Author: James Wambua

• Singaporean firm Tolaram will acquire Diageo’s 58.02% shareholding in Guinness Nigeria PLC.
• Tolaram has significant and extensive operations and a 50-year presence in Nigeria.
• Diageo will also remain in the country through its wholly owned international premium spirits business built to serve a wider geographic reach across West Africa, with Nigeria as one of the main operational hubs.

In a major shake-up in Africa’s beverage industry, Guinness Nigeria has announced that Tolaram, a Singaporean company, has signed an agreement to acquire UK-based Diageo’s 58.02 per cent shareholding in the company. This acquisition is set to be completed in 2025, subject to regulatory approvals in Nigeria.

In the deal, Diageo will retain ownership of the Guinness brand, and it will be licensed to Guinness Nigeria for the long-term, enabling its continued growth and development in the country under the stewardship of Tolaram.

Abidemi Ademola, Guinness Nigeria’s secretary and legal director disclosed …

• African economies will experience a $127bn cumulative growth between 2023 and 2030 if UN SDG targets to reduce malaria are met.
• Moreover, exports to African states would increase by more than $31bn if UN goals are achieved. For Kenya, this would mean a GDP boost of about $9bn between 2023-2030.
• A new report calls on governments, ahead of the G7 meeting, to accelerate the fight against malaria to save lives, unlock prosperity and bolster health security.

An estimated $127 billion would be unlocked in a malaria-free Africa, a new report has revealed. This amount is the GDP increase that African countries could realize if the UN target to cut malaria by 90 per cent from 2015 levels by 2030 is met, a new report titled ‘The Malaria Dividend’ from Malaria No More UK, states.

This represents an average boost of nearly $16 billion per year to African economies, …

• Bolt, TRÍ, and Watu have launched a pilot program in Tanzania to introduce electric Bajajis, aiming to enhance sustainable urban transportation and improve the economic well-being of drivers.
• This initiative reduces operational costs significantly, boosts driver earnings, and aligns with Tanzania’s green mobility efforts.
• The program includes comprehensive support and training for drivers, with plans for future expansion to foster broader adoption of eco-friendly vehicles.

In a move that is set to revolutionize Tanzania’s urban transportation, Bolt, TRÍ, and Watu Africa have joined forces to launch a pilot program featuring electric Bajajis. This collaboration not only promises to enhance sustainable mobility but also aims to improve the economic well-being of Tanzanian drivers.

As a leading ride-hailing platform, Bolt integrates electric Bajajis into its services, allowing drivers to seamlessly participate in this innovative program. This integration enhances operational efficiency and provides drivers with access to cost-effective vehicles, significantly increasing …

• Africa’s remittance market is projected to reach $500 billion by 2035, driven by mobile money technology and strategic investments in financial infrastructure.
• Despite high remittance costs, reducing fees through competition, regulatory improvements, and digital expansion is essential for maximizing economic benefits.
• Addressing informal channels and promoting financial literacy will further enable the continent to harness the full potential of remittances for sustainable growth and development.

Africa’s remittance market is poised for steady growth, with predictions indicating it could reach a staggering $500 billion by 2035. This projection comes from DAI Magister, an investment bank, which highlights the vital role remittances play in the continent’s economy.

The total value of remittances in Africa hit $100 billion in 2022, with $20 billion attributed to intra-Africa flows. As remittances comprise a huge portion of African GDP, understanding and optimizing this financial inflow is crucial for the continent’s economic future.

High costs

• World Environment Day 2024 marked under the theme “Our Land. Our Future. We are #GenerationRestoration,” highlights global efforts to restore degraded lands, combat desertification, and build drought resilience.
• Hosted by Saudi Arabia for the second time in over 50 years, the day amplified the Kingdom’s environmental goals, including the Saudi Green Initiative and Middle East Green Initiative, which seeks to plant 50 billion trees and achieve land degradation neutrality by 2030.

• President Ruto calls for reforms in the IMF to address emerging global challenges and seeks flexible lending instruments, equitable special drawing rights, and debt financing plans.
• He also advocates for governance reforms to better represent the Global South’s economic and demographic contributions.
• These changes are crucial for maintaining the IMF’s relevance and effectiveness in fostering stability and sustainable development.

