As African content continues to be ramped up globally, more creative collaborations are emerging not just in Nollywood, but East Africa too.



The African film industry is almost synonymous with Nollywood, produced out of Nigeria.



But East Africa is also playing to the gallery more so now, with its own content and collaborations.



A fact reiterated by entities such as D&amp;R Studios, which has created shows such as The Real Housewives of Nairobi, Sol Family, This Love, Being Bahati, and Young Rich, and Rushlake Media, a network that creates, develops, and scales streaming brands worldwide. The two recently announced a partnership to have more Kenyan TV content streamed internationally.



Eugene Mbugua, CEO of D&amp;R studios, tells FORBES AFRICA it is a game-changer for African storytelling, especially for Kenya. “They open doors, not just for distribution, but for collaboration, co-productions and resource sharing that can elevate the quality and reach of our content. For too long, African stories have either been overlooked or told through a foreign lens. Collaborations like this one ensures that we tell our own stories on our own terms, but with infrastructure to compete and appear globally.”



Philipp Hoffmann, founder and CEO of Rushlake Media, corroborates: “[We have always] focused on African storytelling, [for us] it was kind of an obvious thing to try and reach out and work with them.”



“The partnership gives us access to a wider distribution network, but more importantly, it positions Kenyan TV as a serious contender in the global content space.”



In its Africa Entertainment and Media Outlook 2022-2026 report, PricewaterhouseCoopers states that Kenya&#8217;s TV subscription revenue was estimated at around $420 million “recording an all-time high” in 2021. The report further says that the film and TV industry in Kenya experienced significant growth in the past two decades, with a focus on producing high-quality content that appeals to both local and international audiences with the film industry being estimated to be worth KES 5.3 billion ($49 million).



In a 2024 interview with FORBES AFRICA, Kenyan actor Sarah Hassan also agreed about the booming entertainment sector in the East African country.



“I would say the film space in Kenya has really grown. Even if you look at TV, we have a lot of different shows,” says Hassan, who has many shows and accolades under her svelte belt. “Looking at what there is, it’s a testament to the growth of the industry… We still have a long way to go, but we are moving in the right direction.”



“In an ideal world, [Kenyan] films can definitely cross into markets or to audiences which are not necessarily [just] African. This can widen the idea, the picture, the image of the African continent,” Hoffmann says. “Of course, we all know the bad stories from the continent, the cruel things [being said] and the bad things happening. But there&#8217;s so much more. There&#8217;s so much more to be seen and be discovered.”



“We&#8217;ve always believed that Kenyan stories deserve a global stage,” Mbugua adds.

Videographer, camera and man filming in studio for photography, production and media. Behind the scenes, backstage and person with stabilizing equipment on set shooting videos, documentary or film

‘Kenyan TV As A Serious Contender In The Global Content Space’

As Washington recalibrates its trade policy in a high-stakes global game, Abuja may be forced to re-evaluate its own trade approach and position in the international economy.



Nigeria will face a reduced blanket United States (U.S.) tariff of 10% until July, but its main export—oil and gas—remains unaffected, cushioning the immediate economic impact.



The U.S. announced a temporary reprieve on tariffs for most trading partners, including Nigeria, following an escalation in trade tensions marked by a steep increase in tariffs on Chinese imports.



The new measures, announced by U.S. President Donald Trump, follow weeks of speculation about an expansion of U.S. protectionist trade policies. Trump, who raised tariffs on Chinese exports to 125%, said countries that have not retaliated against U.S. tariffs—including Nigeria—will benefit from a 90-day pause and a lower, uniform 10% tariff rate. The decision signals a recalibration of America’s trade stance, particularly toward countries it does not view as economic adversaries.



Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, played down the potential impact of the new tariff regime. “Nigeria’s exports to the U.S. were N1.8 trillion, N2.6 trillion and N5.5 trillion in 2022, 2023, and 2024 respectively,” Edun reportedly said in response. “Fortunately, oil and mineral exports accounted for 92%—N5.08 trillion—while non-oil exports were just N0.44 trillion. So the tariff effect is negligible if we sustain our oil and minerals export volume.”



Nevertheless, Edun said Nigeria would revisit its 2025 budget assumptions in light of shifting global trade dynamics and domestic revenue projections.



U.S. frustration with Nigeria’s own trade practices also played a role in the decision. According to a report from the Office of the United States Trade Representative (USTR), Nigeria’s ban on 25 categories of imported goods—including agricultural products, pharmaceuticals, and beverages—has created significant barriers for American exporters. Items such as beef, pork, poultry, fruit juices, spirits, and medicaments are among those restricted, leading to lost revenue and reduced market access for U.S. businesses.



“This feels like a strategic move to influence Nigeria’s protectionist trade stance,” Nigerian economist Opeoluwa Bamiro tells FORBES AFRICA.



Corroborating the minister&#8217;s claim that the new U.S. tariffs are unlikely to affect the West African nation significantly, Bamiro notes: “Nigeria maintains a trade surplus with the U.S., not a deficit. In fact, the U.S. had a year-to-date surplus of $44 million with Nigeria in February.”

Oil And Gas Operations In Nigeria

Exemption Of Economic Lifeline Offers Africa’s Largest Oil Producer Some Breathing Room Amid Tariffs War

Access to the internet remains a significant barrier for many informal sectors in South Africa.



As artificial intelligence (AI) becomes more prevalent, township economies cannot afford to fall behind.



Jo Griffiths, founder of Global Innovation Initiative Group that specializes in funding and fostering innovation across Africa, emphasizes that AI could be a game-changer to revolutionize township economies but acknowledges barriers such as limited infrastructure, lack of internet access and low digital literacy. Lack of awareness is also key.



“Language and context barriers present another hurdle, as most AI models are trained primarily in English, limiting accessibility for those who operate in local languages and dialects,” she says.



So, how can township entrepreneurs fully leverage AI for business growth?



Balabala of TEA says that it comes back to digital literacy. “It’s important that we not only focus on bringing digital trans- formation into these spaces but [that we] also prioritize digital literacy as a key part of the conversation.”



Innovation hubs can play a pivotal role in bridging the digital divide and making AI more accessible to township entrepreneurs, according to Griffiths. These centers also offer shared workspaces with stable internet access, AI-powered software, and access to expert guidance, which can significantly lower the barriers to AI adoption.



“Most importantly, these hubs facilitate collaborations with investors and corporates, unlocking funding opportunities and accelerating the adoption of emerging technologies,” she explains.



“Integrating AI into these innovation hubs can further empower township entrepreneurs by offering AI skills boot camps, hands-on access to AI-driven business tools, and AI-mentored business incubation programs that provide data-driven insights for growth strategies. Encouraging the development of community-led AI solutions tailored to local challenges can also drive sustainable innovation.”

South African Retail Economy And Maponya Mall

AI’s Role In Propelling Township Economies Forward

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



President Donald Trump’s tariffs on Chinese imports are even higher than the 125% rate initially announced, as the White House confirmed Thursday there’s now a 145% tariff on many goods from China—and higher in some cases.



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



Trump announced Wednesday he was imposing a 125% tariff on Chinese imports in response to Beijing retaliating against his tariffs, after previously ratcheting up his tariffs on the country to 104%.



In an&nbsp;<a href="https://www.whitehouse.gov/presidential-actions/2025/04/modifying-reciprocal-tariff-rates-to-reflect-trading-partner-retaliation-and-alignment/" rel="noreferrer noopener" target="_blank">executive order</a>&nbsp;published Thursday that codified that tariff increase, the White House said it was modifying previous executive orders on China to impose the 125% tariff rate.



