Happy Black Friday to those that celebrate! It’s a dynamic week of fascinating news, so let’s jump right in! 

Africa Trivia

Graphic of the Week 

How is This Even Possible?

Too Long; Didn’t Read

• The Continent: Orange plans to partner with Meta and OpenAI to create AI models for African languages such as Wolof and Pulaar (Semafor).

• Botswana: Standard Chartered is considering selling its wealth and retail banking operations in Botswana, Uganda and Zambia to refocus on affluent clients and international business (Reuters).

• Kenya: Lawmakers seek probes into tariff disparities, with private power costs reaching KES 58 per kilowatt-hour versus KenGen's KES 3.93 (Bloomberg); the country canceled a $1.85B airport leasing proposal with India’s Adani Group following public backlash and allegations of corruption linked to Adani’s U.S. criminal charges (Financial Times).

• Malawi: The country is building its first 20-megawatt battery-energy system to protect its grid from cyclones and power outages (Bloomberg).

• Mauritius: New Prime Minister, Navinchandra Ramgoolam, is voicing reservations about the recent agreement between his predecessor and the UK regarding the Chagos Islands (BBC).

• Morocco: The central bank is finalizing a draft law to regulate cryptocurrencies, marking a shift from its 2017 ban as underground usage persists (Reuters).

• Mozambique: The Constitutional Council is facing death threats as it considers validating the outcome of last month's contentious election, which sparked deadly protests and unrest (Bloomberg).

• Namibia: The electoral commission extended voting to Nov. 30, at 36 polling stations due to logistical issues that prevented many from casting ballots; opposition parties to call for a halt to vote counting amid concerns over the process's integrity (Barron's).

• Nigeria: The country’s economy exceeded expectations with a 3.46% growth in the third quarter, bolstered by a strong services sector (Bloomberg).

• South Africa: Wits University is set to launch its first dedicated AI institute, the Machine Intelligence and Neural Discovery (MIND) Institute, aimed at advancing AI research and talent development across Africa (Semafor).

• Zimbabwe: The country presented its economic, governance and land reform policies to creditors in hopes of re-entering international capital markets (Semafor); fingers crossed: The country is expecting a fourfold increase in summer crop production for the 2024 to 2025 season due to the above-average rainfall after a severe 40-year drought (Bloomberg).

Innovation in Africa

• Visa's Africa Fintech Accelerator has selected 19 startups from 21 countries for its third cohort, with 85% featuring female leadership, a significant increase from previous editions.

• These startups operate in sectors like embedded finance, SME lending and digital banking.

• Notably, 85% of the startups are led by women, a significant increase from the program's first edition, up from less than 50%.

• The program drives innovation and financial inclusion, with Visa investing in the participating companies.

• Read more at CNBC Africa. 

Business & Finance in Africa 

Nigeria: Growth Amidst Challenges

• Economic Growth: Nigeria's GDP grew by 3.46% in Q3 2024, driven by the services sector, notably telecommunications and financial services.

• Sector Performance: Non-oil sectors showed significant growth, while oil production increased slightly to 1.47 million barrels per day. Agriculture slowed due to flooding.

• Inflation and Energy: Rising fuel prices and inflation have led to protests and the conversion of more than 100,000 vehicles from gasoline to natural gas.

• However, the agriculture sector slowed due to recent flooding. With oil production expected to rise further, Nigeria is expecting a more diversified economic base, though agriculture remains vulnerable.

• Read more at Reuters, Bloomberg and Semafor.

Local $ Propel Startups Amid Global Pullback

• Funding Shift: With U.S. venture capitalists pulling back, African investors are increasingly filling the startup funding gap, leading to a 37% decline in 2023 funding from the previous year's record high.

• Major Deals: Notable transactions include Nigerian digital bank Moniepoint's $110M raise and Moove's $100M round.

• Local Investment Surge: African funds like Partech Africa's $300M fund is actively supporting local startups, aiming to build sustainable and continent-wide companies.