In a rapidly evolving global economy, the International Monetary Fund (IMF) finds itself at a critical moment as President William Ruto of Kenya articulates in the latest issue of the IMF’s Finance and Development Magazine. With over eight decades of history, the IMF’s journey from supporting the gold standard to promoting flexible exchange rates and development financing mirrors the dynamic changes in the global financial architecture.

President Ruto says that the IMF has to adapt once again, highlighting four key areas for reform: lending instruments, special drawing rights (SDRs), addressing …

• The inaugural Korea-Africa Summit 2024 highlights the strategic importance of Africa’s rich resources and market potential for South Korea.
• Asian economic powerhouse seeks to firm up ties between Seoul and 48 African nations through industrial infrastructure, digital transformation, and sustainable investments.
• Summit is also building on previous successes and aspires to foster mutual growth while addressing climate change, food security, and health.

South Korea is hosting a key summit for the first time with Africa, a forum that has seen leaders from 48 countries across the continent converge in Seoul to discuss expansive economic ties and cooperation between the two regions. With a focus on industrial infrastructure and digital transformation, the Korea-Africa Summit aims to leverage Africa’s rich resources and untapped market potential to foster mutual growth and sustainable growth.

Authorities in South Korea have outlined the agenda: tapping into Africa’s vast mineral wealth and growing market, which now stands …

• At the ongoing AfDB Annual Meetings 2024 in Nairobi, President Dr. Akinwumi Adesina highlighted Africa’s resilience and growth potential despite global challenges, highlighting the AfDB’s impactful initiatives in infrastructure, climate action, and economic development.
• Dr. Adesina celebrated the Bank’s 60th anniversary, showcasing its financial innovations and strong partnerships aimed at empowering women, and youth, and promoting sustainable development.
• The President’s speech inspired optimism and a collective resolve to continue driving Africa’s progress and transformation.

The cool Nairobi air buzzed with anticipation as leaders, policymakers, and stakeholders from across the African continent and beyond gathered at the Kenyatta International Convention Centre, in Kenya’s capital today. The opening ceremony of the African Development Bank’s (AfDB) Annual Meetings 2024 was not just an ordinary event; it marked a turning point in the institution’s history—its 60th anniversary. Against this historic backdrop, Dr. Akinwumi Adesina, the President of AfDB, delivered a powerful speech that …

• Zeroe, a carbon management startup based in Dubai, offers a platform that helps streamline the flow of finance from the global North to the global South.
• The firm’s innovative solution provides comprehensive carbon accounting, and an AI-enabled decarbonization planner, making it easy and affordable for companies to measure and reduce their emissions.
• Zeroe is already working with businesses in the UAE and Indonesia and sees significant climate financing opportunities for growth in Africa, especially North West, North East, and Southern Africa.

Climate finance: “There is enough money; we just need to make it flow.” This statement by Lauren Haworth, Head of Marketing and Partnerships at Zeroe, succinctly captures the current state of climate finance. During an interview at the AIM Congress 2024, held in Abu Dhabi, she shared insights on the steady but insufficient growth in climate finance deployment, which reached over $1.2 trillion in 2022.

However, the challenge …

• Google is rolling out Umoja cable, the first-ever fibre optic link directly connecting Africa with Australia, aiming to enhance global digital infrastructure and foster economic growth.
• The Umoja project, developed in collaboration with Liquid Technologies, will improve connectivity and drive digital inclusion across Africa.
• This initiative is part of Google’s long-term commitment to Africa’s digital transformation, with investments in infrastructure, cybersecurity, and AI innovation to support growth.

In a deal set to revolutionize digital connectivity across continents, tech heavyweight Google has announced the launch of Umoja, the first-ever fibre optic link directly connecting Africa with Australia. This project is poised to enhance global digital infrastructure, foster economic growth, and drive digital inclusion on a new level scale.

The Umoja cable, anchored in Kenya, will traverse a diverse array of African countries, including Uganda, Rwanda, the Democratic Republic of Congo, Zambia, Zimbabwe, and South Africa, before crossing the Indian Ocean …