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Egypt’s Sisi starts third term pledging more investment, social spending

Egypt’s Sisi starts third term pledging more investment, social spending

EGYPTIAN President Abdel Fattah al-Sisi was sworn in for his third term in the country's new capital, the largest of the mega-projects that have come to symbolise his rule while stretching the country's finances. Speaking at the new parliament building, Sisi highlighted the challenges Egypt withstood in recent years while promising continued development, which many Egyptians say they feel excluded from. "The past few years have shown that the path of nation-building is not paved with roses ... between terrorist attempts at home, sudden global crises abroad, fierce wars around us," Sisi told lawmakers and religious, government, and military officials.…
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New Lagos arena marks growing investment in sports and entertainment sectors

New Lagos arena marks growing investment in sports and entertainment sectors

CONSTRUCTION has commenced on the Lagos Arena, a cutting-edge sports and concert venue set to elevate Nigeria's entertainment and sports economy by hosting global events. “The Lagos Arena is not just a building; it's a beacon of possibilities for our entertainment industry and is setting the stage for world-class entertainment,” Governor Babajide Sanwo-Olu stated at the launch event. With a capacity of 12,000, this state-of-the-art arena is situated adjacent to the Palms Mall in Lekki. Sanwo-Olu joined project developers to initiate construction on February 24, with a completion date set for December 2025. With the arena strategically located by a…
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Solar power due to overtake oil production investment for first time -IEA

Solar power due to overtake oil production investment for first time -IEA

INVESTMENT in clean energy will extend its lead over spending on fossil fuels in 2023, the International Energy Agency said, with solar projects expected to outpace outlays on oil production for the first time. Annual investment in renewable energy is up by nearly a quarter since 2021 compared to a 15% rise for fossil fuels, the Paris-based energy watchdog said in its World Energy Investment report. Around 90% of that clean energy spending comes from advanced economies and China, however, highlighting the global divide between rich and poor countries as fossil fuel investment is still double the levels needed to…
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Investment in African gaming startups gains momentum

Investment in African gaming startups gains momentum

CONRAD ONYANGO, BIRD STORY AGENCY AFRICAN gaming platforms are reporting increased investment activity, signalling investor confidence in Africa’s growing reputation as a market for the gaming industry. South African gaming startup, Carry1st recently raised US$27 million in a pre-Series B round, the single largest fundraiser for any African gaming startup and Carry1st’s most significant since its founding in 2018. “Carry1st will use the financing to develop, license, and publish new games as well as further expand Pay1st, the company’s monetization-as-a-service solution,” the company said in a statement. The mobile games publisher raised Series A rounds of US$20 million in January…
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Africa’s free trade area offers promise for cities – but only if there’s investment

Africa’s free trade area offers promise for cities – but only if there’s investment

THE African Continental Free Trade Area came into operation on 1 January 2021. This is a considerable achievement. The free trade area is now the world’s single largest market for goods and services, when measured by a number of countries, after the World Trade Organisation. It is also the largest in terms of geographic area and population size. If implemented as foreseen by the agreement, the free trade area will unlock significant growth for the African continent. The World Bank has estimated that by 2035, trade between African countries could expand by 81%, boosting output by US$450 billion, raising wages…
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Serena Williams’ investment boots Nigeria’s technology sector

Serena Williams’ investment boots Nigeria’s technology sector

NIGERIA is the leading African destination for foreign direct investments in technology startup businesses. Between 2015 and 2022, Nigerian technology startups have secured funding totalling just over US$2 billion. This is the highest amount of funding recorded by any country in Africa. The “big-four” countries of Nigeria, Egypt, South Africa and Kenya, are leading Africa’s startup scene. They currently account for about a third of the continent’s start-up incubators and accelerators and receive 80% of technology startup FDI into Africa. What is interesting is that Nigeria remains the top destination for technology investments in Africa despite its endemic corruption, high…
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Economic “bounce” in Africa higher than expected

Economic “bounce” in Africa higher than expected

CONRAD ONYANGO, BIRD AFRICA’S economy is starting to recover, despite being in the midst of a pandemic, the recently published Africa Risk-Reward Index 2021 shows. Control Risks and Oxford Economics Africa analysts, who jointly produced the index, project that the continent’s economy will grow by 4.4 percent in 2021, citing reduced COVID-19 caseloads despite slow vaccine rollout. Not even the third wave of COVID-19 including an outbreak of the more deadly "Delta" variant has stopping African economies from growing, the index results show. “Economies are starting to recover and the virus is no longer an all-consuming issue infringing on every…
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France pledges investment to boost sustainable cotton in Ivory Coast

France pledges investment to boost sustainable cotton in Ivory Coast

ANGE ABOA  FRANCE’S development agency will invest 68.5 million euros ($83.04 million) over the next five years to boost cotton production in Ivory Coast, economy minister Bruno Le Maire said during a visit to the West African country on Thursday. Le Maire said the programme will target 120,000 cotton farmers in the northern region of the country and boost revenue in the cotton sector, benefiting the Ivorian economy. The country produced 490,000 tonnes of cotton in the 2019/20 season and 2020/21 output is forecast at 500,000 tonnes by the agriculture ministry. France's aid pledge comes as the European Union (EU),…
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