The CEO ofKenya’s Private Sector Alliance speaks to FORBES AFRICA about the country’s growth prospects on the back of its 60 years of independence celebrations.



Kenya is, arguably, East Africa’s most robust economy, with the country putting in the yards to better itself in several sectors. With 2023 marking a watershed moment for the country, it celebrated key achievements over the past 60 years as well as its impact on business in Africa through the creation of opportunities for investment.



“Kenya has a diverse and resilient economy, with sectors such as agriculture, manufacturing, services, tourism, and energy offering opportunities for investment,” says KEPSA CEO, Carole Kariuki.



She adds that a systematic urge to position the country as a key investment hub is paying off.&nbsp;&nbsp;



“Some of the opportunities for investments in Kenya include being the leading producer and exporter of agricultural products such as tea, coffee, flowers, fruits and vegetables. There is potential for value addition, agro-processing, irrigation, and mechanization in the sector.” &nbsp;



Kenya is one of the fastest growing economies in Africa, with an average annual growth rate of 4.8% between 2015 and 2019 and an expected 5% growth in 2023. The country has reduced poverty from 36.5% in 2005 to 27.2% in 2019 and has improved its global ranking in the World Bank’s Ease of Doing Business index from 136th in 2015 to 56th in 2020.



As a leader in innovation and technology in on the continent, with a vibrant startup ecosystem and a strong digital infrastructure, Kenya is home to some of the most successful African tech companies, such as Safaricom, M-PESA and BRCK, among others.



However, there are challenges. High power costs have not been good for the economy and the country witnessed the exit of a large number of companies in December due to high operational expenses.



“Manufacturing has a well-developed industrial base that Kenya boasts of. The sector produces a variety of goods such as textiles, leather, food and beverages, chemicals, pharmaceuticals, plastics, and metal products. The government has identified manufacturing as one of the key pillars of its Bottom-up Economic Transformation Agenda,” admits Kariuki.



Despite the nation’s ambitious plans to increase the sector’s contribution to GDP, some heavy-lifting is necessary to tackle the high-power costs. Going into the next 10 years of growth, Kariuki says accelerated economic growth will be driven by increased investment in trade, transport, communication and innovation.



“The country has a well-developed infrastructure network, a skilled labor force, and a conducive regulatory framework for doing business. Kenya is well-positioned for take-off in the next decade, as it has many strengths and opportunities to leverage,” she says. &nbsp;



With a median age of almost 20 years, and a literacy rate of 81.5%, as reported in 2018, the country has all the necessary ingredients to chart out a new and prosperous future.&nbsp;But despite Kenya being a regional hub, weak governance could dampen the country’s prospects.&nbsp;



“My administration will be stepping up the war on graft. Any public servant found to be engaging in corruption will be subjected to face the full wrath of the law,” said President William Ruto, when the nation marked its Mashujaa Day celebrations in October last year. &nbsp;



Kenya has primed itself as a gateway to the East African trade corridor, a bloc that boasts a market of over 300 million people (about a quarter of Africa’s population) and a reported combined GDP of $305.3 billion.



According to Kariuki, the roll-out of the African Continental Free Trade Area (AfCFTA) provides preferential access for Kenyan products and services to these markets.



“A visionary and ambitious development agenda that aims to transform Kenya into a middle-income country by 2030 needs a renewed focus on delivering food security, affordable housing, universal health coverage, manufacturing, and SME development. That require[s] massive investment outlays and will put Kenya on the pedestal for industrialization,” she says. &nbsp;



Having being at the helm of&nbsp;KEPSA&nbsp;for a decade and counting, Kariuki believes that with democracy being the cradle of hope for a better Kenya, the private sector must also be an active player in the country.



“KEPSA&nbsp;continues to play an important role in achieving a better and prosperous Kenya by representing the voice of the private sector in Kenya and engaging with the government, development partners, and other stakeholders on cross-cutting policy issues and programs for social and economic development of the country.”



Kenya has transformed from a lacking and divided colony to a stable and prosperous nation with a vibrant democracy, a diversified economy, and a leading role in regional and global affairs.

Carole Kariuki of KEPSA; image supplied

Manufacturing, Energy And Agriculture Among Sectors Bound For Development In East African Economy

From Nigeria to the United States and the world, the international business community is mourning the loss of the Group Chief Executive Officer of Access Holdings.



At the age of 57, Dr Herbert Wigwe, Group Chief Executive Officer of Access Holdings, met his untimely demise in a helicopter crash near the California-Nevada border, along with his wife Chizoba, son Chizi, and former Group Chairman of Nigerian Exchange Group Plc (NGX Group), Abimbola Ogunbanjo.



Wigwe&#8217;s journey in the finance world began at the age of 21 as a Management Consultant for Coopers &amp; Lybrand before qualifying as a Chartered Accountant at 23, setting the stage for a 36-year career marked by entrepreneurial strides and social responsibility. As Access Holdings, parent of Access Bank, one of Africa’s largest banking groups, mourned his passing, they remarked, &#8220;Herbert&#8217;s visionary leadership and unwavering commitment to social impact initiatives have left an indelible mark on Access Holdings and the communities we serve. His legacy will never be forgotten.&#8221;



Wigwe graduated from University of Nigeria, Nsukka, receiving a Bachelor&#8217;s Degree in Accountancy in 1987 followed by a Master’s degree in Banking and Finance from the University College of North Wales (now Bangor) in 1991. He bagged a Master of Science degree in Financial Economics from the University of London in 1996 and is an Alumnus of the Harvard Business School Executive Management Programme. He is a Fellow of the Institute of Chartered Accountants of Nigeria, a Fellow of the Institute of Credit Administration, and an Honorary member of the Chartered Institute of Bankers of Nigeria.



Having bought Access Bank alongside Aigboje Aig-Imoukhuede in 2002, Wigwe became Deputy Managing Director and later Group Managing Director/CEO in 2014, a position he held until May 2022. He was subsequently appointed a Non-Executive Director of the Bank effective May 2022. His tenure was characterized by strategic growth and impactful initiatives, including transitioning into a holding company structure to diversify and explore beyond banking opportunities in 2022.



Before Access Bank, Wigwe was the Executive Director at Guaranty Trust Bank where he spent over 10 years beginning as the Deputy Manager of the Corporate Bank arm.



Speaking on the merger with Diamond Bank in 2019, he shared insights in an exclusive interview with CNBC Africa, stating, “Access Bank has, over the years, built a very strong corporate banking business and commercial banking business, very strong on treasury and very strong on risk management. We have also built and pursued a value chain management strategy to deepen our retail incursion. Diamond Bank brings a very strong and phenomenal retail base. They have invested significantly in digital and they have been extremely successful as far as reaching out to customers with 17 million customers and a very significant retail base.”



Reflecting on his journey, Wigwe&#8217;s longtime business partner, Aig-Imoukhuede, emphasized their shared entrepreneurial spirit and mutual respect. Recounting their early days, he shared in an exclusive interview with FORBES AFRICA in 2016: “He was my closest friend in the bank and the professional colleague I most respected and I believe vice versa. So in terms of selecting a partner, he was the best person I could choose. I told Herbert, ‘listen we are doing this and we are doing everything we need to run a bank and the only way we can get that reward is if we are risking our own capital. So let’s get out and buy a bank, let’s do it together’. So Herbert’s entrepreneurial juices started running. We didn’t resign immediately, we were still giving GTB 100%, and nobody knew and we were talking to owners of banks.&#8221;



Beyond his banking endeavors, Wigwe&#8217;s influence extended to various sectors as Chairman of Access Bank (Ghana), Access Investment &amp; Securities Limited, and Central Securities and Clearing System (CSCS), Access Bank (UK) Limited and Unified Payments Services Limited. He was also a Board Member of Nigerian Mortgage Refinance Company and actively engaged in advisory roles, including the advisory Board for Friends Africa.



Wigwe committed to social change through the establishment of the Herbert Onyewumbu Wigwe (HOW) Foundation in 2016, dedicated to youth empowerment and health initiatives, particularly addressing malaria and prostate cancer. His vision for education led to the development of Wigwe University, a $500 million project set to commence academic session in September in his hometown of Isiokpo, Ikwerre Local Government Area of Rivers State, Southern Nigeria.



The outpouring of grief and tributes from world leaders, colleagues, and friends indicate the profound impact he had on lives.



French President Emmanuel Macron taking to Facebook expressed his condolences, highlighting Wigwe&#8217;s role in strengthening Franco-Nigerian relations. &#8220;France has lost a friend,&#8221; Macron lamented, acknowledging Wigwe&#8217;s efforts as President of the French Nigeria Business Council.



Ajuri Ngelale, Special Adviser to Nigeria&#8217;s President Bola Tinubu, conveyed Tinubu&#8217;s shock and distress at the loss of Wigwe and others. &#8220;Their passing is an overwhelming tragedy that is shocking beyond comprehension,&#8221; Ngelale quoted Tinubu.