That 125% tariff rate refers to this most recent round of tariffs rather than the tariff rate on Chinese goods overall, the White House confirmed Thursday, meaning that number does not include other tariffs that have previously been levied on China—most notably a 20% tariff that Trump levied because of China’s role in the fentanyl crisis.



That means a combined 145% tariff is now in place for many goods from China, though Trump’s more recent 125% tariff rate&nbsp;<a href="https://www.whitehouse.gov/presidential-actions/2025/04/regulating-imports-with-a-reciprocal-tariff-to-rectify-trade-practices-that-contribute-to-large-and-persistent-annual-united-states-goods-trade-deficits/" rel="noreferrer noopener" target="_blank">exempts</a>&nbsp;some categories of imports, like copper, pharmaceuticals, semiconductors, lumber articles, certain critical minerals, and energy and energy products.



The rate is even higher than 145% in some cases, as the White House confirmed to Forbes that&nbsp;<a href="https://usacustomsclearance.com/process/section-301-tariffs-a-comprehensive-guide/#:~:text=The%20Section%20301%20tariffs%20that,and%20plastics%2C%20and%20much%20more." rel="noreferrer noopener" target="_blank">other tariffs</a>&nbsp;on China Trump imposed during his first term also remain in place, such as those on electronics, furniture, machinery and plastics, which range between 7.5% to 25%.



While the stock market rallied Wednesday after Trump paused broader tariffs on foreign imports, registering&nbsp;<a href="https://www.forbes.com/sites/dereksaul/2025/04/09/stocks-shoot-to-one-of-biggest-gains-everas-trump-announces-90-day-tariff-pause/">historic gains</a>, stocks have fallen Thursday amid the continued uncertainty over Trump’s trade war and tariffs on China, with the Dow Jones Industrial Average dropping by nearly 1,500 points as of 12 p.m. EDT—which CNBC&nbsp;<a href="https://www.cnbc.com/2025/04/09/stock-market-today-live-updates.html" rel="noreferrer noopener" target="_blank">notes</a>&nbsp;wipes out half the gains it made Wednesday.



<h2 class="wp-block-heading" id="h-how-has-china-responded">How Has China Responded?</h2>



China imposed 84% retaliatory tariffs on U.S. imports on Wednesday, after the 104% additional rate took effect. That was before Trump hiked his tariffs up higher to 125% plus existing tariffs, however, and it’s unclear if Beijing could further raise its tariffs on the U.S. in response.



<h2 class="wp-block-heading" id="h-what-tariffs-are-now-in-place">What Tariffs Are Now In Place?</h2>



In addition to the tariffs on Chinese imports, the Trump administration has also kept in place a baseline 10% tariff on most foreign imports, even as it paused higher tariffs on many countries’ goods for 90 days while the White House negotiates with other countries. Tariffs also remain in place on goods from Canada and Mexico, as Trump has imposed tariffs of up to 25% on a range of goods from those countries that are not exempted under the U.S.-Mexico-Canada Agreement. Canada and Mexico are not subject to the blanket 10% rate Trump imposed Wednesday.



<h2 class="wp-block-heading" id="h-will-trump-and-china-negotiate-on-tariffs">Will Trump And China Negotiate On Tariffs?</h2>



Neither China nor the U.S. has shown any sign of backing down on their steep tariffs as the trade war between the two countries has escalated, though Trump told reporters Wednesday he hopes Chinese President Xi Jinping will ultimately negotiate. “I think President Xi is a very smart guy, and I think we’ll end up making a very good deal for both [countries],” Trump said. “We’ll get a phone call at some point, and it’ll be off to the races.” Foreign policy experts have been less sure that China will ultimately back down, with Daniel Russel, vice president for international security and diplomacy at the Asia Society Policy Institute, telling&nbsp;<a href="https://www.politico.com/news/2025/04/09/trumps-tariffs-china-relations-00282822" rel="noreferrer noopener" target="_blank">Politico</a>&nbsp;that Beijing has so far taken the approach to “stand firm, absorb pressure and let Trump overplay his hand.” “Beijing believes Trump sees concessions as a weakness, so giving ground only invites more pressure,” Russel said.



<h2 class="wp-block-heading" id="h-key-background">Key Background</h2>



Trump’s tariffs fulfill a central campaign promise made by the president, who has repeatedly touted tariffs despite warnings from economists that imposing them would raise prices for U.S. consumers and harm the economy. Trump has long particularly focused his tariff efforts on China, launching a trade war against the country during his first term before making it one of the first targets of his tariff agenda after being inaugurated in January. The president has accused China of not doing enough to curb the flow of fentanyl into the U.S., and has more broadly targeted Chinese manufacturing, as he claims tariffs will help persuade companies to move manufacturing back to the U.S. China is the <a href="https://ustr.gov/countries-regions" target="_blank" rel="noreferrer noopener">largest</a> exporter of goods in the world and has been the <a href="https://www.usitc.gov/research_and_analysis/tradeshifts/2023/us_trade_industry_sectors_and_selected_trading" target="_blank" rel="noreferrer noopener">second-biggest</a> source of imports to the U.S. behind Mexico, with the two countries trading approximately <a href="https://www.conference-board.org/research/global-economy-briefs/us-china-trade-war-escalates" target="_blank" rel="noreferrer noopener">$582 billion</a> worth of goods in 2024.

Republican Presidential Nominee Donald Trump Holds Election Night Event In West Palm Beach

Trump’s Tariffs On China Are Now At Least 145%, White House Confirms—Higher Than He Previously Claimed

With traditional powerhouses retrenching and realigning, and Chinese brands aggressively entering with competitive pricing and tech-savvy models, the next few years promise significant disruption in the South African premium car market.



A decade ago, the South African premium vehicle segment was a picture of German precision and dominance. BMW South Africa sold over 24,000 vehicles a year, Mercedes-Benz was hot on its heels, and Audi comfortably moved around 15,000 units annually. Fast forward 10 years, and those numbers have reportedly shrunk by as much as 70%, forcing a dramatic reshaping of the luxury automotive landscape–opening the floodgates for an influx of Chinese automotive brands.



From a trio of titans to a thinning crowd, the contraction of the premium segment has led to dealership closures and consolidation. In the meantime, Chinese manufacturers are capitalizing on the vacuum. As of March 2025, South Africa is home to 13 Chinese car brands–with at least seven more set to join the fray.



One of the latest moves? A strategic agreement between Saudi-based Jameel Motors and China’s Changan Automobile to distribute SUVs, sedans, pickups and new energy vehicles (NEVs) in South Africa. It begs the question: who’s next?



In response to changing market dynamics, Audi South Africa is reducing its dealership network from 31 to just 20 by 2030. The announcement came during the national launch of its flagship Q7 and Q8 SUVs in Cape Town this March, where Sascha Sauer, Head of Audi SA, acknowledged the shifting ground underfoot.



“The premium segment is under pressure,” he said, “and consumer behavior is changing. We have to evolve with it.”



On the sidelines of the launch, FORBES AFRICA caught up with Audi SA’s leadership team, who emphasized that despite the structural changes, the brand’s focus remains firmly on customer experience.



“The optimization of our dealer network will include dedicated service hubs in areas where full dealerships are reduced,” said Ashley Reddy, Head of Aftersales. “We’re committed to ensuring a seamless transition for our customers.”



