Happy Friday. This week, Sahel states turn to Morocco for trade routes, Afreximbank injects $3B into an energy facility and philanthropic giants address health and refugee challenges with substantial investments. Meanwhile, Yinka Shonibare's latest exhibition in Madagascar is, well…beautiful. It’s never dull.

Africa Trivia 

Graphic of the Week 

Africa's Power Blueprint

I was “lucky” enough to be in Madrid on Monday to experience the total electric blackout from midday to well into the evening. Let’s just say Spain is NOT prepared for electricity outages. Morocco and France sent power to help get Spain’s grid back online. It got me thinking about Africa’s electric grid. As previously covered, electrifying Africa is a major focus this year for Africa’s financial institutions. Here are some key stats for where things are at:

• Nearly 600 million people in sub-Saharan Africa lack access to electricity (The World Bank).

• Hydropower provides 40% of sub-Saharan Africa's electricity, yet 90% of its potential remains untapped (The International Hydropower Association (IHA).

• Reliability Gap: Only 43% of Africans with electricity access report having a reliable supply. Among connected households, 28% experience power availability only half the time or less, highlighting significant reliability issues across the continent (Energy for Growth Hub).

Key Projects in the Works:

• Mphanda Nkuwa (Mozambique): A $5B, 1,500 MW hydropower project on the Zambezi River, set to power Mozambique and neighboring countries by 2031.

• Inga III (DR Congo): A massive hydro project aiming to generate between 3,000–11,000 MW, potentially transforming the DRC into a regional energy hub.

• Off-Grid Solar Expansion: Rolling out mini-grids and standalone solar systems across Africa, backed by a new $1B IFC fund to electrify rural communities.

• National Energy Compacts: Twelve African nations committing to policy reforms and infrastructure investments to boost electrification efforts.

Predictably, the continental grid is managed in power pools: West African Power Pool (WAPP); Central African Power Pool (CAPP); East African Power Pool (EAPP); Southern African Power Pool (SAPP); North African Power Pool (COMELEC) which you can clearly see if you explore the World Bank’s Electricity Grid Explorer or the Atlas - Interactive Map.

I also ran across this REALLY old but super cool map: "Utopian Africa" was created by cartographer Philippe Rekacewicz and published in the February 2011 edition of Le Monde diplomatique. This map presents a visionary perspective on Africa's potential energy infrastructure, highlighting major hydropower projects, existing and proposed electricity transmission lines and ambitious intercontinental energy initiatives (Utopian Africa). Progress has clearly been made since 2011, though much work remains.

The Vision: "Utopian Africa" Map

What We Are Reading

• Africa: The Mastercard Foundation is investing $300M to help 500,000 refugees in Africa complete their education and find job opportunities (Bloomberg); Burkina Faso, Mali and Niger have agreed to use Morocco’s Atlantic ports after exiting ECOWAS (Reuters); Afreximbank has launched a $3B credit facility to boost fuel sourcing from African refineries (Reuters); The Gates Foundation and other philanthropies have launched the $500M Beginnings Fund to improve maternal and newborn health in sub-Saharan Africa, aiming to save 300,000 lives by 2030 (Reuters).

• Angola is exploring financing options, including loans from the IMF, World Bank and African Development Bank, due to trade wars and a decline in oil prices affecting its economy (Bloomberg).

• Benin's state-controlled International Bank for Industry and Commerce raised $173M in its IPO (Bloomberg).

• Burkina Faso expands state control over gold mines to boost revenue and reduce foreign dependency (Reuters).

• Egypt is set to receive $300M in budget support from the Asian Infrastructure Investment Bank (AIIB) by June, bolstering its economic recovery efforts (Bloomberg).

• Ethiopia's Tigst Assefa set a new women's-only marathon world record at the London Marathon, while Kenya's Sebastian Sawe claimed victory in the men's race (BBC Africa).

• Gabon’s coup leader Brice Oligui Nguema wins presidency with 94.85% of vote, court confirms (AP).

• Kenya plans to slash its budget deficit to 4.5% of GDP by June 2026 as it seeks a new IMF deal after exiting a $3.6B program (Bloomberg). 

• Nigeria: A surge in rural violence in northern Nigeria has resulted in more than 150 deaths, intensifying pressure on President Bola Tinubu's administration to address security challenges (​Financial Times); Nigeria's tax overhaul plans to exempt one-third of low-income workers earning less than $62 a day from personal income tax (Bloomberg).

• Mali: The United Nations has called on Malian authorities to investigate reports of mass executions allegedly carried out by the army and Russian mercenaries, following the discovery of dozens of bodies near a military camp (​AP News).

• Senegal is hosting the 2025 Sahara Conference of the Basketball Africa League at the Dakar Arena from April 26 to May 4 (Basketball Africa League).

• South Africa: A South African court has halted the proposed value-added tax (VAT) increase, effectively scrapping the measure and requiring parliamentary approval for any future changes to the tax rate (Bloomberg).