Femi Otedola, Chairman of Geregu Power PLC, shared fond memories of Wigwe and his family in a post on X (formerly Twitter), describing him as a &#8220;banking genius&#8221; and emphasizing the lasting legacy he leaves behind.



The National Basketball Association (NBA) mourned Wigwe&#8217;s passing, recognizing his role as an investor in NBA Africa. The NBA&#8217;s condolences echo the sentiment shared by many who admired Wigwe&#8217;s contributions beyond the business world.



Ngozi Okonjo-Iweala, Director-General of the World Trade Organization (WTO), expressed deep sympathies to the families affected by the tragic helicopter crash. She emphasized Wigwe&#8217;s significant contributions to Access Bank Group and extended condolences to his partner, Aig-Imoukhuede.



Festus Keyamo, Nigeria’s Minister of Aviation and Aerospace Development, recalled his last encounter with Wigwe and lamented the loss of a close friend and neighbor. He reflected on plans they had discussed for the aviation sector, highlighting Wigwe&#8217;s passion for innovation and collaboration.



Kashifu Abdullahi, Director-General of the National Information Technology Development Agency (NITDA), remembered Wigwe as a visionary leader dedicated to nurturing young talent and promoting educational opportunities. Abdullahi emphasized that Wigwe&#8217;s impact will continue to inspire generations to come.

WhatsApp Image 2024-02-12 at 16.33.04

Herbert Wigwe: Outpouring Of Grief And Tribute To An African Giant

South African President Cyril Ramaphosa on Thursday night delivered his sixth annual State of the Nation Address (SONA) in Cape Town’s City Hall, taking a nostalgic approach to the event as part of commemorating 30 years of democracy, as well as addressing what is likely to be the most highly-contested general election the country has seen since democratic rule.



The occasion attracted intense scrutiny from opposition political parties, analysts, and commentators alike, as the country seeks to steer through severe socioeconomic and political challenges.



Ramaphosa&#8217;s address attempted to highlight the ruling African National Congress’ (ANC) critical role in South Africa&#8217;s progress post-apartheid. However, this endeavor revealed a profound disconnect between the government&#8217;s narrative and the lived realities of ordinary South Africans, according to some analysts, conflating the ruling ANC and the state. While the President highlighted key achievements such as the provision of housing and water to millions of people previously disenfranchized by the apartheid state, he acknowledged the challenges currently faced by the country, including “loadshedding, addressing the challenges in the logistics sector, tackling crime and corruption, and accelerating job creation” in his speech.



“Whenever Ramaphosa spoke about achievements, he conflated the party and the state – the &nbsp;highlighting figures that fought for democracy that were also part of the ANC, like Mandela and Tambo. But when he spoke about failures and challenges, he referred to the state,” says independent policy and risk analyst Marisa Lourenço to FORBES AFRICA. “This is typical of liberation movements-turned-ruling parties, which, at least in postcolonial Africa, draw their legitimacy from the past rather than the present, especially when their rule has overseen the decay of essential services, an energy crisis, and state capture.”



Critics of Ramaphosa’s address include both major opposition parties, with the Democratic Alliance (DA) condemning the address as “populist posturing and policy proposals, including the doubling down on state-centric policy and legislation and the arrogance of a president who is completely out of touch with ordinary South Africans,” according to a statement by the party’s leader John Steenhuisen.



Another leading opposition party, the Economic Freedom Fighters (EFF), saw all of its members boycott SONA after a court application to dismiss its leader Julius Malema’s suspension from Parliament was dismissed earlier that day, following his conviction of contempt of Parliament for storming the stage during Ramaphosa’s 2023 SONA delivery.



Lourenço continued her analysis of Ramaphosa’s conflation of the state and the ANC, stating, “Not only does it place the ANC at the center of all accomplishments, including the transition to democracy, but it also implies that without the ANC, South Africa would be a worse place to live – and actually, that the democratic freedoms enjoyed since 1994 could be stripped away. It transmits the idea that we have only just emerged from the other side – the apartheid era – and that our democracy is still quite tenuous. In this way, then, the only way to preserve democracy is to ensure that the party which fought for it remains in power for another five years.”



The ANC is facing the most realistic challenge to its rule since South Africa became a democracy in 1994, with recent polls indicating that the party may retain less than 40% of the public vote in the elections set to take place sometime this year. Gustavo de Carvalho, a Senior Researcher at the South African Institute of International Affairs, says that one key takeaway from SONA is that it sets the tone of the ANC’s approach to the upcoming elections. “It showcases a comparison between today and 1994,” he tells FORBES AFRICA. “It&#8217;s clear that it is not only about commemorating the 30th anniversary of democracy but also about controlling the narrative that the ANC in this current administration has not improved as much as expected in terms of the economy and many of the social indicators.”



De Carvalho also notes that the fact that a date for the election has not yet been announced might indicate that the ANC is doing its best to make as much of the electioneering time available. “And I think for the ANC at this stage, the stalling of the dates for the elections provides them some time in terms of trying to shift certain narratives to regain some of the voters that have been under a lot of pressure and attention from other political parties.”



The run-up to the 2024 general election has seen the birth of multiple new political parties to add to the established opposition groups, with an ANC breakaway party being formed under former South African President Jacob Zuma in the form of the uMkhonto we Sizwe (MK) party, and Rise Mzansi as notable events, spawned out of severe dissatisfaction with the current political space and the ANC’s inability to resolve challenges such as wealth inequality, crime, and the electricity crisis.



While President Ramaphosa put forward many possible solutions to these challenges during his speech and cited historical achievements by the ANC as reasons to believe in a future under their governance, de Carvalho’s analysis is quite blunt. “On how effective the measures proposed by President Ramaphosa might be… do we believe in what he has to say?”



Lourenço concurs, reinforcing her earlier point about the language of the address ‘drawing legitimacy from the past rather than the present’, stating, “Ramaphosa spoke about better equipping law enforcement and also the importance of economic empowerment for women but didn’t mention the role that education plays in all of this. Improved access to education is not only absolutely vital in starting to close the gap between the rich and the poor in South Africa, going some way towards preventing at least some types of financially motivated crimes, but is also an area in which the government has absolutely failed in the post-apartheid era.”



President Ramaphosa’s SONA address comes at a time when South Africans are dealing with a multifaceted set of challenges, and while the ruling ANC has managed to deliver increased services and equality to many, they have reportedly failed to meet many of the promises made in democratic South Africa, with unemployment, infrastructural challenges, and crime becoming a scourge on society. The rise of new political movements, as well as President Ramaphosa&#8217;s nostalgic callback to the ANC&#8217;s achievements and deflection of criticisms, has led analysts to be critical of the address. However, one thing is certain: the election year ahead is likely to be hotly-contested and fraught with high stakes, signifying a critical juncture for South Africa&#8217;s democracy.

South African President Ramaphosa Delivers 2024 State Of The Nation Address.

Analyzing Ramaphosa’s State Of The Nation Address Amidst South Africa’s Socioeconomic Challenges

The 15th annual Realizing The Dream Legacy Banquet recognized three community members who embody the leadership style of Dr Martin Luther King Jr., including Nigeria’s Adebola Aderibigbe, an advocate for girl child rights.



At the 15th Realizing The Dream Legacy Banquet recently, Adebola Aderibigbe, a 20-year-old student from Nigeria, became the youngest and first African to be honored with the Horizon Award.



Aderibigbe was recognized alongside former Birmingham Mayor, Richard Arrington, Jr. and attorney and former United States (US) Senator, Doug Jones, who received the Mountaintop Award and the Call to Conscience Award, respectively.



The recognition, given annually and in line with Dr Martin Luther King Jr.’s principles, celebrates individuals who champion social justice, peace and equality.



Hailing from Abeokuta, the capital of Ogun state in Southwestern Nigeria, she embarked on her advocacy journey for the rights of the girl child at the age of 15, winning the International Day of the Girl Child Essay Contest organized by HACEY Health Initiative, a non-governmental organization (NGO) focused on improving the health and productivity of vulnerable and underserved populations in Africa, especially women and girls. Her winning essay, What Gender Equality Means To Me, marked the beginning of her journey, which led to an invitation to serve as a Girls Advisory Board member of the NGO where she has made both local and international appearances “educating people on why girls will always matter in the world today.”



When asked about the award, Aderibigbe shares her disbelief, telling FORBES AFRICA, “Honestly, it is still so hard to believe what happened the night of January 12th is real. Never in my life did I ever think I would someday be awarded something so prestigious. I feel honored to be recognized alongside notable dignitaries in the state.”



“Receiving this award reassures me of a statement I have always lived by – the ability to chase my dreams while changing the world around me. It has given me a greater sense of purpose knowing that there is still so much impact to be made regardless of where I find myself.”



