continues to grow exponentially. However, in light of the climate change crisis and the continent’s vulnerability, deliberations on decarbonising Africa’s maritime transport have emerged. During the Africa Climate Summit (ACS) in Nairobi, Kenya, a key focus point of the Nairobi Declaration was the urgent need to “accelerate all efforts to reduce emissions to align with goals outlined in the Paris Agreement.” Further, world leaders were urged to support and rally behind the proposed global carbon tax on fossil fuel trade and maritime transport.

During the summit, the “Creating Sustainable Pathways in Africa” session sought to realise eco-friendly shipping and economic growth …

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Wave energy potential in Africa

Despite rising investments in renewables as the world moves to realize net-zero emissions by 2050, the contribution of Africa’s wave energy remains very minimal. The Africa Climate Summit (ACS) was a pivotal platform to explore the potential of tapping oceans, one of Africa’s biggest resources.

With the summit’s overarching theme, “Driving Green Growth & Climate Finance Solutions for Africa and the World,” heightening the urgency to address the climate crisis; harnessing the potential of ocean water for clean energy could accelerate Africa’s journey to net-zero.…

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Second hand clothes officially banned in Uganda

On the 1st of June 2023, African ministers for trade and industries adopted a protocol that prevents trading second-hand clothes across the continent under the preferences of the AfCFTA. This was during the high-level African Union – East African Community and the private sector forum, the second Ministerial Retreat of the Council of Ministers on the AfCFTA, held in Nairobi, Kenya, to assess the progress and address critical aspects of the agreement’s implementation.…

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E-Mobility adoption in Africa gaining popularity.

Africa’s e-mobility is gaining momentum, largely driven by the daunting climate change crisis, fueling the need to decarbonize transport systems. African countries remain in pursuit of e-mobility solutions and advancement to low-carbon economies. Africa’s endowment with minerals key to the global green transition offers a significant advantage.…

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Supply Chain market in Africa poised to join the global market
  • Africa has huge potential to power global supply chains for automobiles, handsets, food, renewable energy, and healthcare.
  • The value of the African supply chain finance market rose by 40% between 2021 and 2022, reaching $41 billion.
  • Africa has at least a fifth of the world’s reserves in a dozen metals critical for the energy transition.
  • African countries need to capitalize on their comparative advantages and bolster technology adoption, improve logistics and leverage trade agreements.

Riding on its key comparative advantage of driving green transition globally, Africa can become a new hub for international supply chain, including for technology intensive industries. However, to realize this ambition, the ball lies principally in the court of policymakers in Africa and businesses to position the continent at an advantage.

These revelations are contained in the new United Nations Conference on Trade and Development (UNCTAD) Economic Development in Africa Report 2023 released on 16th

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Venture Capital Market in Africa experiencing a funding plateau

As a form of private equity funding, venture capital finance African startups at the nascent stage. Money is given to firms with significant growth and revenue creation potential. Across economies, VC firms are critical drivers of growth and development in Africa. They drive job creation and innovation and finance the rollout of new products and technologies.…

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