Pulse #12 - Cassava for electricity, Tiktok’s Africa moves, South Africa gets IMF’s biggest ever loan
The Data Room
A new World Bank report has found that if implemented fully, AfCFTA could boost regional income by 7%. Côte d’Ivoire and Zimbabwe - where trade costs are among the region’s highest - are expected to see the largest gains. AfCFTA is also expected to significantly increase African trade, particularly intra-regional trade in manufacturing, and increase intra-continental exports by 81%.
Numbers in the Spotlight
($450bn) the increase in regional income expected due to AfCFTA
($2bn) is how much Africa’s airlines are expected to lose this year
($500mn) has been granted in a loan from the World Bank, to help end female education inequality in Nigeria
($500mn) is expected to be lost by Somalia in livestock exports, as due to the scaled down Hajj to Mecca this year
($288mn) was paid by Network International to acquire African fintech, DPO Group
($195mn) is the size of the Nigerian Government’s investment fund aimed at supporting youth entrepreneurship
Proportional representation in politics, business and community leadership
The Nigerian government has approved a NGN75bn ($195mn) investment fund aimed at supporting youth entrepreneurship. The fund, a first of its kind by any Nigerian government, will provide soft loans to support viable credit worthy ideas, targeting Nigeria’s 68mn population aged 18-35. With 2/3rds of Africa's young people unemployed, startup spirit is high. However, although early-stage entrepreneurship is 13% higher in Africa than world average, African startups are 14% more likely to fail. Nigeria's commitment to it’s young entrepreneurs will help tackle one of the root causes of failure - lack of access to finance.