Being a second-year student at Stillman College, Alabama in the US, Aderibigbe also manages The House Tuscaloosa, volunteering to promote literacy in The West End Community. Her commitment extends globally, having served as a panelist at the With And For Girls Awards in London in the UK, and featured on the podcast interview segment of I.G. Advisors, a UK-based organization focused on strategy consultancy and specializing in social and environmental change.



Aderibigbe also runs the initiative Girls Matter Too and contributes as a volunteer member of The Legend Lifeskills Foundation, an NGO set up with the aim of equipping young people, especially girls, with skills for success in life and career.

Adebola Aderibigbe; Photo courtesy University of Alabama

20-Year-Old African Fighting For The Rights Of the Girl Child On Prestigious Award And Chasing Dreams  

<h2 class="wp-block-heading" id="h-topline">TOPLINE</h2>



Erectile dysfunction drugs like Viagra may reduce the risk of developing Alzheimer’s disease, a Wednesday study found, a breakthrough researchers say is needed to help prevent and delay Alzheimer’s diagnoses.



<h2 class="wp-block-heading" id="h-key-facts">KEY FACTS</h2>



Participants who were prescribed erectile dysfunction drugs were 18% less likely to be diagnosed with Alzheimer’s compared to participants who weren’t, according to a study published Wednesday in the American Academy of Neurology’s journal Neurology.



The study followed 269,725 men with an average age of 59 for five years who had no previous diagnosis of dementia or cognitive confusion; 55% of the participants were prescribed erectile dysfunction drugs like Viagra and Cialis, while 45% weren’t.



The types of drugs used in the study are called phosphodiesterase type-5 inhibitors (PDE5Is), which are a&nbsp;<a href="https://www.ncbi.nlm.nih.gov/books/NBK549843/" target="_blank" rel="noreferrer noopener">class of drugs</a>&nbsp;used to treat hypertension and erectile dysfunction.



The researchers believe PDE5Is reduce Alzheimer’s risk because some forms of these drugs can improve brain health by increasing blood flow to the brain and reducing the amount of energy neurons consumed in the brain.



A previous 2021 <a href="https://pubmed.ncbi.nlm.nih.gov/35572351/'" target="_blank" rel="noreferrer noopener">study</a>—backed by the National Institute of Aging—looked at insurance claim data and found Viagra was associated with a 69% lower risk of Alzheimer’s developing in older men with diabetes or high blood pressure.



<h2 class="wp-block-heading" id="h-crucial-quote">CRUCIAL QUOTE</h2>



“Although we’re making progress with the new treatments for Alzheimer’s disease that work… for people with early stages of the disease, we desperately need treatments that can prevent or delay the development of Alzheimer’s disease,” study author and lecturer at the University College London Ruth Brauer said in a statement.



<h2 class="wp-block-heading" id="h-contra">CONTRA</h2>



A 2022 National Institute of Health-backed&nbsp;<a href="https://www.nih.gov/news-events/news-releases/nih-dream-study-finds-viagra-cialis-do-not-reduce-risk-alzheimer-s-related-dementias" target="_blank" rel="noreferrer noopener">study</a>&nbsp;used insurance claim data over a span of five months to follow two groups of people with a form of hypertension: those treated with Viagra and Cialis, and those treated with a different type of hypertension drug. The study’s results found there was not a reduced risk of Alzheimer’s or other dementia-related illnesses in either group. The reason the NIH study results differ could be because “five months may have been too short for the outcome of interest to occur,” the researchers of the Neurology study said in a statement.



<h2 class="wp-block-heading" id="h-big-number">BIG NUMBER</h2>



6.7 million. That’s how many Americans aged 65 years or older had Alzheimer’s in 2023,&nbsp;<a href="https://www.alz.org/alzheimers-dementia/facts-figures#:~:text=More%20than%206%20million%20Americans%20of%20all%20ages%20have%20Alzheimer%27s,older%20(10.7%25)%20has%20Alzheimer%27s." target="_blank" rel="noreferrer noopener">according</a>&nbsp;to the Alzheimer’s Association. Around one in nine people aged 65 and older have Alzheimer’s.



<h2 class="wp-block-heading" id="h-key-background">KEY BACKGROUND</h2>



There isn’t a cure for Alzheimer’s, but there are several&nbsp;<a href="https://www.nia.nih.gov/health/alzheimers-treatment/how-alzheimers-disease-treated" target="_blank" rel="noreferrer noopener">FDA-approved</a>&nbsp;treatments for early- and middle-stage Alzheimer’s like the drugs lecanemab and aducanumab. Other drugs that treat different illnesses have been found to potentially reduce Alzheimer’s risk. Patients with rheumatoid arthritis taking a certain type of arthritis drug called biologics or targeted synthetic DMARDs developed dementia 19% less than those taking another type of arthritis drug, according to a 2022&nbsp;<a href="https://www.sciencedirect.com/science/article/abs/pii/S0049017222001342?via%3Dihub" target="_blank" rel="noreferrer noopener">study</a>. Lifetime use of oral birth control is associated with a decreased risk of developing Alzheimer’s, while patients with depression who took postmenopausal therapy had a decreased risk of developing Alzheimer’s and vascular dementia, a separate 2022 study&nbsp;<a href="https://alzres.biomedcentral.com/articles/10.1186/s13195-022-01026-3" target="_blank" rel="noreferrer noopener">found</a>.



<h2 class="wp-block-heading" id="h-tangent">TANGENT</h2>



Nose-picking may lead to an increased risk of developing Alzheimer’s, according to an October <a href="https://www.mdpi.com/2218-273X/13/11/1568" target="_blank" rel="noreferrer noopener">study</a>. Chronic nose-picking introduces germs and other pathogens into the nose via dirty fingers. Beta-amyloid, a protein believed to be a <a href="https://www.alz.org/documents/national/topicsheet_betaamyloid.pdf" target="_blank" rel="noreferrer noopener">cause</a> of Alzheimer’s, is produced in the brain in response to nose-picking introducing these pathogens into the nose, according to the study. The researchers encouraged “incurable nose-picker[s]” to wash their hands frequently, citing the Covid pandemic as an example of how infection can spread due to dirty hands touching surfaces. “It is essential to note that the temporary relief obtained from nose picking is not a substitute for proper nasal hygiene, which involves regular cleaning and maintenance of the nasal passages through gentle methods such as saline nasal rinses or blowing the nose,” the study said.

Two blue pills viagra in male hand. Medicine concept of men health, medication for erection, treatment of erectile dysfunction

Erectile Dysfunction Drugs Like Viagra May Reduce Alzheimer’s Risk, Study Finds

In a landmark move, Tanzania marked its first participation at the Mining Indaba, being held from February 5-8 in Cape Town, South Africa. This year&#8217;s event, the 30th edition of the conference, with the theme Embracing the power of positive disruption: A bold new future for African mining, focuses on the need for adaptation in the African mining sector in light of technological advancements and environmental concerns​​.



The Tanzanian delegation, comprising both government and private sector representatives, arrived with a clear message, encapsulated in their chosen theme: Advancing mining investment to accelerate prosperity. This move aligns with the Tanzanian government&#8217;s Vision 2030, aiming to intensify geoscientific surveys to tap into the nation&#8217;s rich mineral resources​.



​​​Anthony Mavunde, Tanzania&#8217;s Minister of Minerals, emphasized the vision at the indaba, presenting the government&#8217;s strategy to not only boost investment and economic growth but also focus on sustainable and responsible mining practices. &#8220;Our vision isn’t simply to dig up minerals, it’s to ignite the engines of prosperity,&#8221; Mavunde declared, underscoring a shift from traditional mining practices to a more sustainable and economically beneficial approach.



Tanzania&#8217;s participation in the conference is seen as a crucial step towards redefining the African narrative of mining, which has often been plagued by issues of environmental degradation and exploitation.



Key issues discussed at the conference included the role of Africa in supplying critical minerals for global electronic and automotive industries and innovative approaches to spur mining sector investment and employment. These discussions are particularly relevant for Tanzania, given its abundant reserves of critical minerals like nickel, rare earths, and graphite​​.



However, the path to mining prosperity is not without its challenges. The conference provided a platform for Tanzania to address hurdles impeding investment, such as taxation concerns and the need for equitable sharing of project returns. The government&#8217;s commitment to facilitating a conducive investment environment was evident, as noted by Kheri Mahimbali, Permanent Secretary at the Ministry of Minerals, who confirmed Tanzania&#8217;s dedication to responsible mining practices​​.



Tanzania&#8217;s debut symbolizes more than just participation; it represents the country&#8217;s commitment to playing a key role in the future of African mining.

Key Speakers at The Investing in African Mining Indaba

Tanzania’s Strategic Debut At Mining Indaba: Forging A New Path In African Mining

As the Central Bank of Nigeria (CBN) prepares for its first Monetary Policy Committee (MPC) meeting on February 26 and 27 under the leadership of its new Governor Yemi Cardoso, he shed light on the reasons behind the postponements, citing the need for thorough groundwork to ensure the MPC&#8217;s effectiveness.



