Author: june njoroge

Africa's cold storage industry hotbeds
  • The Middle East and Africa cold chain market will expand by 7.4% to $35.1 Billion by 2028.
  • Over one third of food from Africa is lost to spoilage or wastage partly due to poor storage capacity.
  • Studies show that leading cause of food wastage is spoilage due to lack of cold storage systems.

The demand for cold storage supply chain products in Africa is rapidly growing. The segment has been tipped as critical in solving the food insecurity crisis ravaging the continent of 1.4 billion people. Rise of cold storage systems is also attributable to growing demand from consumers as Africa's urbanization and modernization intensifies.

According to Market Data Forecast, the size of the Middle East and Africa (MEA) cold chain market will expand at a CAGR of 7.4 per cent to $35.1 billion by 2028 from 23.8B of 2022. The bellwether for this trajectory has been the rapid emergence…

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Debt-for-nature swap in Gabon to revolutionize the economy.

The debt-for-nature swaps concept has emerged as a viable solution to address Africa’s ‘poly-crisis’ marked by debt distress, climate change, and biodiversity loss. In light of this, Gabon recently launched an initiative termed Africa’s first debt-for-nature swap.

The Central African nation intends to buy up at least $450 million of its government debt and convert it into an eco-friendly blue bond. This is with a tender offer for its sovereign dollar-denominated bonds maturing in 2025 and 2031, prompting the Eurobonds to rise as much as 2.2 cents on the dollar.…

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Automotive industry in Africa recording massive growth

Africa’s automotive market size is expected to grow from 1,325.89 thousand units in 2023 to 1,777.69 thousand units by 2028, at a CAGR of 6.04 per cent, during the forecast period between 2023 and 2028. According to a recent report by the Globe Newswire, the market is expected to reach the pre-Covid demand rates from customer industries only in the second half of 2023. This is because the African automotive market was severely affected by the Covid -19 pandemic.…

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Agri-tech is redefining agribusiness in Africa

Increased investments in agri-business will see Agriculture Technology (Agri-Tech) in Africa record massive growth. The food security crisis has ravaged many African countries. Consequently, the situation has attracted investor interest. This has instigated a digital revolution promoting the Agri-tech start-up ecosystem. Agri-tech startups remain instrumental in developing the agribusiness sector. The sector wields enormous economic potential for the continent.…

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Carbon credits snapped up by Saudi firms in a Nairobi auction.

The demand for carbon offsets is rapidly growing in Africa, unlocking billions for the climate finance needs of economies. Kenya recently hosted a carbon credits auction. The auction is the world’s largest sale, where firms from Saudi Arabia bought more than 2.2 million tonnes of certified carbon credits.…

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Unemployment crisis among African youth sparks protests

Africa’s youth unemployment is one of the many “poly-crises” destabilising many countries and impeding economic recovery following recent disruptions and challenges. According to the just-released International Labor Organization’s (ILO) annual Monitor of the World of Work study, low-income African nations are unlikely to return to pre-pandemic levels of unemployment this year.…

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Africa's blue economy

On June 8th, African economies joined the world in marking World Oceans Day under the theme ‘Planet Ocean: Tides are changing. Africa, the second largest continent in the world by land mass and population, borders the Mediterranean Sea to the north, the Red Sea to the northeast, the Indian Ocean to the east, and the Atlantic Ocean to the west. These territorial waters, if nurtured, could contribute significantly to Africa’s blue economy. …

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Art market in Africa on the spotlight at the 1-54 Contemporary Art Fair in New York
  • A steadily rising demand for works from African artists is drawing global audiences at major expos, auctions, and fairs.
  • According to the 2023 Africa Wealth Report, the continent’s fine art market was valued at just over $1.8 billion as of December 2022.
  • Beyond making sales, tech platforms are helping African artists get discovered by global collectors keen on African art.

Africa’s art market has been steadily carving out a niche for itself in the international art scene. The rising prominence of Africa's art was visibly displayed during the 1-54 Contemporary African Art Fair in New York which ran from May 18th to 21st.

The landmark event has been hailed as the largest iteration since the fair debuted in the art capital in 2015. This was after the historic display of artworks from all corners of the continent. The even also served to connect artists from Africa with…

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Kenyans in the diaspora | Diaspora remittances
  • Kenya is among the top three countries receiving the most international remittances across sub-Saharan Africa, after Nigeria and Ghana. Overall, the US, Saudi Arabia and UK account for nearly three-quarters of total annual inflows into Kenya.
  • Kenyans living abroad sent home $357 million in March 2023, a 15.5 percent increase compared to February.
  • As a whole remittances from the African diaspora are estimated at $95.6 billion annually, making it a key foreign exchange earner.     

Diaspora remittances have risen to become Kenya’s largest foreign exchange earner, surpassing the country’s key exports such as tourism, tea, coffee and horticulture. According to Central Bank of Kenya (CBK) data, diaspora remittances rose by 8.34 percent to $4.027 billion in 2022. In the same period under review, tea exports earned the country $1.2 billion, horticulture $901 million, chemicals $521 million, coffee $301 million and petroleum products $77 million. The widening disparity highlights the crucial role …

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Green bonds market in Africa skyrocketing
  • Africa’s green bonds market is growing rapidly as the continent increases issuances to power transition to  green energy.
  • The Green and Resilience Debt Platform (GRDP) has been established to address climate financing gaps in Africa.
  • Countries will now have access to $2B in green debt capital markets via the Platform, thereby bolstering resilience against climate change shocks. 

The green bonds market in Africa is showing strong signs of growth as countries move to tackle climate change. The sector is registering a renewed momentum attracting investments in response to the continent’s vulnerability to climate change crisis. For instance, the Nordic Development Fund (NDF) has granted EUR 500,000 to the Green and Resilience Debt Platform (GRDP).

The Fund was established by the UNDP in partnership with UNCDF, European Investment Bank (EIB), Green Climate Fund (GCF) and the European Union’s Global Green Bond Initiative (GGBI). The platform is working with various stakeholders to …

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