Asif Hoosen, Head of Retail, Planning and Supply Chain, offered a snapshot of Audi’s current position. “Even though the premium market declined by 9% in 2024, Audi held its ground and claimed an 18% share–moving into the number two spot behind BMW and ahead of Mercedes-Benz.”



It’s a big win in a tough market, and Audi isn’t backing down. “The premium SUV segment still shows strong momentum, and we’re ready to lead in that space,” Hoosen added.



Volvo Car South Africa is taking an even bolder step. The Swedish brand is reducing its dealership network from 19 to just seven–a move driven by strategic realignment and sustainability.



“This restructure ensures long-term viability,” explained Felipe Yagi, Volvo SA’s Head of Marketing &amp; Communications. “We’re consolidating through four key dealer groups (CMH, SMH Bedfordview, Tom Campher Motors and Rola Motors Somerset) operating in seven locations across Gauteng, KZN and the Western Cape.”



While acknowledging the headwinds in the premium market, Yagi sees reason for cautious optimism. “We expect modest growth towards the end of the decade.”



That optimism is echoed by Managing Director Tarcisio Triviño, who is aiming high. Speaking at the recent launch of the all-electric EX90 in Cape Town, he revealed Volvo’s target of a 20% share of South Africa’s premium segment–a figure inspired by the brand’s performance in peer markets like Mexico and Brazil.



At the top of the premium vehicle chain, BMW Group South Africa is choosing a more measured path. While not immune to market pressures, the brand is confident in its ability to hold fort.



“Competition drives innovation and expands customer choice,” said Angela Konert, BMW SA’s Head of Business Communications. “While Chinese brands are growing in the entry and mid-market segments, the premium segment demands trust, a strong dealer footprint, and a legacy of performance.”



BMW, which has led the premium segment in South Africa for two consecutive years, continues to dominate the local battery electric vehicle (BEV) market–with a commanding 85.5% share across BMW and MINI.



Though she didn’t confirm whether dealer closures are on the cards, Konert noted that such moves often stem from operational efficiencies, shifting business models or market conditions.



“Our focus is on sustainability, innovation and digital mobility. Those will be our differentiators as the market evolves.”



What remains to be seen is whether South Africa’s affluent motorists will remain loyal to their legacy badges–or whether the new kids from the East will win them over with value, versatility and a fresh take on mobility. For now, all eyes are on who rolls in next!

New cars in a row at dealership

At A Crossroads: Premium Car Sales Slide In South Africa While Chinese Brands Shift Into Gear

With Africa continuing its march as a magnet for the world’s tourists, the 2025 Hotel Development Pipeline Report, the definitive study of international hospitality projects across Africa, revealed development activity has been growing impressively in North Africa, which saw a 23% year-on-year increase, compared to a 6% increase in sub-Saharan Africa (SSA).



The report, which looks at international hospitality development projects in Africa, showed that overall activity is up 13.3% as there are 577 hotels and resorts, with 104,444 rooms, in the development pipeline. Over the past five years, the hotel development pipeline has grown at an annualized rate of 4% in SSA, 12% in North Africa and 7% overall.



W Hospitality Group, who compiled the study, said that Egypt continues to lead with 143 hotels and 33,926 rooms in the pipeline. Second to that is Morocco with 8,579 rooms in 58 hotels. Despite its clear leadership in the absolute pipeline numbers, Egypt has fewer than 50% of rooms under construction, a significantly lower proportion than second-placed Morocco, with over 72%.



Notably also in the top 10 is Nigeria with 7, 320 rooms in development and Ethiopia and Cape Verde both with over 5,000 rooms in the pipeline. Kenya, South Africa and Tunisia have over 4,000 rooms in development and Tanzania and Ghana have over 3,000. According to the report, international hotel chains have deals signed in 42 of Africa’s 54 countries. %. Of the top 10 countries, Ethiopia has the highest ratio of rooms “on site”, followed by Morocco and Ghana. Cape Verde, Nigeria and Tanzania have some of the lowest percentages.



“However, ‘under construction’ does not necessarily mean that there is activity and progress towards completion and opening–many of the sites in Nigeria and Ghana, for example, have been closed for several years, with hardly a hard hat in sight,” the report reads.



“Despite the various trials that the continent faces, the fact that hotel chains signed 125 new deals last year, with 21,000 rooms, is evidence that opportunities for further development abound,” Trevor Ward, Managing Director of W Hospitality Group, said in a statement. “According to the Global Cities Institute, by the year 2100, 10 of the world’s 16 largest cities will be in Africa, with all but one of them (Cairo) in sub-Saharan Africa. So, one might say that development activity in Africa has barely scratched the surface.” &nbsp;

Royal Rojana Resort, hotel complex, beach, coast, Sharm El-Sheikh, Red Sea, Sinai, Egypt

North Africa Drives 23% Surge in Hotel Developments Across the Continent

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



Stocks roared back to life Wednesday afternoon after President Donald Trump announced a 90-day delay on the most significant of his tariffs, just hours after the levies went into effect, sparking extensive&nbsp;<a href="https://www.forbes.com/sites/dereksaul/2025/04/08/stocks-slide-again-as-tariff-losses-worsen-in-another-dow-down-8000-points-from-peak/">carnage</a>&nbsp;across financial markets.



<h2 class="wp-block-heading">Key Facts</h2>



The S&amp;P 500, which follows 500 of the largest public American companies across industries, jumped almost 10% on the day, while the tech-concentrated Nasdaq soared 12% and the blue chip Dow Jones Industrial Average shot up 8%, or about 3,000 points.



Wednesday was a historically great day for stocks, as it marked the best percentage gain for the Dow since March 24, 2020, the S&amp;P since Oct. 28, 2008 and for the Nasdaq since Jan. 3, 2001, according to FactSet data.



It was by far the largest point gain for all three indexes in their five-decade-plus histories.



Trump said Wednesday afternoon he signed a 90-day pause on implementing the more than 10% tariffs on 75-plus countries, sending stocks badly battered by this trade policy soaring.



“BE COOL! Everything is going to work out well,” Trump posted to his Truth Social site shortly after market open, adding “THIS IS A GREAT TIME TO BUY!”



Trump had shown no sign he’d reverse course on the tariffs, encouraging companies to simply move all operations to the U.S. in a morning social media&nbsp;<a href="https://truthsocial.com/@realDonaldTrump/posts/114307832213562859" rel="noreferrer noopener" target="_blank">post</a>, and China dug in further in its resistance to Trump’s more than 100% tariffs on Chinese imports, slapping an&nbsp;<a href="https://www.bloomberg.com/news/articles/2025-04-09/china-raises-tariffs-on-us-goods-to-84-as-trade-rift-escalates" rel="noreferrer noopener" target="_blank">84%</a>&nbsp;levy on U.S. imports to the Asian country.



<h2 class="wp-block-heading">What Stocks Surged The Most In The Tariff Pause Rebound?</h2>



Nearly every stock surged on the tariff relief, as 484 of the S&amp;P’s 500 constituents were in the green, according to FactSet data. Companies considered most vulnerable in a recession benefited the most, as the S&amp;P’s information technology and consumer discretionary sectors jumped 11% and 12%, respectively. The most notable risers included tech giants, as shares of Amazon, Apple, Nvidia, Mera and Tesla all enjoyed more than 10% gains Wednesday. Delta Airlines, Expedia and United Airlines all ranked among the top 30 biggest gainers in the rally as the travel industry received a jolt.



