Africsm business news

Here are some recent business news stories from Africa:

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 oil sector, according to the National Bureau of Statistics. (Source: Bloomberg)
  2. South Africa's GDP 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 recovery in the tourism sector and increased government spending. (Source: Bloomberg)

Company News

  1. MTN Group acquires 49% stake in Sudanese telecom operator: MTN Group, a South African telecommunications company, has acquired a 49% stake in Sudanese telecom operator, Sudatel. (Source: Business Day)
  2. Dangote Cement to invest $1.5 billion in new Nigerian plant: Dangote Cement, a Nigerian cement manufacturer, plans to invest $1.5 billion in a new plant in Nigeria, which will increase its production capacity by 30%. (Source: Reuters)
  3. Shoprite to exit Nigeria and other African markets: Shoprite, a South African retail chain, has announced plans to exit Nigeria and other African markets, citing declining sales and profitability. (Source: Business Day)

Investment News

  1. China's Fosun International invests $100 million in Nigerian fintech company: Fosun International, a Chinese conglomerate, has invested $100 million in Nigerian fintech company, Flutterwave. (Source: Bloomberg)
  2. US-based investment firm, KKR, invests $100 million in Egyptian fintech company: KKR, a US-based investment firm, has invested $100 million in Egyptian fintech company, Paymob. (Source: Reuters)
  3. African Development Bank invests $100 million in Nigerian renewable energy project: The African Development Bank has invested $100 million in a Nigerian renewable energy project, which will generate 100 MW of electricity. (Source: Business Day)

Other News

  1. Africa's GDP to reach $5 trillion by 2025: Africa's GDP is expected to reach $5 trillion by 2025, driven by a growing middle class and increasing economic integration, according to a report by the African Development Bank. (Source: Bloomberg)
  2. Africa's digital economy to reach $150 billion by 2025: Africa's digital economy is expected to reach $150 billion by 2025, driven by the growth of e-commerce, fintech, and other digital industries, according to a report by the International Telecommunication Union. (Source: Business Day)
  3. Africa's infrastructure development to require $130 billion investment: Africa's infrastructure development will require an investment of $130 billion over the next decade, according to a report by the African Development Bank. (Source: Reuters)