Kenya’s economy to expand by 5.8% in 2018- finance ministry
Kenya’s economy is likely to grow 5.8 percent this year, recovering from drought and political uncertainty that pushed growth down to an estimated 4.8 percent in 2017, the finance ministry said. Economic output in the East African nation, which relies on farming and tourism, grew 5.8 percent in 2016. The finance ministry said in its […]
Major tech companies conquering Africa with sports
Africa is a sport loving continent, and governments in the region have utilised it to gain popularity and support from the people. This situation is also being played on by some global and African-based technology companies to penetrate the new market or gain a larger market share in their existing territories. Over the years, many […]
African countries vow to fight illegal timber trade to boost GDP
African countries have pledged to tame illegal trade in timber and other forest products by ensuring that the sub-sector makes a meaningful contribution to the countries’ Gross Domestic Product (GDP), a conservationist said on Tuesday. Emilio Mugo, Kenya’s Chief Conservator of Forest said representatives from Kenya, Uganda, Mozambique, Madagascar, Tanzania and Zanzibar (Tanzania) who met […]
Households in 3 Nigerian cities earn over $5000 per annum, to double in 2030 – Report
A report by The Economist Intelligence Unit (The EIU) has revealed that households in three Nigerian cities – Lagos, Ibadan, Port Harcourt– earn over $5,000 per annum, and this number is projected to double by 2030. 3,875,000 households in Lagos – the commercial and business capital of Nigeria – earn $5,000 per annum, and these […]
Nigeria in pole position to benefit from $75bn e-commerce driven African market opportunity – Report
Nigeria, Africa’s economy by gross domestic products and its most populous, sits in pole position among the continent’s countries to benefit from an emerging but technology driven e-commerce market estimated to be worth between $50 billion and $75 billion, a report by the London-based Economist Intelligence Unit (EIU) and by Businessamlive has shown. The report […]
Intimidation tactics gag traders in Kenya’s currency market
Kenya’s central bank is taking an unusual (intimidation) approach to protecting its currency. According to Bloomberg’s report, monetary authorities in Nairobi have been cracking down on selling, hedging and even making bearish predictions, according to traders and analysts. In a sign of the skittishness, none of 12 market participants contacted by Bloomberg spoke on the […]
China’s Didi invests in Taxify, an Uber rival operating in Europe, Africa
Didi Chuxing, the ride-sharing company that forced Uber out of China, has expanded its increasingly global empire after it made an undisclosed investment in Taxify, an Uber-like service that operates in Europe and Africa. Four-year-old Taxify is headquartered in Estonia — three of its founders are ex-Skype — and today it operates in 18 countries, […]
Kenya’s latest mobile phone bond falls short of target
An innovative Kenyan bond which is bought via mobile phone had raised far less than the 1 billion shillings ($9.6 million) targeted on Friday, failing to match a previous success. In March, the East African nation became the first country to issue a mobile phone-based bond, which can be bought by phone users without the […]
First Africa trip of Alibaba’s Jack Ma is about empowering young entrepreneurs
Jack Ma, Alibaba Group Executive Chairman made the first ever trip to Africa this week, visiting Kenya and Rwanda in his role as special adviser for the United Nations Conference on Trade and Development to promote entrepreneurship as a path to economic growth. Ma, who serves as UNCTAD’s Special Adviser for Youth Entrepreneurship and Small […]
Kenya holds key rate after GDP growth slows, inflation persists
Kenya’s central bank left its key rate unchanged for a fifth straight meeting as East Africa’s largest economy expanded at the slowest pace in three years and price growth remains above the target band. The Monetary Policy Committee retained the benchmark rate at 10 percent, Governor Patrick Njoroge said Monday. The decision was in line […]