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• Shipping agents are not allowing cargo to Kenya as they avoid having goods getting stuck at points of entry, says a mobile importer in Nairobi.
• Kenya Revenue Authority is increasingly tightening checks at ports of entry to eliminate under declaration and concealment, which deny the country taxes.
• On average device shipment went down by about 13.5 per cent in the fourth quarter of 2022.

Kenya is hurtling into a severe shortage of smartphones as new tax measures and import regulations pile pressure on traders who have cut on shipments. Traders are projecting that the shortage of smartphones could push up the price of the gadgets by about 40 per cent.

The move follows a decision by the Kenya Revenue Authority (KRA) to plug loopholes used by traders to under declare or conceal the value of gadgets in turn denying the government revenues.

Alice, an importer and dealer within Nairobi’s Central …

• Egypt has overtaken Nigeria by raising $540 million in tech startup funding in the year to June 2023.
• This year, Egypt achieved a major milestone by creating its first unicorn, MNT-Halan.
• In the year to June 2022, the Big Four—Nigeria, Kenya, South Africa and Egypt—jointly raised $4.6 billion. This was a 25 per cent drop from the $710 million raised previously. 

Egypt is today the leading market across Africa with total equity in tech funding raised by start-ups in the last one year surpassing rival Nigeria. Data from the African Private Equity and Venture Capital Association (AVCA) shows that the North African country overtook Nigeria as start-ups raised $540 million in funding in the year to June 2023. 

This was, however, a 25 per cent drop from the $710 million raised the previous year. The least decline recorded among the big four African countries …

• Nigeria’s telecommunication sector has attracted a total investment of $75.6 billion since 2021.
• Kenya’s Safaricom is also among the success stories highlighting Africa’s true potential in the telcom industry.
• Today, there are over 270 million active mobile users in Africa.

Experts in Africa’s mobile industry are ready to crown a new king of the continent after investments in Nigeria’s telecommunication industry hit $75.6 billion since 2021. Aside from dominating Africa’s blockchain ecosystem, Nigeria is leading Africa’s steady digital transformation given its high adoption rate.

Africa is undergoing digital transformation, often times trailblazing the world. Todays era is bringing in innovations in several industries, but none have profited like Africa’s telecommunication industry. During the early stages of Africa’s “Digital” era, many telecoms embraced new technology that would connect and support new talent in Africa.

Africa’s growing telecom industry

According to Mordor Intelligence, Africa’s telecommunication industry will register 11.2 percent growth between …

• Over half of Sudan’s gold is smuggled out of the country with the proceeds going to finance internal conflict.
• Last year, Sudan’s Central Bank banned the export of gold by government agencies and foreigners, individuals, and companies.
• The directive, however, excluded concession companies operating in mining.

Lack of a well-coordinated management in the port of Djibouti is turning out to be a benefit for Russia, which is expanding its influence over Sudan’s gold reserves while solidifying its superpower standing in the Middle East.

These revelations are in a new report published by the Pangea-Risk, a specialist intelligence company. The report is offering analysis and forecasts on political, security, and economic risk in Africa and the Middle East.

The report comes weeks after the Wagner Group threatened to topple Russian President Vladimir Putin. With a power struggle in Moscow, Wagner’s clients are in a tailspin, unsure of the future of their …

Kenya’s Mombasa port has for years remained the leading harbour in East Africa, serving traders in the country and neighbouring landlocked states. Uganda is the biggest destination for transit cargo through the Port of Mombasa, accounting for about 83.2 per cent of transit cargo through the Kenyan port. South Sudan takes up 9.9 per cent while DR Congo, Tanzania and Rwanda account for 7.2 per cent, 3.2 per cent and 2.4 per cent, respectively.…

•  In Kenya, mining yields high-grade quantities of gold, copper, ilmenite and tantalum.
• Kenya is an important source of non-metallic minerals including soda ash, limestone, salt, niobium, fluorspar and fossil fuels.
• Titanium ores have for the last decade remained top mineral forex earner for Kenya.

A plan to give Kenya’s mining sector a makeover is underway, with policymakers banking on reforms that can attract investors as the country seeks to grow the revenue base.

The move comes four years since the 2019 government moratorium on the issuance of new prospecting and mining licenses. At the time, the government had not renewed licenses since 2015 when about 65 companies saw their permits revoked.

Those in operation run under a gazette notice. For companies whose permits expire, they are forced to seek special clearance from the ministry. The freeze on issuance of new licenses was to allow for geospatial surveys to map out …

In recent years, Africa has emerged as a promising destination for global investment, with its vast natural resources, expanding consumer markets, and growing middle class. As the continent’s economies continue to strengthen and diversify, global players increasingly recognise the potential for mutually beneficial partnerships. The United States has significantly contributed to Africa’s economic transformation among these partners.…

• In the past 10 years, DP World has solidified its presence in over 40 countries, including in nearly 10 ports in Africa, boosting the continent’s blue economy.
• Senegal is one of the biggest beneficiaries of DP World overseas investments in ports.
• In June, Tanzania engaged DP World to run two berths in the Port of Dar es Salaam.

DP World, one of the largest marine terminal operators is assuming a bigger role Africa’s blue economy. In the past 10 years, the Dubai based multinational has solidified its presence in over 40 countries, including nearly 10 ports in Africa. 

With every eye gunning for Africa’s vast natural resources, what role is DP World playing in advancing Africa’s blue economy? The blue economy is one of the oldest economic activities by human beings. Blue economy encompasses a wide range of sectors, including fisheries and aquaculture, maritime transport, renewable energy (such as offshore …

• About 80 percent of trade in East Africa goes through Kenya’s Port of Mombasa.
• Kenya is a top destination for venture capital on the continent.
• Renewable sources account for the majority of Kenya’s on-grid electricity production.

The top American diplomat in Nairobi Meg Whitman is turning out to be one of the biggest marketers for Nairobi, calling for increased US investments in Kenya and across Africa.

Kenya and many economies in Africa have a significant number of relatively untapped industries. Emerging sectors such as technology, e-commerce, financial services, healthcare, and energy offer substantial potential for growth.

“When I was a CEO–I’ll be honest–I probably thought of Africa about 1 per cent of the time. Many of the businesses I managed were heavily invested elsewhere. But if I were back in the boardroom today, Africa would be on my radar for two simple reasons: supply chain diversification and net-zero emissions,” Ambassador …