Seeds of Opportunity: The African Growth Series
February 2024 | Issue 1
In this week's issue, you will learn more about:
- AFRICA OPPORTUNITY: Ivory Coast's Economic Surge
- AFRICA TREND: Nigeria Could Be the Next Powerhouse of Africa
- UPCOMING EVENT: SOLAR POWER AFRICA 2024 | Cape Town
- UPCOMING EVENT: Africa’s Green Economy Summit 2024 | Cape Town
- UPCOMING EVENT: Africa’s Green Economy Summit 2024 | Cape Town
- UPCOMING EVENT: AFRICA ENERGY INDABA 2024 | Cape Town
AFRICA OPPORTUNITY: Ivory Coast's Economic Surge
Ivory Coast is set to become a key player in Africa's economic growth, with a projected GDP growth of 6.6% in 2024. As the host of the ongoing Africa Cup of Nations football tournament, the country has demonstrated its commitment to infrastructure development, having invested over USD 1 billion in preparation for the tournament. Despite recent setbacks on the pitch, such as the Ivory Coast national team's 4-0 loss to Equatorial Guinea, the country's economic potential remains strong.
Key factors include the gold mining industry's record output in 2022 (48 tonnes) and expected growth to 55 tonnes in 2024. Additionally, the government aims to increase the percentage of the population with bank accounts to 60% in 2024 as part of its digital financial inclusion initiatives, which are reshaping the payments landscape.
Ivory Coast's thriving startup ecosystem is another driving force behind the country's economic growth. The recently launched Ivorian Startup Act offers support to high-potential startups, providing training, financing, promotion, and access to public contracts and international markets. The fintech sector in the country has emerged as a strong leader with a 279% increase in funding in 2022, as companies like Djamo and Julaya raised significant funding and expanded their services.
The recent Orange Côte d'Ivoire IPO, which raised a record-breaking USD 233 million, showcases the country's potential for foreign investment. Furthermore, the partnership between Tizeti and Microsoft aims to bring affordable high-speed internet access to 5 million people in Côte d'Ivoire, bridging the digital divide and promoting economic growth.
AFRICA TREND: Nigeria Could Be the Next Powerhouse of Africa
Despite being one of the largest economies on the continent, Nigeria’s slow economic growth has historically held the African economic growth rate back. But this year, Nigeria is anticipated to aid in its improvement. The African growth rate for 2024 is set to surpass 2023’s rate of 2.8%, reaching 3.7% on average across several African countries. Other outliers positively impacting the rate include Kenya, Rwanda, and Ethiopia, all of which are expecting growth rates exceeding 6%. This being said, Nigeria’s stock market is set to expand significantly through cement company and bank activity, in turn stimulating economic growth.
The rebound in growth rate is a result of multiple factors working together to turn the country around, such as infrastructure development efforts by the government, increased bank confidence, and banking sector recapitalisation. This has stimulated domestic investors and hopes to attract foreign investors following the draught of economic activity associated with the COVID-19 pandemic.
This unlocks major opportunities for investors looking to take advantage of an expanding market, particularly in the healthcare, education, packaged food and drink, and durable goods industries. Additionally, the commencement of work at the Dangote oil refinery will further stimulate growth and bolster positive attitudes in market participants.
UPCOMING EVENT: SOLAR POWER AFRICA 2024 | Cape Town
Be part of the renewable energy revolution at Solar Power Africa 2024 happening 7 - 9 February at the CTICC2, Cape Town.
Energy expert Craig Parker, Research Director (Frost & Sullivan Africa), will participate in a panel discussion around South Africa’s Green Hydrogen Economy on 7 February at 11h30. This session will explore the reality of transforming South Africa into a major producer and exporter of green hydrogen.
Register now as a FREE exhibition visitor and explore the latest in solar technology, connect with industry leaders, and witness groundbreaking innovations.
Secure Your Free Visitor Pass: https://lnkd.in/d-2y_r_h
Don't miss this opportunity to be at the forefront of solar advancements.
UPCOMING EVENT: Africa’s Green Economy Summit 2024 | Cape Town
Africa's Green Economy Summit is happening from 21 - 23 February in Cape Town. With a focus on Africa’s transition to a Green Economy, this conference is a must-attend for stakeholders eager to shape a greener, more inclusive future for all.
Do not miss the session on the role of Sovereign Investors in catalysing investment in Africa on 21 February at 12h30 as industry experts unpack:
1. What is the role of Sovereign Investors in catalysing investment in Africa?
2. How should programs be structured for Sovereign Investors to de-risk projects?
3. What investment themes are of most interest to private and sovereign investors in the Green Economy?
Panellists include:
Dr Obaid Amrane, CEO, Ithmar Capital, & Chair, ASIF, & Acting Chair, IFSWF, Morocco
Hendrik Malan, Partner & Africa CEO, Frost & Sullivan Africa, South Africa
Ayman Soliman, CEO, The Sovereign Fund of Egypt, Egypt
Solomon Asamoah, CEO, Ghana Infrastructure Investment Fund, Ghana
UPCOMING EVENT: AFRICA ENERGY INDABA 2024 | Cape Town
🌍 Join us next month for an electrifying experience at the Africa Energy Indaba Conference and Exhibition! 🚀
📆 Mark your calendar: 5-7 March 2024
📍 Where: Cape Town International Convention Centre
Don't miss your chance by registering today - https://lnkd.in/dRtVe_Mk
Empower the future with us! ⚡
To find out more about opportunities in Africa, please get in touch with Lynne Martin.