Cardoso revealed in an interview about the MPC with Arise News on Monday that “transmission was questionable”, referring to the impact of previous rate hikes on inflation figures.



The CBN&#8217;s rate hike spree since May 2022, moving from 13.0% to 18.75% during the last MPC meeting in July, has reportedly stirred debates on its efficacy, especially in light of the persistent rise in inflation rates, moving from 17.71% to 28.92% in December, the highest in 27 years.



He explained: “I didn’t want a situation where we start back on that same trajectory. It is for that same reason that we took our time to ensure that we put ourselves in a position where the MPC will be impactful and where it will complement the activities of the fiscal side.”



The MPC has twice postponed its 293rd meeting, initially set for September 25 and 26, since the nomination of Cardoso in the same month. The meeting, intended to address various issues, including the decision on interest rates, was rescheduled for the second time on November 20. While acting as CBN governor from June to September, Folashodun Shonubi oversaw two interest rate increases at the bank.



With the enactment of the new CBN Act (2007) by the National Assembly, the reconstituted MPC “meets bi-monthly, except in the event of an emergency”. The two-day meeting only occurred in January, March, May, and July 24 and 25 last year.



A tentative calendar of MPC meetings for this year posted on the CBN&#8217;s X (formerly Twitter) account indicates that the meetings have been scheduled for February, March, May, July, September, and November.



Emphasizing the importance of aligning monetary policy with fiscal measures, Cardoso underscored the goal of stabilizing prices and controlling inflation. He affirmed that the focus of the CBN under him was to stabilize prices and control inflation.



Cardoso pointed to International Monetary Fund (IMF) forecasts indicating a significant decrease in inflation in the coming year. &#8220;That is as a result of the tightening that we are doing,&#8221; he explained, hinting at a shift in strategy to tackle the nation&#8217;s economic challenges.



Amidst the anticipation surrounding the upcoming meeting, investors like Moses Adeolubodun are closely monitoring developments.



Speaking with FORBES AFRICA, Adeolubodun considers these delays as &#8220;a reflection of the CBN&#8217;s commitment to meticulous preparation&#8221;.



He adds: &#8220;The postponements, while unexpected, highlight the importance of thorough groundwork. In an increasingly complex economic landscape, it&#8217;s crucial for the MPC to be armed with comprehensive insights and strategies.&#8221;



He explains the need for the MPC to be fully equipped to navigate evolving economic challenges, ensuring its decisions resonate effectively in the market. &#8220;I think that Cardoso is prioritizing the MPC&#8217;s efficacy. This approach instills confidence among investors and reinforces the CBN&#8217;s commitment to prudent monetary policies.&#8221;



Nigeria, like many emerging economies, faces a myriad of economic variables, from inflationary pressures to currency fluctuations. Adeolubodun acknowledges the delicate balancing act required of the MPC in such circumstances. &#8220;The MPC&#8217;s decisions have far-reaching implications. They influence investor sentiment, shape monetary conditions, and ultimately impact economic growth.&#8221;



As the revised MPC meeting approaches, Adeolubodun remains cautiously optimistic. &#8220;While delays may raise eyebrows, they also signify a dedication to ensuring informed decision-making. Investors will be eagerly awaiting the outcomes, eager for insights into the CBN&#8217;s stance on key monetary issues.&#8221;

Central Bank of Nigeria headquarters in Abuja.

Expectations High As Central Bank Of Nigeria Prepares For Twice-Postponed Policy Meeting This Month

<h2 class="wp-block-heading" id="h-topline">Topline</h2>



The biggest night in music turned out to also be one of the biggest moments for 22-year-old Tyla Laura Seethal, famously known as Tyla. On Sunday, the South African singer made history when she took home her first Grammy award for Best African Music Performance for her song Water. The continent could not contain its excitement, taking to social media to celebrate her big win.



<h2 class="wp-block-heading" id="h-key-facts">Key Facts</h2>



“I did not think I would win a Grammy at 22 years old,” Seethal beamed as she accepted the award at the Crypto.com Arena in Los Angeles, US.



Utilizing the power of social media, while still in high school, Seethal gained traction by posting covers on her platforms for her followers to see. The Johannesburg-born singer was then discovered which led to her national success as an artist.



However, it was Water and social media platform TikTok that subsequently landed her international recognition especially as the world began moving to her signature ‘Water Challenge’ dance compilation. From global singers Jennifer Hudson to Ciara, fans followed the slight bump routine, mistaken for twerking but in essence is a style of contemporary dancing in South Africa known as Barcadi.



“I knew it was going to be an amazing song,” Seethal said in an interview with Rolling Stone magazine after winning her award. “I just didn’t know it was going to do this. It has literally changed my whole life.”



The Best African Music Performance Award is one of three categories added to the Grammys in 2024, its 66th edition. The Recording Academy hailed this a breakthrough in acknowledging the commercial and cultural reach of African music.



“Giving African music its own category would highlight and celebrate the diversity and richness of Africa,” Shawn Thwaites, project manager at The Recording Academy, said in a roundtable about the new category in November last year. “This is a great step forward!”



Seethal was nominated alongside Asake and Olamide (Amapiano), Ayra Starr (Rush), Burna Boy (City Boys), and Davido featuring Musa Keys (Unavailable).



Social media expressed its enthusiasm as Seethal told the world “God literally decided to changed my life last year”. 



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Imagine your first ever award being a <a href="https://twitter.com/hashtag/GRAMMYs?src=hash&amp;ref_src=twsrc%5Etfw">#GRAMMYs</a>, Tyla is blessed <a href="https://t.co/1Ea3oGSqko">pic.twitter.com/1Ea3oGSqko</a>&mdash; The Instigator (@Am_Blujay) <a href="https://twitter.com/Am_Blujay/status/1754333973478514914?ref_src=twsrc%5Etfw">February 5, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Tyla is the true definition of &quot;staying true to yourself&quot;. The girl is South African through and through🔥🔥❤️🇿🇦 I love her please &quot;What the heck!&quot;🥹🥹 So cute Congratulations Tyla<a href="https://t.co/Ya2W6iUQM3">pic.twitter.com/Ya2W6iUQM3</a> <a href="https://t.co/VLm4F7xvyi">pic.twitter.com/VLm4F7xvyi</a>&mdash; Mahlatse🙇🏾‍♀️🙏🏾 (@Matema_) <a href="https://twitter.com/Matema_/status/1754435693902774743?ref_src=twsrc%5Etfw">February 5, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">TITBIT: Tyla wins a Grammy for Water Tyla’s “Water” won ‘Best African Music Performance’ At 22, she is the youngest South African and to win a Grammy. She is also the youngest African Grammy winner. Tyla was the only artist in her category with no album — Burna Boy,… <a href="https://t.co/3a8uOS2XSn">pic.twitter.com/3a8uOS2XSn</a>&mdash; Kgopolo (@PhilMphela) <a href="https://twitter.com/PhilMphela/status/1754387598510887231?ref_src=twsrc%5Etfw">February 5, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
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Seethal’s album is due to drop in March this year, a month before she is to take the stage at the Coachella music festival. Her eponymous album is meant to be a celebration of being African as she combines the sounds of Amapiano, Afrobeats along with pop and RnB in her music.



“The album is literally an introduction of myself and my sound,” Seethal said at her post-win press conference. “I have been working on it for two years. I have never released a project before. I have been perfecting my sound… and I am so excited for the release. There are a lot of bangers on there.”

66th GRAMMY AWARDS  Premiere Ceremony

South African Singer Tyla Wins Her First Grammy, Making Her The Youngest From Africa To Hold The Gong

<h2 class="wp-block-heading" id="h-topline">TOPLINE</h2>



French soccer star Kylian Mbappé has reportedly decided to join Real Madrid this summer after his contract with Paris Saint-Germain expires, ending months of speculation that the Spanish club could land the 25-year-old superstar.



<h2 class="wp-block-heading" id="h-key-facts">KEY FACTS</h2>



French newspaper Le Parisien first reported the news, with ESPN further&nbsp;<a href="https://www.espn.com/soccer/story/_/id/39451576/kylian-mbappe-join-real-madrid-psg-summer" target="_blank" rel="noreferrer noopener">confirming</a>&nbsp;Saturday, citing unnamed sources.



Sources told ESPN Mbappé has not informed PSG or Real Madrid, but his decision has been made and a decision could be announced next week.



Mbappé has been with PSG since 2017, when he first joined the club on loan from Monaco—PSG fully assumed his contract rights the next year.



