This week, sub-Saharan Africa has seen a number of significant events in the business world. In Kenya, protests against a tax increase plan have weakened the shilling, raising concerns about the country’s ability to meet International Monetary Fund targets and potentially leading to higher borrowing costs. Meanwhile, in Nigeria, an executive from Dangote Refinery has accused oil majors of blocking access to locally produced crude by selling it at inflated prices or claiming it was unavailable, forcing the refinery to rely on expensive imports.
In response to increased water demand due to uranium exploration and green hydrogen plans, Namibia has announced plans to begin construction on its second desalination plant in January 2025. Meanwhile, China North Industries Corp has agreed to acquire struggling cobalt miner Chemaf SA’s assets in the Democratic Republic of Congo, as Chinese investors continue to increase their presence in the country in order to secure copper and cobalt supplies for their electric vehicle industry.
South Africa’s Cilo Cybin made history by becoming the first medical cannabis company to list on the Johannesburg Stock Exchange’s Alternative Exchange. The company plans to use funds from the listing to tap into the growing global market for medical cannabis, which is projected to reach $40.5 billion by 2032.
