Coup galore🥷💣
164: Wars begin when you will, but they do not end when you please - Niccolo Machiavelli.
Hello Venturers,
You must have heard that things are no longer at ease in Niger. And the entire West-African region risk being heavily impacted. On the 26th of July, the country’s military swooped in and evicted the democratically elected President Mohamed Bazoum. Â
The unprecedented development has sparked reactions from every corner, with international and regional players throwing their weights behind different parties. ECOWAS, the leading organisation on the regional scene, didn't hold back. It slammed sanctions that left Niger's accounts feeling frosty, and its people not seeing the light of the day (electricity).
The word on the street is that this duel could be part of a bigger showdown between two giants: Russia and the USA. Russia's got Niger's back while the USA's cheering for ECOWAS. Talk about a geopolitical tug-of-war.
This week, we delved into how economic struggles and corruption are the matchstick to the coup d'état in African countries, shed light on the countries that have danced with coups and the aftermath on their economies and the greater African economy. Enjoy.
Adekunle Agbetiloye
Staff Writer, Ventures Africa
What’s new?
Niger: What are coups doing to African economies?
Coups are back in Africa. They were a regular occurrence in the decades after most countries gained independence, and then the trend became quiet. However, since 2020, West and Central Africa have witnessed nine attempted coups, four of which were successful. The most recent episode is happening in Niger. Read more.
Economic hardship and corruption are inciting protests and coup d’etats across Africa.
African nations have faced economic hardship and corruption, leading to social and political movements demanding government accountability and policies to improve living standards. Financial struggles have mobilized citizens to seek systemic change, resulting in protests, crises, and coup attempts between 2019 and 2023. Read more.
African countries with internet restrictions so far in 2023.
Picture a scenario where you wake to find yourself cut off from the realm of social media. This would undoubtedly create an uncomfortable situation, particularly considering how extensively our modern human lives are intertwined with these platforms and the internet in general. Read more.
Tapping into BBN’s market influence could have a tremendous impact on Moniepoint’s growth.
Big Brother Naija, currently in its eighth season, has undoubtedly become a household name, particularly in Nigeria. And since it began in 2006, its social wealth and growing influence that has made it highly desirable for numerous brands to collaborate with. Read more.
Africa’s tourism booms amidst Europe’s sweltering heat waves.
The sweltering conditions across southern Europe are accelerating a burgeoning trend among holidaymakers, as more tourists prioritize milder temperatures or off-season travel to avoid spending their time away in the oppressive heat. Africa is becoming a top destination hub for tourists. Read more.
Nigeria’s forex policy is straining its biggest firms.
Nigeria’s most prominent companies are bearing the brunt of the country’s forex reforms. Data from their latest earnings reports show profit drops and, in some cases, losses due to the policy. Read more.
Debating the engagement of 11,000 Indian workers for Dangote Refinery.
Dangote made headlines because his refinery reportedly announced its intention to recruit 11,000 skilled workers from India. This has raised concerns not only about denying opportunities to qualified Nigerians but also about companies exceeding their legitimate quota for expatriate employment. Read more.
My Pivot Journal: How Tosin Saba left a law career to become a celebrity chef.
What makes a kitchen so important to life? Is it the nourishment that comes from it or the fact that it’s an easily accessible creative hub? For most people, one of these two answers suffice. But for Tosin Saba, it’s also a place for self-discovery. Read more.
What are the economic implications of Niger’s suspension of uranium and gold exports?
Niger has suspended the export of uranium and gold to France, its former colonial ruler and leading trading partner. Uranium and gold are two of Niger’s most significant exports, accounting for 40% and 20% of its total exports respectively. Read more.
Unfinished business: Nigeria’s inaugurated, yet inoperative projects.
As a country teeming with potential for progress, Nigeria has witnessed numerous infrastructural projects heralding promises of a transformative impact. But despite these efforts, the country falls significantly short of achieving infrastructural sufficiency. Amidst this deficit, some projects have remained dormant long after their supposed inauguration dates. Read more.
Weekly Economic Index: CBN’s benchmark interest rate, Gabon’s debt-for-nature swap, and Namibia’s law on virtual assets.
The Central Bank of Nigeria increased its benchmark interest rate by 25 basis points to 18.75%. This is the highest interest rate in Nigeria since September 2005. The Apex bank said the increase was necessary to curb inflation, which has been rising in recent months. Nigeria’s inflation rate reached 22.79% in June 2023, the highest level in 18 years. Read more.
Mini Issues
VivaTech 2023: Is AI truly limited?
Read the mini issue of our coverage of Viva Technology, Europe’s biggest technology conference, which was held in Paris, France, from June 14th to 17th, 2023.
Africa’s Business Heroes – Empowering Africa's next-gen entrepreneurs?
Since 2019, ABH, Jack Ma Foundation’s philanthropic program, has identified, showcased, and supported the next generation of African entrepreneurs through its inclusive and sector-agnostic prize competition
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