Going for gold🪙
#163: Africa's gold is not just in the ground, but in the hearts and minds of its people. - Barack Obama
Hello Venturer,
It's been a while since we talked about the awesomeness of Africans, wouldn't you say? Sure, we at Ventures Africa do that every day through our stories but every once in a while, Africans give us a reason to really throw a big party (something we do so well, I must add).
This week the super falcons of Nigeria gave us the perfect reason to celebrate. The Nigerian female football team defeated Australia 3-2 at the Brisbane Stadium, recording their first win in the competition and the fifth win in the history of the Women's World Cup. While it's still a long way to the gold(cup), this is a much-needed win as countries on the continent grapple with wars, coups, and increasing inflation.
Yet, incredible football skills aren't the only thing connecting Africa to gold. Africa is a continent blessed with abundant natural resources, making it one of the most naturally endowed regions in the world. The United Nations Environment Programme estimates that Africa holds approximately 40% of the world’s gold deposits and is a significant source of about 90% of global chromium and platinum deposits. Talk about housing gems, literally and figuratively.
This week we explore the African countries dominating natural resource outputs.
Suotunimi Orufa,
Staff Writer, Ventures Africa.
What’s new?
African countries dominating natural resource outputs
Africa is a continent blessed with abundant natural resources, making it one of the most naturally endowed regions in the world. According to our recent article, the United Nations Environment Programme estimates that Africa holds approximately 40% of the world’s gold deposits and is a significant source of about 90% of global chromium and platinum deposits. Read more.
Beyond fintech, these African startups are proving that Africa is a hotbed for innovation
Tech and innovation on the continent are spreading rapidly. Over the years, many sectors have embraced technology to birth novel businesses or transform existing business models. Yet, as these sectors continue to prove that Africa is a hotbed for innovation, the conversations continue to revolve around the same subsectors, especially fintech, agritech, edtech, and health tech. Read more.
Here are some key takeaways from Egypt’s tech ecosystem report
From its humble beginnings, Egypt’s tech startup ecosystem has experienced exponential growth. Now it stands tall as a prominent tech powerhouse in Africa, rivalling well-established startup ecosystems like South Africa, Nigeria, and Kenya in terms of entrepreneurial innovation and investment levels. In the 3rd edition of Egypt Fintech Landscape Report 2023, the startup ecosystem hit a milestone. Read more.
My Pivot Journal: Olufela Osideko’s journey to becoming a cyber security analyst
All her life, Olufela Osideko had various aspirations. While working as a sales assistant in a supermarket’s pharmacy section, she dreamed of becoming a pharmacist due to the job security it promised after graduation. But everything changed during the lockdown when she was introduced to the world of cybersecurity. Read more.
What is Nigeria’s plan to become Africa’s creative and entertainment capital?
Someone said Nigeria’s creative economy is its new oil. And their statement couldn’t be so far from the truth. This is why the Nigerian government has recently unveiled a plan to capitalize on this creative energy and transform Nigeria into Africa’s cultural and entertainment capital. From music and film to fashion and design, Nigeria has a vibrant and diverse creative sector that possesses huge income-generating potential and is a major driver of economic growth and social development. Read more.
Who are the beneficiaries and losers of CBN’s new 18.75% interest rate hike?
To control the surging inflation rates, the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) recently decided to increase the benchmark rate by 25 basis points, reaching an all-time high of 18.75%. This move came despite the President’s appeal for a reduction in lending rates. Read more.
Examining the far-reaching consequence of Sudan’s rejection of East African peacekeepers.
Since the 15th of April, Sudan has been embroiled in a state of turmoil. Two groups decided to display their military might, causing immense harm to an already struggling economy, and plunging many citizens into poverty and unprecedented danger. Tensions have shown no signs of abating between the Sudanese army, led by General Yassir al-Atta, and the paramilitary Rapid Support Forces (RSF), under the command of Mohamed Hamdan Dagalo (“Hemetti”). Read more.
ASIS 2023: Uniting global vision and local action for sustainable development outcomes in Africa.
To attract investment on the continent towards this sustainable future, the Sterling One Foundation will hold the Africa Social Impact Summit (ASIS) – a gathering of leaders from the private and public sectors, civil society organizations, and the development community to find innovative sustainable solutions to developmental challenges in Africa. Read more.
Weekly Economic Index: Nigeria’s inflated outlook, Uganda’s penny-wise strategy, and the end of Twitter
Uganda wants to replace low-denomination banknotes with coins, and a cost-benefit analysis will inform the decision. Adam Mugume, Bank of Uganda’s Executive Director of Research, said so in a letter published in the June International Monetary Fund (IMF) Fourth Review for Uganda. Read more.
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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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