African business and economic news

Here are some recent African business and economic news:

Economic News

  1. Nigeria's economy grows 2.3% in Q1 2023: Nigeria's economy grew by 2.3% in the first quarter of 2023, driven by a rebound in the agricultural sector and a slight improvement in the manufacturing sector. (Source: Bloomberg)
  2. South Africa's economy contracts 0.7% in Q1 2023: South Africa's economy contracted by 0.7% in the first quarter of 2023, due to a decline in mining and manufacturing output. (Source: Reuters)
  3. Egypt's economy grows 3.5% in Q1 2023: Egypt's economy grew by 3.5% in the first quarter of 2023, driven by a rebound in tourism and a slight improvement in the manufacturing sector. (Source: Bloomberg)

Business News

  1. African e-commerce platform Jumia raises $115 million: Jumia, an African e-commerce platform, has raised $115 million in funding from investors, including the International Finance Corporation and the World Bank. (Source: TechCrunch)
  2. Kenya's Safaricom launches mobile money service in Tanzania: Safaricom, a Kenyan telecommunications company, has launched a mobile money service in Tanzania, its first international expansion. (Source: Business Daily Africa)
  3. Nigerian fintech company Flutterwave raises $35 million: Flutterwave, a Nigerian fintech company, has raised $35 million in funding from investors, including the Mastercard Foundation and the Bill and Melinda Gates Foundation. (Source: TechCrunch)

Infrastructure News

  1. Kenya's Mombasa-Nairobi highway upgrade complete: The upgrade of the Mombasa-Nairobi highway, a key transportation route in Kenya, has been completed, with the aim of reducing travel time and improving road safety. (Source: The East African)
  2. South Africa's Transnet to invest $1.5 billion in rail infrastructure: Transnet, a South African state-owned rail company, plans to invest $1.5 billion in rail infrastructure over the next five years, including the upgrade of existing lines and the construction of new ones. (Source: Engineering News)
  3. Egypt's Suez Canal Authority to invest $10 billion in expansion: The Suez Canal Authority, an Egyptian government agency, plans to invest $10 billion in the expansion of the Suez Canal, including the construction of new locks and the deepening of the canal. (Source: Bloomberg)

Energy News

  1. Nigeria's power output increases 1,000 MW: Nigeria's power output has increased by 1,000 megawatts, driven by the commissioning of new power plants and the rehabilitation of existing ones. (Source: The Punch)
  2. South Africa's Eskom to implement load shedding: Eskom, a South African state-owned power company, has announced plans to implement load shedding, a power rationing measure, due to a shortage of generating capacity. (Source: Reuters)
  3. Egypt's solar power output increases 20%: Egypt's solar power output has increased by 20% in the first quarter of 2023, driven by the commissioning of new solar power plants. (Source: Bloomberg)

These are just a few examples of the many business and economic news stories coming out of Africa.