<h2 class="wp-block-heading">Contra</h2>



Tariffs have still wreaked havoc on equity valuations. The Dow is down 10%, or more than 4,000 points, from its December peak, the Nasdaq has lost 15% from its December high and the S&amp;P has fallen 11% from its February high.



<h2 class="wp-block-heading">Chief Critic</h2>



“The tariff clouds parted for the first time today, but it’s too soon to know how sunny the skies will be tomorrow—or 90 days from now,” Daniel Skelly, Morgan Stanley Wealth Management’s head of market research and strategy, wrote in emailed comments.



<h2 class="wp-block-heading">What’s Happening In The Bond Market?</h2>



After strengthening immediately after Trump’s announcement last week as investors fled stocks for assets perceived to be safer, U.S. government bonds joined in on the selloff. Yields for the benchmark 10-year U.S. Treasury note shot up 40 basis points from Monday to Wednesday afternoon, at 4.4%, reversing the initially lower yields<a href="https://www.reuters.com/markets/rates-bonds/us-10-year-yield-wont-dance-bessents-tune-mcgeever-2025-04-08/" rel="noreferrer noopener" target="_blank">&nbsp;celebrated</a>&nbsp;by Trump and Treasury Secretary Scott Bessent as a sign of cheaper borrowing costs to come. It was a “perfect storm of bad news” for U.S. bonds, remarked Lawrence Gillum, LPL Financial’s chief fixed income strategist. “Sticky inflation, a patient Fed, potential foreign buyer boycotts, hedge fund deleveraging, rebalancing out of bonds into cash, and an illiquid Treasury market are all reasons why Treasury yields continue to move higher,” Gillum explained. Higher yields mean less valuable bonds, as fixed income investors demand higher annual payouts to hold onto federal government debt. Yields were little changed amid the equity rally.



<h2 class="wp-block-heading">Jpmorgan Boss Jamie Dimon Warned Of Recession</h2>



A<a href="https://www.forbes.com/sites/dereksaul/2025/04/09/forbes-recession-tracker-recession-odds-spike-as-trumps-tariff-liberation-day-approaches/">&nbsp;recession</a>&nbsp;is the most “likely outcome” for the U.S., JPMorgan Chase CEO Jamie Dimon said in a Wednesday interview with Fox Business’ “Mornings With Maria.” “Markets aren&#8217;t always right, but sometimes they&#8217;re right,” Dimon remarked about the pain seen across asset classes in recent days. “And I think this time they&#8217;re right because they&#8217;re pricing uncertainty at the macro level, uncertainty at the micro level, at the actual company level, and then how it affects consumer sentiment,” Dimon continued. In that interview, Dimon encouraged the Trump administration to lean into strengthening trade with allies in Europe and Asia: “I think the goal of this trade stuff should be to make Europe and our trading partners, Japan, Korea, Philippines, stronger, not weaker. Bring them closer.”

President Trump Signs New Executive Orders At The White House

Stocks Shoot To One Of Biggest Gains Ever As Trump Announces 90-Day Tariff Pause

According to the newly-released State of the Industry Report on Mobile Money (SOTIR) 2025 by GSMA, a global organization unifying the mobile ecosystem, sub-Saharan Africa (SSA) recorded 1.1 billion of the 2 billion mobile money accounts registered globally as of 2024.



The report underlines how mobile money has become a core component of economic life in the region. In 2023 alone, mobile money contributed approximately $190 billion to SSA’s GDP—up from $150 billion in 2022—demonstrating the sector’s growing economic influence.



The concept of mobile money, which allows users to store, send, and receive funds through their mobile phones, was first widely adopted in Kenya in the late 2000s with the launch of M-Pesa. Since then, it has expanded rapidly across East, West, and Southern Africa, filling a gap left by traditional banking systems, which often failed to reach rural or low-income populations.



“From an economic perspective, mobile money is now seen to be contributing to the GDP of many countries with a service in sub-Saharan Africa,” Ashley Olson Onyango, Head of Financial Inclusion and AgriTech at GSMA, says to FORBES AFRICA.



Onyango attributes the region’s leadership to a mix of enabling regulations, supportive national financial inclusion strategies, telecom investments in connectivity, and the availability of simple, affordable services.



In 2024, global mobile money transactions exceeded $1.7 trillion, with over 500 million monthly active users. East Africa, followed by Southeast Asia and West Africa, drove the growth in monthly activity. Within Sub-Saharan Africa, East Africa continues to lead in both adoption and innovation.



Beyond basic money transfers, mobile money providers are evolving into digital-first financial platforms. Many now offer credit, savings, and insurance products, often in partnership with underwriters and insurtech firms. Some providers have even secured licenses to offer insurance directly, particularly in East and Southern Africa.



Mobile apps have become instrumental to this evolution, enabling users to access a broader array of financial and third-party services. “Many providers are looking to transition into a one-stop shop for a range of financial services,” Onyango says, noting that external investment in mobile money companies has grown, thanks in part to improved profitability and rising revenues.



Global payment giants are taking notice. Mastercard, for instance, has recently signed partnerships with multiple mobile money providers operating across SSA.



Yet the industry faces challenges. Fraud remains a critical concern, and both regulators and providers are stepping up efforts to improve digital and financial literacy among users. By 2024, at least 60% of providers had implemented financial literacy initiatives.



International remittances are another area ripe for growth. Mobile-enabled transfers are typically cheaper than traditional channels, but inconsistent regulations across countries, according to Onyango, continue to limit cross-border expansion.

Sydney Economy Ahead of Australia Consumer Price Index Figures

Sub-Saharan Africa Dominates Global Mobile Money Landscape With 1.1 Billion Accounts, New Report Finds

<a href="https://www.forbes.com/"></a>



<a href="https://www.forbes.com/sites/dereksaul/2025/04/08/stocks-slide-again-as-tariff-losses-worsen-in-another-dow-down-8000-points-from-peak/#open-web-0"></a>



<a href="https://www.forbes.com/sites/dereksaul/2025/04/08/stocks-slide-again-as-tariff-losses-worsen-in-another-dow-down-8000-points-from-peak/#open-web-0"></a>



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



Stocks soared then came down to Earth on Tuesday as investors digested the latest developments in President Donald Trump’s “Liberation Day” trade war, with the markets failing to sustain a recovery from&nbsp;<a href="https://www.forbes.com/sites/dereksaul/2025/04/04/tariffs-cause-another-stock-market-rout-losses-approach-5-trillion-as-dow-plummets-another-2200-points/">historically bad</a>&nbsp;losses over the last week, as China, the world’s second-largest economy,&nbsp;<a href="https://apnews.com/article/china-us-tariffs-trade-trump-b5010acb08114304d8c36267b47eda13" rel="noreferrer noopener" target="_blank">threatens</a>&nbsp;to “fight to the end” with the U.S. over the soaring import duties.



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



All three major U.S. stock indexes fell further Tuesday, as the Dow Jones Industrial Average slipped 0.8%, or 320 points, the S&amp;P 500 declined 1.6% and the tech-heavy Nasdaq dropped 2.2%.



That was a major reversal from a morning surge, in which the Dow spiked more than 1,400 points and the S&amp;P and Nasdaq jumped about 4% apiece, which would have been the indexes’ steepest respective gains since 2022.



Tuesday’s session mirrored more of a dead cat bounce, in which a financial asset in decline briefly rallies before falling further, rather than a sustained improvement in sentiment, with the lost steam coming after no tangible reversal of the White House’s tariff plans materialized.