• Somalia's Prime Minister reshuffled his government, appointing a new defense minister and other key officials amid ongoing efforts to combat the al Shabaab insurgency (Reuters).

• Tanzania has lifted its short-lived ban on agricultural imports from South Africa and Malawi (Reuters).

• Tunisia's coast guard recovered at least eight bodies after a boat carrying African migrants sank off the coast, while 29 others were rescued (Reuters).

Business & Finance in Africa

Africa’s Private Capital Rebounds

The 2024 AVCA Activity Report came out recently and it has some interesting findings. According to the report, private capital in Africa is stabilizing—more local money, more deals, better exits. But risk appetite is shifting: less spray-and-pray, more sector focus.

• Fundraising doubled to $4B, the 3rd highest in a decade.

• No generalist funds raised—infrastructure and PE made up 60% of funds.

• Local investors surged, from $171M (2022) to $639M (2024).

Deals & Exits:

• 485 deals, up 8% YoY (2nd highest ever).

• Investment value dipped to $5.5B (–7%).

• Exits jumped 47% to 63, above pre-COVID levels.

What’s Hot:

• Financials = 33% of deal value.

• Consumer staples = fastest grower (volume up 67%, value doubled).

• Southern Africa led with 129 deals.

Read the full report: 2024 AVCA Activity Report (Released April 2025) or Bloomberg’s take here.

Africa’s Emigration Surge

Young Africans may reshape global migration and economics. Millions are on the move—and not just on boats. Many are doctors, techies, care workers and entrepreneurs reshaping America, Europe and even China. 

Who’s leaving—and why:

• 15 million+ Africans enter the labor market yearly, but only three million jobs are created.

• Legal, steady migration is rising despite anti-migrant politics.

• 47% of Africans have considered migrating; 27% have thought about it a lot.

• Migration peaks when income hits ~$10K—94% of Africans are still under that threshold.

Where they’re going:

• Europe: Africans in Europe grew from four million (1990) to 10.6 million (2024).

• U.S.: Now home to more sub-Saharan Africans than France; 42% hold degrees.

• Gulf and China: 4.7 million in Gulf Cooperation Council (GCC) states; China hosts traders, students and aspiring tech entrepreneurs. 

The twist:

• African migrants are educated, hardworking and ambitious.

• Diasporas are booming, sending more in remittances than Africa receives in FDI or aid.

• Governments like Kenya, Nigeria and Ethiopia now push migration as an export strategy.

• Migration seems to be inevitable—smart policy can turn it into a win-win.

Why This Matters: The world is aging but Africa is just warming up. As rich countries run out of workers, African migrants could be the backbone of tomorrow’s global economy. According to the article: ignore this shift and you miss the single most important migration story of the 21st century.

Read more in the Economist: Africans need jobs. The rest of the world needs workers and Emigration from Africa will change the world.

Debt, Villas & Decline

Mauritius: Paradise Hits a Ceiling

• From sugar to villas: Mauritius transformed from a sugarcane backwater to one of Africa’s richest nations, driven by tourism, finance and luxury real estate.

• $12K GDP/capita: Mauritius now has Africa’s 2nd-highest per capita income, behind Seychelles.

• 80% of FDI is real estate: Foreigners buying property (and residency) dominate investment flows.

• Ramgoolam’s return: Navin Ramgoolam returned as PM last November, promising fiscal repair after governance scandals under the last administration.

• Debt at 90% of GDP: Public finances are under pressure.

• Tourism down: Visitor numbers remain below the 2018 peak; tourists spend 11.5% less than pre-COVID.

• Sugar + textiles in decline: Lost EU preferences; firms moved to cheaper countries like Madagascar.

• India tax treaty loss: Reduced Mauritius’s role as a conduit for capital to India.

• Demographic drag: Median age 38; population expected to fall from 1.3 million to 1.1 million by 2050.

• Call to pivot: Officials say Mauritius must now attract fintech, funds and family offices.

Read More: The Economist.

Explorations in Africa

Yinka Shonibare’s African Debut

Madagascar is playing host to Yinka Shonibare’s first major show on the continent. It’s bold, hybrid and unapologetically global.

The Show:

• Safiotra [Hybridities] runs April 2025–Feb 2026 at H Foundation, Madagascar.

• Shonibare’s first major African exhibition spans 15 years of his work.

• Anchored by The African Library—6,000 wax-print books honoring postcolonial icons.

The Vibe:

• Safiotra (Malagasy for “hybrid”) explores race, identity and postcolonialism through Shonibare’s signature aesthetic: Dutch wax, Victorian silhouettes and provocative play.

• The exhibit also curates works by 19 African artists (El Anatsui, Zanele Muholi, Ibrahim Mahama, more), weaving a pan-African narrative of cultural fusion and historical reckoning.

• Features classics (Alien Man), new work (Refugee Astronaut X) and 19 African artists in curatorial dialogue.

One more reason to plan my trip to Madagascar. Read more in The Guardian and on the H Foundation website. 

Trivia Answer. B) Europe​ Read More

See you next week.

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