<h2 class="wp-block-heading" id="h-key-background">KEY BACKGROUND</h2>



Mbappé is widely considered one of the best players of his generation. He won a World Cup with France at age 19 in 2018 and was named the best young player of the tournament. At the 2022 World Cup, he was top scorer with eight goals as France made another run to the final, ultimately falling to Lionel Messi-led Argentina in penalty kicks. At the club level, he has been the top or co-lead scorer in France’s Ligue 1 for the past five seasons. He is again top scorer for this season so far with 20 goals—twice as many as the next-leading scorer. Mbappé’s tenure with PSG has long been accompanied by&nbsp;<a href="https://www.forbes.com/sites/antoniopequenoiv/2023/06/12/mbapp-reportedly-leaving-paris-saint-germain-by-next-summer-after-earning-120-million-over-last-year/?sh=64edb7f4e232">rumors</a>&nbsp;of potential departures—and Real Madrid has been the top rumored landing place. In 2022, Real Madrid made a big-ticket offer to lure Mbappé away, but PSG was able to&nbsp;<a href="https://www.nytimes.com/2022/05/21/sports/soccer/mbappe-psg-real-madrid.html" target="_blank" rel="noreferrer noopener">secure him</a>&nbsp;to another two-year contract, which expires this August.



<h2 class="wp-block-heading" id="h-forbes-valuation">FORBES VALUATION</h2>



Mbappé is the third-highest paid athlete in the world, <a href="https://www.forbes.com/lists/athletes/?sh=4a3e794e5b7e">according</a> to Forbes’ latest World’s Highest Paid Athletes list, with total earnings of $120 million. Mbappé trails only Lionel Messi, who left PSG last year for Inter Miami, and Cristiano Ronaldo, who played for Real Madrid from 2009 to 2018. Real Madrid is the most valuable soccer team in the world, <a href="https://www.forbes.com/lists/soccer-valuations/?sh=6ba96cf198bb">Forbes estimates</a>, worth just over $6 billion.

Sweden v France – UEFA Nations League

Kylian Mbappé Reportedly Joining Real Madrid This Summer

The bloc&#8217;s recent expansion to include Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates (UAE) could represent a complex and multifaceted shift in global power structures, transcending simplistic views of it as merely a challenge to Western dominance. In a significant development that could reshape global alliances, South Africa&#8217;s Minister of International Relations and Cooperation, Naledi Pandor announced the expansion of the BRICS bloc with the addition of Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates. This move follows the nations&#8217; acceptance of invitations, extended at last year&#8217;s Johannesburg summit.



&#8220;With respect to the BRICS confirmations, five out of the six have confirmed,&#8221; Pandor stated in a news conference in Pretoria, located in the country’s Gauteng province. This expansion, however, will not include Argentina, who declined membership.



Gustavo de Carvalho, a Senior Researcher at the South African Institute of International Affairs, emphasizes that while this development is significant, it’s not merely a challenge to Western policy but, more, a nuanced expression of an evolving multipolar world order.



“One of the mistakes that we can make when we are assessing BRICS is looking into it through the lens of a kind of anti-Western alliance,” de Carvalho says to FORBES AFRICA.



“These new countries are joining BRICS as part of the process of diversifying foreign policy, of engaging with partners that are really quite important to them,” he adds, citing the strong economic and commercial ties that many of the new members already have with existing members like Russia and China.



De Carvalho also notes that BRICS has not primarily operated as a geopolitical bloc in certain matters.



The new members may signify a diversification in the bloc&#8217;s approach to global economic and political issues, reflecting a shift from a confrontational stance to a more collaborative and multi-aligned strategy.



One area of potential future significance is the economic implications, de Carvalho points out. The inclusion of these countries could mean more than just strategic alliances; it could herald increased economic integration and access to the US dollar by countries like China and Russia. The expanded BRICS could create a more robust platform for economic cooperation, potentially influencing the dominance of the US dollar in global trade.



A noteworthy point at Wednesday&#8217;s press conference was Argentina&#8217;s decision.



&#8220;Argentina has written to indicate that they will not act on this successful application by the previous administration to become full members of BRICS,&#8221; said Pandor.



The South American nation’s decline of admission was accepted, having previously indicated its stance following the ascension of, now President, Javier Milei in December, who campaigned, heavily, on free-market policies and closer ties with the West.



“One of the things that was interesting when Argentina declined is that their arguments, the official arguments at least, was that they were declining. For now, it [is] a new administration. They still needed to engage in such a discussion,” notes de Carvalho.



The expansion of BRICS should be viewed in the context of a changing global landscape where power is increasingly distributed. The inclusion of Middle Eastern and African nations signifies a move towards a more inclusive and representative global order.



De Carvalho also highlights the role of BRICS in global governance, suggesting the expansion is not just a counter to Western influence but a move to include diverse perspectives from the Global South in global dialogue.



It represents a shift, one that transcends simplistic narratives of power blocks. With the inclusion of these countries, BRICS is poised to potentially redefine its role on the world stage.

Opening Day of The 15th BRICS Summit

Shifting Global Alliances: The Strategic Expansion of BRICS

<h2 class="wp-block-heading" id="h-topline">TOPLINE</h2>



Apple’s Vision Pro headset will be released in the U.S. tomorrow starting at $3,500, bringing the highly anticipated and pricey product to market after&nbsp;<a href="https://www.forbes.com/sites/tylerroush/2024/01/19/apple-launches-pre-orders-for-3500-vision-pro-headset-requiring-head-scans-and-vision-prescriptions/?sh=3dd85cac19ad">more than a decade</a>&nbsp;of development.



<h2 class="wp-block-heading" id="h-key-facts">KEY FACTS</h2>



The mixed-reality headset’s cheapest version sports 256 GBs of storage for $3,500, while the 512 GB and 1 TB versions will respectively cost $3,700 and $3,900.



Buyers will be required to complete a headscan with their iPhones or iPads to produce a proper fit with the headset, which can also have readers and prescription inserts incorporated into it for $99 and $149, respectively.



Apple analyst Ming-Chi Kuo, who estimated that Apple sold 160,000 to 180,000 Vision Pro units during the first pre-order weekend, warned in a&nbsp;<a href="https://medium.com/@mingchikuo/vision-pro%E9%A6%96%E9%80%B1%E6%9C%AB%E9%A0%90%E8%B3%BC%E6%AA%A2%E8%A6%96-%E7%AC%A6%E5%90%88%E9%A0%90%E6%9C%9F%E4%BD%86%E9%9A%B1%E6%86%82%E6%B5%AE%E7%8F%BE-vision-pros-first-weekend-pre-order-review-expectations-in-line-0450c1effe66" target="_blank" rel="noreferrer noopener">blog post</a>&nbsp;of waning demand for the headset after core fans and heavy users make their purchases.



The Vision Pro allows users to access entertainment, work and task-based apps that can be interacted with by wearers while still being able to see the physical space around them if they choose.



The headset’s display provides more pixels than a 4K TV for each eye, which can come in handy when using streaming apps like Disney+, Max and Amazon Prime Video—though the apps for Netflix, Spotify and YouTube won’t be supported at launch.



The Vision Pro’s battery pack lasts up to two hours and is attached to the headset by a woven USB-C cable.



<h2 class="wp-block-heading" id="h-surprising-fact">SURPRISING FACT</h2>



The $3,500 price tag for the cheapest version of the Vision Pro costs more than three weeks worth of pay for the median American paycheck, based on Bureau of Labor Statistics&nbsp;<a href="https://www.bls.gov/news.release/wkyeng.t01.htm" target="_blank" rel="noreferrer noopener">data</a>.



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By signing up, you accept and agree to our&nbsp;<a href="https://www.forbes.com/terms-and-conditions" target="_blank" rel="noreferrer noopener">Terms of Service</a>&nbsp;(including the class action waiver and arbitration provisions), and you acknowledge our&nbsp;<a href="https://www.forbes.com/privacy" target="_blank" rel="noreferrer noopener">Privacy Statement</a>.



<h2 class="wp-block-heading" id="h-contra">CONTRA</h2>



The Vision Pro will directly compete with Meta’s line of Meta Quest headsets, which feature the Meta Quest Pro ($999) and the Meta Quest 3 ($499). Meta&nbsp;<a href="https://www.meta.com/blog/quest/v62-software-update-spatial-video-playback-gamepad-support-browswer/" target="_blank" rel="noreferrer noopener">announced Thursday</a>&nbsp;it’s adding Meta Quest support for spatial video playback—a feature boasted by the Vision Pro that will let users upload stereoscopic videos from their iPhone 15 Pro or iPhone 15 Pro Max for playback.