The Dow is down 12%, or 5,040 points, since Trump’s wide sweeping tariff announcement last Wednesday, and the S&amp;P and Nasdaq have lost 13% and 14% over the four trading session span, respectively.



Monday’s trading session was similarly rocky, as the S&amp;P bounced between what was as much as a 3.4% daily gain and a 4.5% daily loss before closing with a 0.2% decline.



The S&amp;P narrowly dodged closing in a 20% bear market, ending 18.9% below its Feb. 19 all-time high.



<h2 class="wp-block-heading" id="h-big-number">Big Number</h2>



7,370 points. That’s how much the Dow has dropped from its December closing record through Tuesday, a 16% dive.



<h2 class="wp-block-heading" id="h-surprising-fact">Surprising Fact</h2>



If the S&amp;P does slip into a 20% bear market, this would be the third-fastest such drawdown ever, trailing only 1929’s Great Depression crash and 2020’s brief COVID-19 crash,&nbsp;<a href="https://x.com/bespokeinvest/status/1909695157806547158" rel="noreferrer noopener" target="_blank">according</a>&nbsp;to Bespoke Investment Group.



<h2 class="wp-block-heading" id="h-why-were-stocks-up-this-morning">Why Were Stocks Up This Morning?</h2>



The morning recovery came as Wall Street thirsted for any signs the Trump administration would leave the door open for&nbsp;<a href="https://www.forbes.com/sites/alisondurkee/2025/04/07/will-trump-negotiate-tariffs-president-orders-talks-with-japan-and-says-he-wants-fair-deals-with-other-countries/">negotiations</a>&nbsp;on the tariffs viewed by&nbsp;<a href="https://www.barrons.com/articles/sp500-earnings-tariffs-0b9cf2d2" rel="noreferrer noopener" target="_blank">many</a>&nbsp;to be devastating to corporate earnings. Those signs were led by Treasury Secretary Scott Bessent’s&nbsp;<a href="https://www.youtube.com/watch?v=79wmUgaRCro" rel="noreferrer noopener" target="_blank">comments</a>&nbsp;Tuesday to CNBC’s Squawk Box that he believes “we can end up with some good deals” if other countries come to the table.



<h2 class="wp-block-heading" id="h-trump-heralded-bond-rally-also-lost-steam">Trump-Heralded Bond Rally Also Lost Steam</h2>



Trump has already lost one development he took a&nbsp;<a href="https://www.forbes.com/sites/dereksaul/2025/04/04/trump-shares-claim-hes-crashing-stock-market-on-purpose-as-he-lobbies-for-emergency-rate-cuts/">victory lap</a>&nbsp;on last week. Yields for 10-year U.S. Treasury notes, the benchmark to which many borrowing rates are tied to, climbed about 10 basis points to nearly 4.3%, higher than they stood prior to Liberation Day, up nearly 40 basis points from their Friday low. Higher yields indicate less valuable bonds as investors sour on the idea of holding U.S. government debt, and the rising 10-year signals borrowing costs are not coming down. The 10-year is almost exactly flat from where it stood at Election Day.



<h2 class="wp-block-heading" id="h-what-to-watch-for">What To Watch For</h2>



Trump’s country-by-country tariffs, beyond the 10% universal duties, are scheduled to go into effect at 12:01 a.m. EDT on Wednesday. The White House&nbsp;<a href="https://www.forbes.com/sites/tylerroush/2025/04/07/trump-90-day-tariff-pause-rumor-causes-stock-whipsaw-before-white-house-calls-it-fake-news-heres-what-happened/">called</a>&nbsp;a report it was considering a pause, similar to delays on Canada and Mexico tariffs earlier in Trump’s second term, “fake news,” though billionaire Trump donor Bill Ackman officially&nbsp;<a href="https://x.com/BillAckman/status/1909586890887438817" rel="noreferrer noopener" target="_blank">lobbied</a>&nbsp;for a 30-day or longer pause Tuesday.



<h2 class="wp-block-heading" id="h-china-and-scott-bessent-war-over-who-is-making-mistake">China And Scott Bessent War Over Who Is Making ‘mistake’</h2>



Trump&nbsp;<a href="https://truthsocial.com/@realDonaldTrump/posts/114297331052690348" rel="noreferrer noopener" target="_blank">said</a>&nbsp;Monday he would slap an additional 50% tariff on Chinese imports over the country’s retaliatory tariffs, which the Chinese Commerce Ministry&nbsp;<a href="https://www.bloomberg.com/news/articles/2025-04-08/china-vows-to-fight-to-the-end-if-us-insists-on-new-tariffs" rel="noreferrer noopener" target="_blank">called</a>&nbsp;a “mistake on top of a mistake” that “China will fight to the end.” Bessent, the U.S.’ top economic official,&nbsp;<a href="https://www.cnbc.com/2025/04/08/treasury-secretary-bessent-says-chinas-escalation-was-big-mistake-country-playing-with-losing-hand.html" rel="noreferrer noopener" target="_blank">said</a>&nbsp;Tuesday the Chinese response was a “big mistake” and it’s a “losing hand” for the Asian power to engage in a tariff war.



Breaking News Alerts: Get the latest news straight to your inbox as it happens.Get the latest news on special offers, product updates and content suggestions from Forbes and its affiliates.Sign Up



<h2 class="wp-block-heading" id="h-further-reading">Further Reading</h2>



<a href="https://www.forbes.com/sites/dereksaul/2025/04/07/forbes-recession-tracker-recession-odds-spike-as-trumps-tariff-liberation-day-approaches/" target="_blank" rel="noreferrer noopener">ForbesForbes Recession Tracker: Goldman, JPMorgan Say Recession Incoming If Trump Doesn’t Blink On TariffsBy&nbsp;Derek Saul</a>



<a href="https://www.forbes.com/sites/alisondurkee/2025/04/07/will-trump-negotiate-tariffs-president-orders-talks-with-japan-and-says-he-wants-fair-deals-with-other-countries/" target="_blank" rel="noreferrer noopener">ForbesWill Trump Negotiate Tariffs? President Orders Talks With Japan And Says He Wants ‘Fair Deals’ With Other CountriesBy&nbsp;Alison Durkee</a>



<figure class="wp-block-image"><img decoding="async" src="https://sync.graph.bluecava.com/ds.png?p=4cb3430d-9dfd-11ef-a5fe-4201ac100015&amp;segment=forbeseval" alt=""/></figure>

Dow Jones Average Falls Steeply, As Investors Doubt Future Interest Rate Cut After Surprise Jobs Report

Stocks Slide Again. The Dow Is Down More Than 7,000 Points From Peak.

The island nation is poised to see the farming of aquatic foods thrive, thanks to its historical links and promising location.



The farming of aquatic foods either from tanks on land or within enclosures out on open water—also known as aquaculture—offers a promising response to many of the pitfalls and risks encountered when harvesting wild fish in Africa.



Issues of illegal fishing, overfishing and environmental contamination could be managed under conditions where the enterprise controls inputs–from hatchery to harvest.



In 2018 the United Nations’ Food and Agriculture Organization (FAO) launched the Blue Growth Initiative aimed at reducing African food insecurity by supporting more productive, responsible and sustainable fisheries and aquaculture sectors.



The FAO’s target countries include Burundi, Ethiopia, Kenya, Rwanda, Somalia, South Sudan and Uganda.



Ferme Marine de Mahebourg Ltd (FMM), based on the periphery of Africa, on the island of Mauritius, is an innovative fish hatchery located on the east coast near Pointe aux Feuilles, and it could well be a model for what private sector players can bring to the discussion.



