February 28 2023

Africa in Review by the Numbers (February 2023)

Review by Kili Partners. Powered by Asoko Insight

$55 million
Five-year loan issued by FinDev Canada to ETG, an African agribusiness that contributes to food security by helping smallholder farmers in Africa access international markets.
(Africa Market Trends)

98,000 ounces
Gold yielded by Nigeria's first industrial gold mine in 2022, giving the West African country a new opportunity to scale up production as it looks to pivot away from oil. The project is being touted as proof of concept for formal production in what has historically been an artisanal sector.

Jobs expected to be created by South Africa's hydrogen corridor, which has been considered a strategic integrated project. This initiative follows global trends that have seen hydrogen emerge as a future clean universal energy source.
(Africa Energy Portal)

$310 million
Loan expected to be secured by British mining company Emmerson from a syndicate of Moroccan and European banks to fund its potash mining operations in northern Morocco. Emmerson holds a 19-year potash exploration license through which it expects to invest some $2.5 billion in the country.
(Morocco World News)

Service stations operated by one of Africa's largest energy distribution firms after Vivo acquires a majority stake in Engen from Malaysia's Petronas. The combined group will also have 2 billion litres of storage capacity across 27 African countries.
(The Citizen)

280,000 tonnes
Sugar produced in South Africa, meeting 93% of the 300,000 tonnes targeted by the country's Sugarcane Master Plan. The ambitious strategy has sought to ensure that 95% of sugar is locally procured as part of its wider objectives to restore local market off-take, retain jobs, and support small-scale growers.
(Food Business Africa)

$1.6 billion
Investment by Tingo Foods for an agri-food processing unit in Delta State, Nigeria. Construction will take 18-24 months and once operational the facility will serve as a centre for the development and distribution of new food products.
(Food Business Africa)

Fossil-fuel powered vehicles to be converted into electric vehicles by Kenya Power. The company also said it's planning to construct three electric vehicle-charging stations in Nairobi to support the switch.
(Tech Trends Kenya)

Increase in value of exports reported by Rwanda in 2022. This strong performance in was driven by increase in volume of exports alongside high prices in the international market.
(The New Times)

$30 billion
Financing issued by development partners in Africa to boost agricultural activity in the region. This commitment was issued during the Second Dakar Summit to help the continent's over-reliance on food imports.
(Food Africa Business)

Electricity generated in Angola through renewable sources by 2025. The country currently generates 55% of electricity from the renewable sources and hopes to invest in and increase in solar capacity.
(Africa Energy Portal)

Retail investors in Kenya with holdings in collective investment schemes, triple the number reported a decade ago. This growth has coincided with a 379% increase in assets under management by the schemes. Individual investors continue to be a larger market segment on the exchange, closing in on 2 million.
(Business Daily)