• Africa’s share of global VC remains just 1%, and the funding gap remains large, as the per capita investment in the U.S. dwarfs that of Nigeria by 257 to 1.

• Read more at Semafor.

Health in Africa 

Africa’s HIV Progress: A Bright Spot

• Significant Decline: Since 1995, sub-Saharan Africa has reduced new HIV infections by 60%, with countries like Botswana, Eswatini, Rwanda, Tanzania and Zimbabwe achieving UNAIDS' “95-95-95” targets for diagnosis, treatment and viral suppression.

• Global Disparities: Despite these regional successes, the global decline in HIV infections is insufficient to meet the UN's goal of ending AIDS as a public health threat by 2030, with regions such as central and eastern Europe experiencing increases in new infections.

• Ongoing Efforts Needed: Over a million new HIV infections occur globally each year, underscoring the necessity for sustained prevention, expanded treatment access and efforts to combat stigma.

• Read more at the Financial Times. 

Peace & Security in Africa 

Juntas' Empty Promises

• Escalating Violence: Military juntas in Mali, Burkina Faso and Niger, which seized power between 2020 and 2023 promising to restore security, have instead overseen a surge in extremist attacks, with fatalities reaching record levels.

• Governance Challenges: These regimes have delayed democratic transitions, consolidated power and sought military support from Russia, distancing themselves from former colonial power France.

• Public Sentiment: Despite initial support, public confidence is waning due to unmet security promises and increasing violence, though some citizens, particularly in Mali, continue to support the juntas in hopes of a fresh start.

• Read more at Financial Times.

Tech & Society in Africa

Borders Becoming Bridges

• The African Development Bank's latest Visa Openness Index reveals that only 47% of intra-African travel routes require a visa, a decrease from more than 50% in 2016.

• Benin, Seychelles, Rwanda and The Gambia have eliminated visa requirements for all African travelers, promoting greater mobility across the continent.

• However, 29 countries still mandate visas for citizens from at least half of Africa's nations, indicating ongoing barriers to free movement.

• Read more at Semafor and AfDB's Visa Openness Index.

MTN’s 5G Surge

• 5G Network Launches: On November 25, 2024, MTN Group launched 5G networks in Benin and the Republic of Congo, advancing Africa's digital transformation.

• Affordable 5G Device: On November 26, 2024, MTN South Africa introduced the MTN Icon 5G smartphone at 2,499 rand ($138), aiming to make high-speed internet more accessible and encourage the transition from 2G and 3G to 4G and 5G networks.

• Strategic Partnerships: MTN South Africa partnered with China Telecom and Huawei to enhance 5G, AI, cloud and IoT solutions, reinforcing its commitment to technological innovation.

• Read more at MTN Group, CNBC Africa and Reuters.

Democracy in Africa

Prempeh's Resilient Return

• Centenary Celebration: In Kumasi, Ghana, a vibrant gathering commemorated 100 years since King Prempeh’s return from a 28-year British exile in the Seychelles.

• Symbol of Resilience: Despite his exile, King Prempeh I remained a beacon of resistance and pride for the Asante people.

• Enduring Legacy: The centenary event featured tributes from descendants like Princess Mary Prempeh Marimba, reflecting on the exile's hardships and unforeseen opportunities.

• Read more at the BBC. 

Explorations in Africa

Carnivores Crave Nectar

• Unexpected Behavior: In Ethiopia's highlands, the critically endangered Ethiopian wolf (Canis simensis), typically a strict carnivore, has been observed feeding on the nectar of the Ethiopian red hot poker flower (Kniphofia foliosa), marking the first recorded instance of a large carnivore engaging in nectarivory.

• Conservation Significance: With fewer than 500 individuals remaining, this unique behavior underscores the importance of preserving both the Ethiopian wolf and its habitat to maintain such rare ecological interactions.

• Read more on the New York Times and the University of Oxford.

Africa Trivia Response

Answer: Liberia. Monrovia, the capital of Liberia, is named after U.S. President James Monroe. Read more at Infoplease.

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