The 15-year-old project marries location to opportunity through a network of international treaties as well as Mauritius’ rather unique history as a colony of two European powers. The island—located south of India in the Indian Ocean—also claims a unique mix of heritages: British, French, South Asia, East Asian and, of course, African.



For starters, there is its location of the business, in a lagoon that separates the farm’s nursery from the open sea. That means no pollution from ocean-going vessels, and very few native predators beneath the ocean surface.



“Pure, pure water,” says Alessandro Galioto, FMM’s chief operating operator. “From six cages when we started, we’re doing 112 cages now.”



Then there’s the product, itself. Two hundred tons raised monthly of a single species. American consumers call it Red Fish (the scientific name being Sciaenops ocellatus), known in other areas around the globe as Red Drum, Channel Bass, Tambour Rouge, Corvinon Ocelado and Ombrina Ocellata.



Pierre-Yves Semasse, FMM’s director, notes the species is native to the waters of the Caribbean Sea—Cajun food enthusiasts enjoy the peppery “blackened” recipe served up in New Orleans’ eateries—but its popularity in Africa dates to the 1980s.



That’s when a French government agency began a food-security initiative aimed at some of the country’s overseas assets, including Guadeloupe and Martinique in the Americas and the islands of Réunion, Seychelles, Mayotte, Madagascar extending from Africa’s east coast, then all the way out to Mauritius.



Due to Mauritius’ status as a former French and British colony, shipments of FMM’s Red Fish enjoy favorable import status across Europe. Another break is the daily flights of tourists from Europe mean daily access to cheap back-haul rates on air freight.



“Also, the hotels those tourists go to,” Semasse explains, adding, “We sell our harvested fish there, as well”.



Besides the trade pacts and air routes tying Mauritius to Europe, FMM’s African links are not insignificant, particularly with regards to employment. The company boasts a multinational workforce: divers from Tunisia, processors from Madagascar, Mozambique and Zimbabwe, technicians from Europe and India.



Mauritius is one of 16 members of the Southern African Development Community (SADC), which helps FMM utilize labor from the continent, when needed.



“I just got authorization for 50 more [workers],” Semasse says.

Fishermen and big tuna fish on the Tamarin beach

Hooked On The Haul: Mauritius Makes Waves In Aquaculture

Traditionally, Africa has been seen as a recipient of global health interventions rather than a leader in medical research, but Uganda’s Ebola vaccine trial is changing that narrative, and represents a major landmark for Africa’s scientific community.



In late January 2025, a nurse at Mulago National Referral Hospital in Uganda collapsed at work, showing symptoms that had been mistaken for malaria. Within days, he was dead. His diagnosis—confirmed only after his passing—was Ebola. His case became the first confirmed fatality in the outbreak, prompting health authorities in Kampala to declare an emergency and move swiftly to contain the virus before it spread further. It was the country’s first Ebola outbreak in two years.



The healthcare worker’s widow, a midwife named Afiya (name changed to protect privacy), was left to care for their two young children alone. She, too, tested positive for Ebola, along with the youngest child. “I was already in shock that my man had died. I thought, now the whole family is going to have Ebola, because I know how it spreads. I felt like God had betrayed me at that moment.” After several weeks in isolation and receiving treatment, Afiya and her one-year-old were discharged from hospital. But they returned to a community that no longer embraced them. Neighbors whispered, pointing at them in the streets, some actively avoided them. Sadly, so did family. “They turned against me,” she laments. “They sent away my people from the funeral, threatening them, telling them that I should never go back because I will get killed. I have not stepped there ever since. It’s been very traumatic.”



In Uganda, as in many parts of Africa, burial traditions involve washing and preparing the body—a practice that becomes particularly dangerous during an Ebola outbreak. The virus remains highly infectious—if not more so—after death, posing an extreme risk to those who come into contact with the body. To combat this, health officials have introduced “safe and dignified burials”, designed to allow families to grieve while minimizing contact with the deceased. However, implementing these measures has proven difficult, particularly in rural areas where traditional customs are deeply ingrained.



The outbreak that claimed the life of Afiya’s husband is now the focal point of a groundbreaking vaccine trial. The Sudan strain of Ebola, which has plagued Uganda for decades, is different from the better-known Zaire strain.



“Ebola has a number of strains. The major difference is in their genetic composition and immune response,” explains the Executive Director of the Uganda Virus Research Institute (UVRI), Prof Pontiano Kaleebu.



The vaccine that successfully controlled the Zaire strain does not work against the Sudan variant, making this new vaccine an urgent necessity. While it mimics its predecessor with regards to minimal side-effects like mild fever and soreness at the injection site, the new inoculation is more conducive for use in African settings, as Prof Joseph Okeibunor, a scientist in the Emergency Prevention and Response Program at the World Health Organization (WHO), explains.



“Previous vaccines required ultra-cold storage between-60 degrees to -80 degrees centigrade. The new vaccine is designed to be stored between 2 to 8 degrees centigrade, aligning it more to our environment.”



Beyond the logistical and medical hurdles, there are for- midable challenges such as misinformation and distrust, compounded by the global wave of vaccine skepticism during the Covid-19 pandemic that has created an atmosphere where many people fear being part of a clinical trial.



“People think they are being used as guinea pigs. Some believe that vaccines are used to depopulate African countries. But, of course, the whole idea is to gather knowledge that will help us to improve health security for one and all,” says Okeibunor.



An aggressive awareness campaign has been launched, making use of radio announcements, venturing into churches and mosques, and leveraging community leadership. “A trusted message comes from a trusted messenger,” explains Dr Mosoka Fallah, Acting Director for the Science and Innovation Directorate at the Africa Centers for Disease Control and Prevention (CDC).



“It’s about getting to the community, hearing from them, making them a part of the co-creation of the messages.”



In some areas, however, hesitancy remains. “Most Africans still believe in traditional healers, so they might go to them for the treatment of the virus,” Fallah notes. “Then by the time we pick it up in the healthcare facility, it’s already too late.” Even among those who understand the need for an Ebola vaccine, the idea of taking an experimental drug is daunting. “It’s difficult to get people to consent, especially in the middle of an outbreak when fear is high,” Kaleebu says. “We have to assure them that their safety is our top priority.”



Some healthcare workers have also been hesitant. “I encountered a doctor, a physician, who refused to be vaccinated in this very Ebola outbreak,” reveals Okeibunor. “He’s not actively telling others to avoid it, but he declined it himself.” Despite these challenges, the Ebola vaccine trial represents a major milestone for Africa’s scientific community. Traditionally, Africa has been seen as a recipient of global health interventions rather than a leader in medical research, but this trial is changing that narrative.



“This is an African-led initiative, with African researchers and institutions at the forefront,” Kaleebu declares. “If this vaccine proves effective, it could set the stage for Africa to take a leading role in dis- ease prevention, not just for Ebola but for other emerging diseases,” says Fallah. “We are devel- oping the expertise and infrastructure needed to respond to outbreaks quickly and effectively.” Uganda’s Ebola vaccine trial is more than just a response to the current outbreak—it is a sign of Africa’s growing capacity to tackle public health challenges on its own terms, as well as a testament to the resilience of communities like the one that Afiya and her children must nownavigate on their own. For her, the vaccine came too late to save her husband, but she hopes it will spare others the same pain. “I think about my loved one, I think about the responsibilities I was left with,” she says. “But if this vaccine can save lives, maybe his death won’t be in vain…”

Stethoscope and syringe filled with drugs injecting the Ugandan flag

How Uganda’s Ebola Vaccine Trial Is Changing The Research Narrative

Tariffs seem like simple tools, but they often come with unexpected repercussions. Just ask the president, whose fortune dropped a half billion dollars in a few days.



