Nigerian economy contracts again. According to the statistics bureau, Nigeria’s GDP declined by -2.06 percent (year-on-year) in real terms, confirming that the country is in a recession.
Ruptures in ANC over Gordhan. Splits in South Africa’s ruling African National Congress over a police investigation of the finance minister are marking the battle lines for control of the party after President Jacob Zuma steps down as its leader next year.
MTN welcomes new COO. MTN Group Ltd., Africa’s biggest wireless operator by sales, appointed Enzo Scarcella as chief operating officer of its South Africa unit, reuniting him with incoming Chief Executive Officer Rob Shuter, according to people with knowledge of the matter.
Dollar remains scarce in Nigeria. Nigerian businesses are struggling to get hold of foreign exchange even after the central bank devalued the currency in June to try and attract investment from abroad, according to the West African country’s main manufacturers’ lobby group.
East Africa and sovereign wealth fund. Natural resources, including oil and gas, are dire. They slowly run off over time and consequently a slow clock of resource depletion is inevitable. So what is the most rational approach for EAC governments, particularly Kenya, Uganda and Tanzania?
Billions lost to gender gap. Gender equality in Africa is low. Women on the continent are held back from fulfilling their potential by many constraints, mostly cultural. Despite working 50 percent longer hours than men, the pay gap between men and women is very wide. This is detrimental to the continent which loses $95 billion yearly as a result.
Ivory Coast abandons Eurobond plan. Ivory Coast abandoned plans to offer a Eurobond this year and is opting to raise debt in West Africa’s regional market as the stronger dollar makes selling offshore finance too expensive.
Facebook founder visits Nigeria. “This is my first trip to sub-Saharan Africa,” said Mark Zuckerberg after visiting CcHUB in Yaba, Lagos. “I’ll be meeting with developers and entrepreneurs, and learning about the startup ecosystem in Nigeria. The energy here is amazing and I’m excited to learn as much as I can.”
Senegal gets Canadian help. Senegal will enjoy Canada’s support to the tune of $112.6 million to fund four development projects and initiatives in the West African state.
Mark Zuckerberg in Kenya. Zuckerberg was in Kenya to see how technology innovation is changing the country, learn more about what mobile entrepreneurs are doing with the latest technology, and find out how Facebook can better support small businesses, developers and content creators across growing markets.
Here is why internet adoption in Africa slow?