Good morning, and a warm welcome to ThinkBusiness Africa, your Monday – Friday dose of commentary, contexts, and insights on business and economic news that matter to you.

Remember to visit www.tb.africa to continue to enjoy the second phase of our media services development. Also remember to share your feedback.

ThinkBusiness Africa thank you.

Please, also share so we can continue to build a community of “business thinkers”.

Upcoming Event

In partnership with

Africa Headlines

Nigeria’s Super Eagles to face Cote d’Ivoire in AFCON final – Nigeria secured their spot in the 2023 AFCON final after a thrilling penalty shootout victory against South Africa. The match saw Nigeria take a 1-0 lead through captain William Troost-Ekong and seemingly scored a second goal before VAR intervened and awarded South Africa a penalty. Teboho Mokoena converted the penalty, forcing the game into extra time. However, Nigeria ultimately triumphed in the penalty shootout, with goalkeeper Bobo Nwabali making two crucial saves.  In the other semi-final, Cote d’Ivoire defeated Democratic Republic of Congo 1-0, with Sébastian Haller scoring the lone goal in the 65th minute. The final will be played on Sunday, and it is a repeat of the second group game between the two nations which Nigeria won by a goal to nil. This is the first time Nigeria will be in the final again since they won the cup in 2013, which they beat Cote d’Ivoire in the semi-final enroute to winning the cup.

IHS signs tower deal with Airtel Nigeria – IHS Nigeria and Airtel Nigeria have signed a major deal expanding their partnership. Over the next five years, Airtel will acquire 3,950 telecom sites from IHS, with most acquisitions happening in 2024/2025. Additionally, the lease durations of existing 6,000 sites are extended until 2031. This agreement involves 2,500 co-locations and supports 5G rollout on IHS-owned sites. The deal comes amidst recent board room struggles in IHS between the company and its largest shareholder MTN, following which MTN announced in September 2023 that the lease for 2,500 sites due to expire in 2024 and 2025 was awarded to American Tower. This is a massive bounce for IHS, the largest telecoms infrastructure company in Nigeria and Africa.

Toyota to set up vehicle manufacturing plant in Kenya – In a landmark deal, Kenya and Toyota Tsusho Corporation have locked arms to boost both vehicle manufacturing and renewable energy in the East Africa nation. This strategic partnership will see Toyota establish a new manufacturing plant, aiming to create jobs, bolster Kenya's industrial sector, and strengthen ties with Japan. President Ruto highlighted the crucial goal of making locally produced vehicles affordable to discourage reliance on used imports, emphasizing the need for a balanced market. Beyond manufacturing, the agreement delves into renewable energy with multi-billion-shilling investments planned for wind, solar, and geothermal projects, including the massive Menengai Geothermal Plant. This deals further expands Toyota production facilities in Kenya. Toyota already produces Land Cruiser, Hilux, Hiace, and Fortuner from its Kenya plant. Other Toyota production facilities on the continent are in Egypt, Ghana, and South Africa.

UNHCR chief visits displaced families in Sudan amid escalating conflict – UN High Commissioner for Refugees, Filippo Grandi, visited Sudan and witnessed the devastating impact of the ongoing conflict on families torn apart and displaced from their homes. The conflict has resulted in nearly 8 million people being uprooted within Sudan and seeking refuge in neighbouring countries. The violence has not only shattered lives but also crippled Sudan's economy and healthcare sector. Recent escalations, including the seizure of Wad Madani, have worsened the suffering of vulnerable populations. Grandi called for urgent support from the international community for IDPs in Port Sudan and Kassala. Most displaced families reside in overcrowded camps, relying on humanitarian aid and solidarity. The UNHCR says it remains committed to providing support through counselling, legal aid, medical referrals, and more. The agency expressed concerns about the potential spread of violence and emphasised the need for sustained international intervention and support.

Global Headlines

Blinken in Israel to try to seal Gaza truce deal – United States Secretary of State Antony Blinken has arrived in Israel to negotiate a truce deal between Israel and Hamas to end the war in Gaza. After meetings in Egypt and Qatar, Blinken landed in Jerusalem for his fifth visit to the region since October last year. He plans to meet with Prime Minister Benjamin Netanyahu and President Isaac Herzog to discuss Hamas' response to the proposed deal. Hamas has stated that any agreement must bring a definitive end to the war, while Israel insists on the destruction of Hamas before a permanent halt to the conflict. Hamas has reviewed a comprehensive ceasefire deal and submitted a counterproposal featuring a three-stage plan for a ceasefire, prisoner exchange, reconstruction of Gaza, and the complete withdrawal of Israeli forces. Blinken considers the deal essential and will discuss it with Israeli officials.

EU launches legal action against Hungary’s ‘sovereignty’ law – The European Commission has taken legal action against Hungary for enacting laws that violate democratic values and fundamental rights. The Commission issued a formal notice to Budapest, stating that the legislation threatens political rivals, critical media, and civil society. Disputes between the Commission and Prime Minister Viktor Orban over Hungary's rule of law and attempts to block aid to Ukraine have been ongoing. The laws aim to restrict foreign funding of political candidates and entities influencing public discourse, with violations carrying potential prison sentences. The newly established Office for the Defence of Sovereignty has extensive powers to investigate recipients of foreign funding. Critics argue that the legislation grants Orban excessive power to target opponents and critics. The Commission asserts that the laws violate principles such as democracy, privacy, freedom of expression, and the right to a fair trial. Hungary has two months to respond, and failure to comply may result in legal action and fines. Analysts predict that the EU will likely push for the repeal of the laws, but until then, they may have a chilling effect on political opposition, independent media, and civil society.

6