Donald Trump fired the first shots in a global trade war last week, inflicting damage on all sorts of people—including himself. On April 2, the day Trump rolled out his plan for sweeping tariffs, Forbes pegged his net worth at $4.7 billion. Less than a week later, it’s down to an estimated $4.2 billion, as the value of his public stock and private holdings fall in tandem with the broader market.



Trump’s biggest loss comes from his most valuable asset, the Trump Media and Technology Group, which declined 8% over the last three trading days, hitting its lowest price since October. His stake, worth $2.2 billion Wednesday, now sits at $2 billion. The roughly $170 million hit represents only the beginning of his problems.



Trump’s commercial real estate holdings have fallen an estimated $90 million, assuming they’ve experienced similar haircuts as publicly traded commercial property companies. Shares of Vornado Realty Trust—the firm that partners with Trump in two of his most valuable buildings, 1290 Avenue of the Americas in New York and 555 California Street in San Francisco—dropped 14% from the time of Trump’s announcement to the end of the day Monday. The stock price of another big New York City real estate firm, SL Green, fell 15%. Trump’s portfolio, including the Vornado properties, Trump Tower and 40 Wall Street, is now worth an estimated $570 million, down from $660 million last week.



Golf properties are losing value, too. Many of the balls, clubs and shirts in pro shops come from overseas. The real threat to Trump’s portfolio, however, is the possibility of belt tightening. Club members might cut back on weddings, lavish dining or even memberships. “If you hit a recession, your wife looks over at you and says ‘What the [heck] are we doing with this expensive club membership?’” explains one industry insider.



There are no publicly traded companies quite like Trump’s collection of golf clubs, but the closest comparables point to trouble. Shares of highly priced leisure businesses, such as Vail Resorts and Soho House, are down more than 15% since Wednesday. Topgolf Callaway Brands, which manufactures clubs and runs golf venues, is down 15%, as well. A similar decline at Trump’s golf courses would shave another $70 million off his net worth.



Hospitality assets aren’t positioned any better. Trump’s biggest is Trump National Doral, a 643-room resort in Miami, where Saudi-connected LIV Golf just held an event, with Trump showing up shortly after announcing his tariff plans. White House spokesperson Taylor Rogers says the president remains focused on the country, not his business. “President Trump implemented tariffs on countries that have been ripping us off for years to ensure Americans are better off for generations to come,” she said in a statement. “The president’s assets are in a trust managed by his children while he is working overtime to lead the country to economic prosperity.” In addition to Doral, Trump continues to own hundreds of hotel-condo units in towers in Chicago and Las Vegas. If the value of Trump’s holdings fell by, say, 16%, he would have lost another $65 million. His much-smaller licensing-and-management business might have shed another $15 million on top of that.



Residential real estate also declined dramatically, with shares of four publicly traded apartment holders down an average of 13%. Trump owns dozens of units inside buildings he developed years ago. Trim that portfolio, and his net worth falls another $20 million or so. His most protected assets might be his many trophies, like the penthouse atop Trump Tower and Mar-a-Lago. Dana Koch, a luxury agent in Palm Beach, says those sorts of assets operate in a different atmosphere than publicly traded stocks. “This is even more finite and more scarce,” he says. Nudge the trophies down by, say, 5%, or half the decline of the broader market, and Trump is out another $32 million.



Cash typically provides respite in times like these. According to Trump’s latest financial disclosure report, he holds a portfolio of diversified bonds and a smattering of equity positions, including a $5 to $25 million stake in&nbsp;<a href="https://www.forbes.com/sites/hanktucker/2024/05/24/inside-the-200-billion-billionaire-factory/">private-credit firm Blue Owl Capital</a>, down 22% since Wednesday. After filing that disclosure in August, Trump received two massive windfalls via cryptocurrency ventures. First came World Liberty Financial, a project that promised a “financial revolution” and funneled nearly $400 million to the president and his family. Then came sales of the $TRUMP coin, which probably supplied at least another $175 million before taxes.



The issue for the president is that he may have stored some of those proceeds in cryptocurrencies, notoriously fickle assets. First son Eric Trump publicly touted Ether in February, telling his Twitter followers it was “a great time to add $ETH.” The currency is down 45% since then, including an 18% drop in the wake of Donald Trump’s tariff announcement. If the president’s estimated post-tax windfall of $350 million fell by even half as much as Ether, he would be out another $32 million.



Add all it up, and Trump’s losses from privately held assets appear to outweigh those from his publicly traded stock. The greatest threat to Trump is not direct tariffs on products he imports, given that his businesses don’t sell much in the way of hard goods. It’s the loss of investor confidence around the world. People rely on whims, not logic, when deciding whether to buy or ditch luxury real estate, pricy club memberships and high-flying meme stocks. The more uncertainty Trump injects into the global economy, the farther his net worth will tumble.

Trump’s Net Worth Drops $500 Million As Tariffs Upend Global Economy

The Nigerian business tycoon, who built an empire with just £100 in the bank, leaves behind an influence embedded in every digital transaction and every mobile call across a continent on the rise.



Pascal Gabriel Dozie, one of Nigeria’s most visionary business figures who pioneered electronic money transfers and helped usher the West African nation into the mobile telecom era, died on Tuesday, a day before his 86th birthday.



The announcement came via a family statement signed by his son, Uzoma Dozie, who described him as “a devoted husband, father, grandfather, and a man of unwavering Catholic faith.” The elder Dozie, he said, lived a life of service “to God, his family, and his country.”


<div class="wp-block-image">
<figure class="alignright size-large is-resized"><img loading="lazy" decoding="async" width="683" height="1024" src="https://cms.forbesafrica.com/wp-content/uploads/2025/04/MG_6462-683x1024.jpg" alt="" class="wp-image-65132" style="width:340px;height:auto" srcset="https://cms.forbesafrica.com/wp-content/uploads/2025/04/MG_6462-683x1024.jpg 683w, https://cms.forbesafrica.com/wp-content/uploads/2025/04/MG_6462-200x300.jpg 200w, https://cms.forbesafrica.com/wp-content/uploads/2025/04/MG_6462-768x1152.jpg 768w, https://cms.forbesafrica.com/wp-content/uploads/2025/04/MG_6462-1024x1536.jpg 1024w, https://cms.forbesafrica.com/wp-content/uploads/2025/04/MG_6462-1365x2048.jpg 1365w, https://cms.forbesafrica.com/wp-content/uploads/2025/04/MG_6462-scaled.jpg 1707w" sizes="auto, (max-width: 683px) 100vw, 683px" /></figure></div>


Dozie’s death marks the end of an era for Nigeria’s modern banking and telecommunications industries. From humble beginnings in southeastern Nigeria, he rose to become a towering figure in the country’s economic landscape—building institutions, influencing policy, and shaping how millions of Nigerians interact with money and communication.



Born April 9, 1939, in Owerri, in what is today Imo State, Dozie’s early years were rooted in modesty. His father worked as a local court interpreter. He later joined a wave of ambitious young Africans from newly independent nations who travelled to Europe in search of higher education. At the London School of Economics, he studied economics—briefly sharing lecture halls with Mick Jagger, who later dropped out to form the Rolling Stones. Dozie, however, stayed the course, earning his degree and following up with a master’s from City University, London, in 1963.