<h2 class="wp-block-heading" id="h-key-background">KEY BACKGROUND</h2>



Apple has marketed its new headset as a “spatial computing” device giving users the ability to go between full virtual reality and augmented reality (virtual features seen over the real world). Announced last June, the Vision Pro opens up a new revenue stream for Apple as it contends with a&nbsp;<a href="https://www.forbes.com/sites/antoniopequenoiv/2024/01/30/apple-stock-slides-nearly-2-after-analyst-warns-of-potential-iphone-shipment-decrease/?sh=1530944519be">possible decrease</a>&nbsp;in iPhone shipments this year. UBS Group AG analyst David Vogt expects the tech giant to ship 300,000 to 400,000 units of the Vision Pro this year, generating up to $1.4 billion in revenue,&nbsp;<a href="https://www.bloomberg.com/news/articles/2024-01-19/when-do-apple-vision-pro-preorders-begin-8-a-m-eastern-5-a-m-pacific-jan-19" target="_blank" rel="noreferrer noopener">Bloomberg</a>&nbsp;reported.



<h2 class="wp-block-heading" id="h-further-reading">FURTHER READING</h2>



<a href="https://www.forbes.com/sites/tylerroush/2024/01/19/apple-launches-pre-orders-for-3500-vision-pro-headset-requiring-head-scans-and-vision-prescriptions/?sh=3dd85cac19ad">Apple Launches Pre-Orders For $3,500 Vision Pro Headset—Requiring Head Scans And Vision Prescriptions</a>&nbsp;(Forbes)



<a href="https://www.bloomberg.com/news/articles/2024-01-19/when-do-apple-vision-pro-preorders-begin-8-a-m-eastern-5-a-m-pacific-jan-19" target="_blank" rel="noreferrer noopener">Apple Vision Pro Deliveries Delayed to March in Sign of Early Demand</a> (Bloomberg)<a href="https://www.forbes.com/sites/antoniopequenoiv/"></a>

In this photo illustration, Apple Vision Pro logo and price

Apple’s $3,500 Vision Pro Launches Today—What To Know About The Mixed-Reality Headset

The take-off for Africa will happen in Nairobi, says businessman Alex Chesosi to FORBES AFRICA in a recent interview. He is a man on a mission, keen to see Kenya play in the big leagues when it comes to technology.



Chesosi, who wears several hats, is currently the Chairman of Intellimedia Networks Africa, a connectivity solutions provider. The US-based company has been making inroads into Africa, and Kenya is proving to be a key launch pad.



He acknowledges that the government, since the country’s independence, has made substantial investments in the information and communication technologies (ICT) space.



“[Former] President Uhuru Kenyatta contributed heavily towards Kenya accelerating investments in technology and his administration did cover good ground,” says Chesosi.



The current administration, led by President William Ruto, is primarily anchoring the new Kenya on an economic take-off, linked to bridging the digital divide. “I laud President Ruto. He has a plan to lay 100,000 kilometers of fiber optic [cable] and 25,000 hotspots,” notes Chesosi.



Connectivity is no longer a preserve of the affluent. Kenya is among the most robust countries, placing ICT at the center of the government’s agenda.



“ICT is the bedrock for Kenya’s next growth trajectory. Investment in connectivity will be a game-changer. We are on the brink of a great ICT revolution,” Chesosi says.



With fintech leading the charge in Kenya’s tech ecosystem, it has birthed multiple startups that are making inroads, not just on the continent but on the global stage as well. Kenya’s mass adoption of technology has positioned the country in the vanguard for the region’s prosperity.



“Laptops for school children in remote urban areas remains a priority for my administration. We shall continue to invest more in the education systems,” declared President Ruto when he addressed the nation as he led the celebrations for the 60th Mashujaa Day in Kericho County.



With the digital divide still being quite vast, investment opportunities abound for internet service providers in the region. “We need to set in motion more tax-friendly policies if Kenya is to attract the right foreign capital,” adds Chesosi.



Global businesses with a presence in Kenya include Google, HP, IBM as well as Microsoft. The latest entrant is Elon Musk’s internet company, Starlink, which is threatening to stir up market prices in the internet service provider sphere.



According to Chesosi, who has had a vantage point in seeing the strides the country is making, having worked in the aviation, fintech and energy sectors over 23 years, it is Kenya’s moment to shine on the global stage.



He believes that the country’s economy is now on a stable footing with Kenya’s GDP having grown at a rate of 5.4% in the second quarter of 2023. &nbsp;



For Chesosi, his latest foray supports the notion that deploying the internet to special economic zones (SEZs), school districts, distribution centers, smart cities, hospitals, transportation hubs and manufacturing sites, through a private cellular network, will be vital in advancing Kenya’s internet penetration.



Leading the African arm of Intellimedia Networks, Chesosi admits that good governance and transparency will be a key driver in pulling in future investors.



“I see DRC as our next growth market. By all indications, I reckon that those who still see Africa as a dark continent will have to play catch up as this is the next growth frontier.”



In Chesosi’s words, new investments will only come if African business leaders up the ante and invest more in building solid companies that have the right checks and balances. Sitting on several boards, currently, including Baran Telecom Networks Kenya Limited and Genghis Capital, he has acquired a knack for figuring out what works.



“As much as tech holds a lot of promise, to break even requires initial, substantial, capital outlay. African businesses must be ready to walk the talk and raise the funding. That’s the only way we can safeguard our place on the global stage.”



Though major milestones are being registered on the ICT front, deploying a private cellular network sets up new players to take on the big boys in the game. “We have what it takes to transition Kenya to the future of technology. With support from the ICT ministry, as well as sustained interest by investors, Kenya can become a formidable force in the region,” quips Chesosi.

Alex Chesosi; image supplied

‘On The Brink Of A Great ICT Revolution’: Kenya-Based Entrepreneur On The Country’s Tech Landscape  

In the recent report by the National Bureau of Statistics (NBS) in Nigeria, the Consumer Price Index (CPI) for December reveals an increase, with the headline inflation rate rising to 28.92% compared to November&#8217;s 28.20%. The report indicates a 0.72% point uptick.



In an analysis by financial services provider CardinalStone, titled Sailing Through Troubled Waters—Nigeria: 2024 Economic Outlook, the effects of economic reforms, including subsidy removal and efforts to harmonize exchange rates, have left a lasting impact on Nigeria&#8217;s economic landscape. The report highlights a trend as inflation soared to a 27-year high, triggering a decline in economic activities throughout last year.



Analyzing the year-on-year data, December&#8217;s headline inflation rate was 7.58% points higher than the same month in 2022. This surge signifies a deviation from the 21.34% recorded in December 2022.



Notably, both urban and rural inflation rates witnessed significant spikes, with urban inflation reaching 31.00% (8.98% points higher than December 2022) and rural inflation hitting 27.10% (6.38% points higher than December 2022).



The food inflation rate for December surged to 33.93% on a year-on-year basis, driven by increases in prices of various essentials. Notably, the report pinpoints price rises for bread and cereal, oil and fat, potatoes, yam and other tubers, fish, meat, fruit, milk, cheese, and egg.



Core inflation, excluding volatile items like farm produce and energy, stood at 23.06% in December, marking a 4.85% increase compared to December 2022. The highest spikes were observed in prices of passenger transport by road, medical services, actual and imputed rentals for housing, passenger transport by air, pharmaceutical products, and accommodation services.



Geographically, Kogi, Lagos, and Rivers experienced the highest year-on-year inflation rates in December 2023, while Borno, Taraba, and Katsina recorded the slowest rise. On a month-on-month basis, Bayelsa, Bauchi, and Oyo saw the highest increases, while Nasarawa, Delta, and Sokoto reported the slowest rise.



In the context of food inflation, Kogi, Kwara, and Imo led the year-on-year surge, whereas Bauchi, Jigawa, and Sokoto recorded the slowest rise. On a month-on-month basis, Bayelsa, Ogun, and Enugu witnessed the highest increases, contrasting with Nasarawa, Delta, and Niger reporting the slowest rise.



According to the analysis by CardinalStone, the repercussions of policies by the new government were felt most significantly in domestic consumption, which accounts for approximately 60% of the economy. The decline in domestic consumption reached a 10.6% last year, surpassing the contractions experienced during both the Covid period and the 2016 recession. CardinalStone experts emphasize the severity of the situation, stating, &#8220;Materially weaker than the 2.0% and 5.3% contractions during the Covid period and 2016 recession, respectively.&#8221;



Despite government efforts to mitigate the impacts on the cost and standard of living, the report reveals that the country&#8217;s poverty level worsened last year. The sluggish economic growth became more entrenched, attributed to flat investments and low unemployment, further burdening individuals responsible for dependents.



The report sheds light on the ripple effects of material currency devaluation, leading to foreign exchange losses for exposed businesses and higher import duties for companies reliant on imported raw materials. Consequently, this currency depreciation resulted in weaker manufacturing growth, compounding the economic challenges faced by businesses.



In the words of the CardinalStone report, &#8220;Even though the weaker currency appeared to have had a positive impact on exports, available data still suggested that overall 2023 growth averaged 2.5% (versus 3.1% for 2022).&#8221;



Nigerian exporter Oluwaseun Obilana expresses concerns over the escalating costs of doing business.



&#8220;I bought dollars for freight at ₦1,470 in the parallel market today. And this has been like that for some time due to the scarcity of the dollar, and it is really affecting the economy,&#8221; Obilana shares with FORBES AFRICA.



Despite the anticipation surrounding the naira exchange rates’ unification policy announced in June, Obilana remains skeptical about its impact, noting the need for tangible solutions to address the scarcity of the dollar and its effects on businesses.



&#8220;We need swift and effective measures to stabilize the economy, ensuring a sustainable environment for businesses to thrive in the face of these challenging economic times,&#8221; says Obilana.

Nigerian Economy Ahead of Rate Decision

On The Difficult Path To Growth:Nigeria’s Inflation Surges To 27-Year Peak Post Economic Reforms

A Brazilian producer and a Kenyan singer came together to create a song last year that soared up music charts globally, and collaborating with an India-born director for the video, it is now a milestone for African sound.



A decade ago, who knew Africa would boast a full-fledged creative economy?



The continent is front and center on the global stage today especially when it comes to its music, which has seen rapid strides with collaborations between homegrown artists, producers, and directors and creative talent from across the world.



Into this mix, we are now seeing one of the biggest cross- cultural collaborations in the Electronic Dance Music (EDM) genre yet, described by critics as “a song that will give you an undeniable earworm” (catchy piece of music that sticks).



<figure class="wp-block-embed aligncenter is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"><div class="wp-block-embed__wrapper">
<iframe loading="lazy" title="Zerb - Mwaki (Feat. @Sofiya_Nzau) [Official Music Video]" width="500" height="281" src="https://www.youtube.com/embed/y6iMvNkAQt4?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
</div></figure>



Brazilian music producer Matheus Zerbini Massa, popularly known as Zerb, released the single Mwaki in October last year. The song, featuring Kenyan singer Sofiya Nzau, has been globally soaring up charts such as Shazam TOP 200 GLOBAL Popular Songs and Spotify Global Viral 50.



Its success has come as no surprise for the team’s creators. “To be honest, [I am not surprised at how big the song has become], not really,” Massa says to FORBES AFRICA. “It’s very unique. Every person I have [passed on] the song to has said it’s one of their favorites on the EP. Usually, when we are not doing music that is in English, we think it’s harder to break barriers. And this song [has been] the opposite. Because it has connected with people from all over the world.”



Mwaki, which predominantly features Nzau’s vocals, is in Kenya’s Kikuyu language. Nzau knew the song would go viral but was not sure about the extent of it.



“I’m just grateful that it’s still doing [well],” Nzau says. “We are in a season where Africans are accepting that we don’t have to [sing in] English to be heard outside of Africa. And the fact [is] that even audiences outside of Africa are willing to listen to our music… I am glad to be part of a campaign like this.”Mwaki paints a colorful picture with a strong African narrative 


<div class="wp-block-image">
<figure class="alignright size-large is-resized"><img loading="lazy" decoding="async" width="1024" height="684" src="https://cms.forbesafrica.com/wp-content/uploads/2024/01/Mwaki-Video-Shoot-behind-the-scenes-PMG-2023-273__-1024x684.jpg" alt="" class="wp-image-61091" style="width:480px;height:auto" srcset="https://cms.forbesafrica.com/wp-content/uploads/2024/01/Mwaki-Video-Shoot-behind-the-scenes-PMG-2023-273__-1024x684.jpg 1024w, https://cms.forbesafrica.com/wp-content/uploads/2024/01/Mwaki-Video-Shoot-behind-the-scenes-PMG-2023-273__-300x200.jpg 300w, https://cms.forbesafrica.com/wp-content/uploads/2024/01/Mwaki-Video-Shoot-behind-the-scenes-PMG-2023-273__-768x513.jpg 768w, https://cms.forbesafrica.com/wp-content/uploads/2024/01/Mwaki-Video-Shoot-behind-the-scenes-PMG-2023-273__-1536x1025.jpg 1536w, https://cms.forbesafrica.com/wp-content/uploads/2024/01/Mwaki-Video-Shoot-behind-the-scenes-PMG-2023-273__.jpg 2000w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption">(Image supplied)</figcaption></figure></div>


Literally, Mwaki means fire but at its core, it’s a song of longing.



Nzau shares that it’s about fighting for something you love and not being afraid. “It’s the story of a woman who is in love with a man her parents are not in approval of, but she’s willing to fight for him, she’s willing to cover him. Just so she can be with him. Just so she can experience love.”



Following the song’srelease, therewasacollectiveneed to prolong the cultural and creative celebrations commemorating the diverse and enriching elements conveyed in the song and bringing them to life visually.



How can a collaborative depiction of culture, creativity and achievements be effectively portrayed? That is where director Mikhail Mehra comes in, literally.



“I feel like I’m the chaos guy,” Mehra jokes, speaking with FORBES AFRICA on a Zoom call from his home in Los Angeles. “People call me when it’s like chaotic and insane and they’re like ‘can you pull this off’?”



Mehra,born and raised in Mumbai, India, remembers that first call with Jake Udell, the American music manager and founder of TH3RD BRAIN, the independent record label that Massa is signed up with.



“Jake called me a couple of weeks before Christmas and he’s like ‘listen, man, I got this amazing song, do you think you can pull off this music video [during] this timeline, and can you deliver it to us in the second week of January?’&#8221; 


<div class="wp-block-image">
<figure class="aligncenter size-large is-resized"><img loading="lazy" decoding="async" width="1024" height="684" src="https://cms.forbesafrica.com/wp-content/uploads/2024/01/Mwaki-Video-Shoot-behind-the-scenes-PMG-2023-94__-1024x684.jpg" alt="" class="wp-image-61094" style="width:608px;height:auto" srcset="https://cms.forbesafrica.com/wp-content/uploads/2024/01/Mwaki-Video-Shoot-behind-the-scenes-PMG-2023-94__-1024x684.jpg 1024w, https://cms.forbesafrica.com/wp-content/uploads/2024/01/Mwaki-Video-Shoot-behind-the-scenes-PMG-2023-94__-300x200.jpg 300w, https://cms.forbesafrica.com/wp-content/uploads/2024/01/Mwaki-Video-Shoot-behind-the-scenes-PMG-2023-94__-768x513.jpg 768w, https://cms.forbesafrica.com/wp-content/uploads/2024/01/Mwaki-Video-Shoot-behind-the-scenes-PMG-2023-94__-1536x1025.jpg 1536w, https://cms.forbesafrica.com/wp-content/uploads/2024/01/Mwaki-Video-Shoot-behind-the-scenes-PMG-2023-94__.jpg 2000w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption">(Image supplied)</figcaption></figure></div>


And Mehra responded: “Uh, yes.” It was to be shot in Kenya.



Alec Udell, Co-CEO of TH3RD BRAIN, says that it was about more than just filming in Kenya, it was about contributing to the country, especially since most of the crew was from the country.



“For the music video, we asked ‘where do we shoot’?” Alec says. “It wasn’t a business decision; it was more of a creative decision. How can a music video feel authentic for the song if it’s not shot in Kenya? It didn’t feel like there was anywhere else in the world that made sense to shoot it and get the authenticity of it, which I think was important.”


<div class="wp-block-image">
<figure class="aligncenter size-large is-resized"><img loading="lazy" decoding="async" width="1024" height="684" src="https://cms.forbesafrica.com/wp-content/uploads/2024/01/Mwaki-Video-Shoot-behind-the-scenes-PMG-2023-250__-1024x684.jpg" alt="" class="wp-image-61092" style="width:664px;height:auto" srcset="https://cms.forbesafrica.com/wp-content/uploads/2024/01/Mwaki-Video-Shoot-behind-the-scenes-PMG-2023-250__-1024x684.jpg 1024w, https://cms.forbesafrica.com/wp-content/uploads/2024/01/Mwaki-Video-Shoot-behind-the-scenes-PMG-2023-250__-300x200.jpg 300w, https://cms.forbesafrica.com/wp-content/uploads/2024/01/Mwaki-Video-Shoot-behind-the-scenes-PMG-2023-250__-768x513.jpg 768w, https://cms.forbesafrica.com/wp-content/uploads/2024/01/Mwaki-Video-Shoot-behind-the-scenes-PMG-2023-250__-1536x1025.jpg 1536w, https://cms.forbesafrica.com/wp-content/uploads/2024/01/Mwaki-Video-Shoot-behind-the-scenes-PMG-2023-250__.jpg 2000w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption">Hell’s Gate National Park in Nairobi (Image supplied)</figcaption></figure></div>


Africa’s creative economy is growing, generating billions but in comparison with the rest of the world, the uptake is slower. The continent’s share remains significantly low, accounting for only around 2.9% of global creative goods exports, representing $58.4 billion and less than 1% of the African GDP, according to the United Nations Development Programme report on Accelerating Creativity and Innovation in Africa. And when projects do emerge, their coverage demonstrates that notonly is Africa misrepresented, it is underrepresented. Furthermore, negative stereotypes, poor narratives, and mystifying clichés continue to be propagated in the stories that come out of the continent.



Although Mwaki has a strong narrative, Mehra did away with a storyline for the music video and worked stylistically to ensure there would be no clichés.


<div class="wp-block-image">
<figure class="alignleft size-large is-resized"><img loading="lazy" decoding="async" width="1024" height="684" src="https://cms.forbesafrica.com/wp-content/uploads/2024/01/Mwaki-Video-Shoot-behind-the-scenes-PMG-2023-84___-1024x684.jpg" alt="" class="wp-image-61096" style="width:405px;height:auto" srcset="https://cms.forbesafrica.com/wp-content/uploads/2024/01/Mwaki-Video-Shoot-behind-the-scenes-PMG-2023-84___-1024x684.jpg 1024w, https://cms.forbesafrica.com/wp-content/uploads/2024/01/Mwaki-Video-Shoot-behind-the-scenes-PMG-2023-84___-300x200.jpg 300w, https://cms.forbesafrica.com/wp-content/uploads/2024/01/Mwaki-Video-Shoot-behind-the-scenes-PMG-2023-84___-768x513.jpg 768w, https://cms.forbesafrica.com/wp-content/uploads/2024/01/Mwaki-Video-Shoot-behind-the-scenes-PMG-2023-84___-1536x1025.jpg 1536w, https://cms.forbesafrica.com/wp-content/uploads/2024/01/Mwaki-Video-Shoot-behind-the-scenes-PMG-2023-84___.jpg 2000w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption">(Image supplied)</figcaption></figure></div>


Filming was at Hell’s Gate National Park in Nairobi amidst its cliffs, gorges, rock towers, volcanoes and plumes of geothermal steam. “I wanted it to be a visual treat. So, colors and textures [were] important. We knew we wanted dance [incorporated heavily] and I wanted a lot of dancers… I knew I wanted it to be big.”



“The director’s vision was to give the music video a sense of grandeur,” Kenyan producer Fuad Mbigi chips in.



“To film in a big, beautiful location with a gorgeous African savannah backdrop with as many dancers as possible… The song is a global hit so it only makes sense that the video too is grand.”



“I see African influence everywhere in the West,” Mehra concurs. “…So, it just feels natural. And it feels very obvious to me why [the continent] could be having a moment. And one could argue that this is one moment in a long series of moments.”



“The song has proven that music is a universal language,” Massa adds.



“And it proves that with music, we can combine different cultures and different sounds from different parts of the world. I’m a Brazilian producer, with a Kenyan singer and we got one of the biggest songs in the world right now.”



Nzau adds that collaborations like this have allowed her to see the doors of opportunity open wider and that Africa can “be viewed as big as other countries or other continents”.



“I want African artists to believe that whatever we have here, languages, culture, traditions, instruments, or anything African is good enough to be used and to represent us. Other than us just trying to copy and fit in, we just [continue] to create our own because everything we do here is all beautiful.”

Mwaki Video Shoot behind the scenes PMG 2023 109___

FOR THE RECORD: An African Song Soaring Up Charts Filmed In Kenya

<h2 class="wp-block-heading" id="h-topline">TOPLINE</h2>



The head of the United Nations agency providing humanitarian aid to Palestinian refugees on Saturday denounced a move by a growing number of countries to pull funding for the agency following allegations by Israel that some of its staffers participated in Hamas’ attack on Israel on Oct. 7.



<h2 class="wp-block-heading" id="h-key-facts">KEY FACTS</h2>



<a href="https://valtioneuvosto.fi/en/-/finland-to-suspend-its-funding-to-unrwa" target="_blank" rel="noreferrer noopener">Finland</a>, the&nbsp;<a href="https://www.dutchnews.nl/2024/01/the-netherlands-halts-financial-support-for-unrwa/" target="_blank" rel="noreferrer noopener">Netherlands,</a>&nbsp;<a href="https://www.barrons.com/news/swiss-aid-payment-to-un-agency-for-palestinian-refugees-in-doubt-08d15150" target="_blank" rel="noreferrer noopener">Switzerland</a>,&nbsp;<a href="https://www.reuters.com/world/italy-suspends-financing-unrwa-foreign-minister-tajani-2024-01-27/" target="_blank" rel="noreferrer noopener">Italy</a>,&nbsp;<a href="https://www.gov.uk/government/news/statement-on-allegations-about-unrwa-staff-and-7-october-attacks" target="_blank" rel="noreferrer noopener">the U.K.</a>&nbsp;and&nbsp;<a href="https://www.barrons.com/news/germany-says-suspending-funding-to-un-agency-in-gaza-df4ea2be" target="_blank" rel="noreferrer noopener">Germany</a>&nbsp;all announced suspensions of funding to the United Nations Relief and Works Agency (UNRWA) on Saturday.



Those announcements followed the&nbsp;<a href="https://www.state.gov/statement-on-unrwa-allegations/" target="_blank" rel="noreferrer noopener">U.S.</a>,&nbsp;<a href="https://twitter.com/SenatorWong/status/1751103658509644035" target="_blank" rel="noreferrer noopener">Australia&nbsp;</a>and&nbsp;<a href="https://www.ctvnews.ca/politics/canada-suspends-cash-for-un-agency-serving-palestinians-amid-probe-into-hamas-attack-1.6744404" target="_blank" rel="noreferrer noopener">Canada</a>, who suspended funding on Friday.



Philippe Lazzarini, commissioner general of the agency,&nbsp;<a href="https://www.unrwa.org/newsroom/official-statements/unrwa%E2%80%99s-lifesaving-aid-may-end-due-funding-suspension" target="_blank" rel="noreferrer noopener">said</a>&nbsp;it was “shocking” to see the suspension, especially since the agency took “immediate action” to terminate the contracts of the accused staffers and investigate the allegations.



Citing Friday’s&nbsp;<a href="https://apnews.com/article/israel-gaza-genocide-court-south-africa-27cf84e16082cde798395a95e9143c06" target="_blank" rel="noreferrer noopener">ruling</a>&nbsp;from the International Court of Justice that ordered Israel to take measures to enable humanitarian assistance for people in Gaza, Lazzarini said it would be “immensely irresponsible” to sanction the agency and those it serves “because of allegations of criminal acts against some individuals.”



<h2 class="wp-block-heading" id="h-crucial-quote">CRUCIAL QUOTE</h2>



“I urge countries who have suspended their funding to re-consider their decisions before UNRWA is forced to suspend its humanitarian response,” Lazzarini said in his statement. “The lives of people in Gaza depend on this support and so does regional stability.&#8221;



<h2 class="wp-block-heading" id="h-key-background">KEY BACKGROUND</h2>



Israel alleged on Friday that 12 UNRWA staffers were involved in Hamas’ Oct. 7 terror attack against Israel, where militants killed roughly 1,200 people and took more than 200 captive. UNRWA terminated the contracts of those employees and launched an investigation the same day, and the New York Times reported Friday that the employees are also<a href="https://www.nytimes.com/2024/01/26/world/middleeast/un-aid-israel-oct-7-attacks.html" target="_blank" rel="noreferrer noopener">&nbsp;subject</a>&nbsp;to a criminal investigation. In a statement Friday, Lazzarini reiterated UNRWA’s condemnation of Oct. 7 “in the strongest possible terms” and called for the “unconditional release” of all Israeli hostages. But the U.S. led the charge in pulling back funding, with State Department spokesman Matthew Miller saying in a&nbsp;<a href="https://www.state.gov/statement-on-unrwa-allegations/" target="_blank" rel="noreferrer noopener">statement&nbsp;</a>that the U.S. was “extremely troubled” by the allegations. On Friday, the International Court of Justice at the UN<a href="https://www.reuters.com/world/middle-east/key-takeaways-world-court-decision-israei-genocide-case-2024-01-26/" target="_blank" rel="noreferrer noopener">&nbsp;ordered</a>&nbsp;Israel to take steps to avoid continued casualties that would constitute a genocide in Gaza. UNRWA is the largest humanitarian actor in Gaza with 3,000 core staff on the ground, per Lazzarini’s statement. Israel has in the past&nbsp;<a href="https://www.nytimes.com/2024/01/26/world/middleeast/unrwa-aid-israel-hamas-attack.html" target="_blank" rel="noreferrer noopener">accused</a>&nbsp;UNRWA of spreading pro-Hamas propaganda.



<h2 class="wp-block-heading" id="h-big-number">BIG NUMBER</h2>



26,083. That’s the number of Palestinians that have been killed in the war between Israel and Hamas in Gaza, <a href="https://www.barrons.com/news/health-ministry-in-hamas-run-gaza-says-war-death-toll-at-26-083-86a72a11" target="_blank" rel="noreferrer noopener">according </a>to the health ministry in Gaza.

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