As civil war erupted in Nigeria in 1967, Dozie temporarily diverted his return plans, opting instead to work in Uganda until the Biafran conflict—which claimed over a million lives—ended. By 1971, he returned to Nigeria at the behest of his ailing mother, settling in Lagos and launching the African Development Consulting Group. He would never work for anyone else again.



The 1980s marked a turning point in his career. Observing the dangers faced by traders carrying large sums of cash from rural markets to Lagos, Dozie identified a gap in financial services. That insight birthed Diamond Bank in 1991, one of Nigeria’s first commercial banks to champion electronic money transfers. The bank rapidly expanded and became a lifeline for merchants, professionals, and rural entrepreneurs navigating Nigeria’s difficult cash economy. Years later, Dozie handed the reins to his son Uzoma. In 2019, Diamond Bank merged with Access Bank in one of the most significant consolidations in Nigerian banking history.



But Dozie’s ambitions extended far beyond finance.



In the early 2000s, when mobile telephony was still an emerging concept across Africa, South Africa’s MTN approached him with a proposal: to enter the Nigerian market, one of the largest untapped populations on the continent. Despite widespread skepticism and a failing state-run telecom operator, Dozie helped raise capital and take a stake in MTN Nigeria. He played a central role in convincing reluctant investors who saw the idea of a nationwide cellular network in Nigeria as implausible.



“Most of the people I asked to invest now regret not investing—I even regret it myself,” he remarked to FORBES AFRICA in 2012 for a cover story. “They would have enjoyed returns of 20 times their money.”



Under Dozie’s leadership as chairman, MTN Nigeria became the country’s largest telecom provider, helping to bring mobile access to tens of millions, reshaping business, governance, and everyday life in the process.



A sharp-tongued and occasionally outspoken figure, Dozie combined intellectual rigor with entrepreneurial intuition. In addition to consulting for multinationals like Nestlé and Pfizer, he wrote regularly for Business International, dissecting African economic trends and policies.



Today, his impact reverberates through Nigerian financial systems and the ubiquitous mobile phones that connect villages to cities, market women to global platforms, and young people to opportunity.



Dozie is survived by his wife, Chinyere, children, grandchildren, and a legacy woven into Nigeria’s technological and economic transformation.

_MG_6479k

Pioneer Of Electronic Transfers And Cellular Revolution In Nigeria Dies At 85

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



Health and Human Services Secretary Robert F. Kennedy Jr. said Monday he will tell the Centers for Disease and Prevention to stop recommending fluoride in drinking water, the&nbsp;<a href="https://apnews.com/live/donald-trump-news-updates-4-7-2025#00000196-1249-d082-a9d6-5eeb01540000" rel="noreferrer noopener" target="_blank">Associated Press</a>&nbsp;reported—following through on a&nbsp;<a href="https://x.com/RobertKennedyJr/status/1852812012478398923" rel="noreferrer noopener" target="_blank">promise</a>&nbsp;he made while campaigning with President Donald Trump.



<h2 class="wp-block-heading">Key Facts</h2>



Kennedy, speaking to AP after a news conference in Salt Lake City, also told the news outlet he is assembling a task force for the issue.



While campaigning with Trump, Kennedy&nbsp;<a href="https://x.com/RobertKennedyJr/status/1852812012478398923" rel="noreferrer noopener" target="_blank">said in a post on X</a>&nbsp;the White House would advise “all U.S​. water systems to remove fluoride from public water” because it is “associated with arthritis, bone fractures, bone cancer, IQ loss, neurodevelopmental disorders, and thyroid disease”—though he did not provide evidence for the connection.



Last month, Utah became the first state to&nbsp;<a href="https://www.forbes.com/sites/saradorn/2025/03/28/utah-bans-fluoride-in-public-water/">ban fluoride</a>&nbsp;in public drinking water amid a recent surge of concern over the mineral additive, although public health officials have maintained it is safe.



<h2 class="wp-block-heading">Is Fluoride Dangerous?</h2>



A&nbsp;<a href="https://ntp.niehs.nih.gov/publications/monographs/mgraph08" rel="noreferrer noopener" target="_blank">systemic review</a>&nbsp;from the National Toxicology Program in HHS last year found fluoride concentrations that exceed the World Health Organization’s recommendations for drinking water quality “are consistently associated with lower IQ in children,” but the authors said more studies are needed to fully understand the impact. The same study said results did not “provide clarity on the association between fluoride exposure and cognitive or neurodevelopmental human health effects.”



<h2 class="wp-block-heading">What Is Fluoride’s Benefit?</h2>



The&nbsp;<a href="https://www.ada.org/resources/community-initiatives/fluoride-in-water" rel="noreferrer noopener" target="_blank">American Dental Association</a>&nbsp;says fluoride is added to water to help prevent tooth decay. Fluoride is the most efficient way to prevent cavities and prevents against them at all ages, the ADA says, adding “the best scientific evidence has consistently shown that fluoridation is safe and effective.” The&nbsp;<a href="https://www.cdc.gov/fluoridation/faq/index.html" rel="noreferrer noopener" target="_blank">CDC</a>&nbsp;currently recommends fluoride be used to prevent cavities, though it does not require fluoride be added to water and says it is “important to know the fluoride concentration of your main source of drinking water.”



<h2 class="wp-block-heading">Key Background</h2>



Americans began receiving fluoridated tap water at a large scale in the early 1950s, according to the CDC, which reported nearly three-quarters of Americans (74.6%) had fluoridated water in their public water systems by 2012. Kennedy has long opposed the use of fluoride, claiming it lowered IQ in children and caused bone conditions.&nbsp;<a href="https://www.cbsnews.com/news/fluoride-in-water-health/" rel="noreferrer noopener" target="_blank">Health experts</a>&nbsp;have said the amount of fluoride needed to cause the conditions is higher than the level usually present in drinking water.



<h2 class="wp-block-heading">Further Reading</h2>



<a href="https://apnews.com/live/donald-trump-news-updates-4-7-2025#00000196-1249-d082-a9d6-5eeb01540000" rel="noreferrer noopener" target="_blank">Live Trump administration updates: RFK Jr. says he plans to tell CDC to stop recommending fluoride in drinking water</a>&nbsp;(Associated Press)

Glass of Water

Kennedy Will Tell CDC To Stop Recommending Fluoride In Drinking Water, Report Says

In an era where global markets often dictate local fortunes, Nigeria’s ultra-wealthy have built empires rooted in the country’s soil, forging industries that not only create wealth but also provide critical homegrown solutions to the country’s most pressing challenges.



Nigeria’s billionaires are rewriting the rules of business in Africa.



In an economy battered by currency swings, regulatory shakeups, and infrastructure gaps, Nigeria’s billionaire class is not just surviving—they are thriving. The country’s wealthiest moguls have seen their collective fortune balloon—one of the largest wealth jumps in Nigeria’s modern history.



Unlike previous decades, where fortunes were largely tethered to oil booms and government patronage, today’s billionaires have diversified—cementing their influence across industries like energy, power, telecommunications and infrastructure. And yet, they all share one trait: a drive to solve Nigerian problems with Nigerian solutions.



At the top of the list remains Aliko Dangote, Africa’s richest man, whose fortune now stands at $23.9 billion. If the past decade saw him dominate cement and sugar, this decade confirms his place in global energy. His $23 billion Dangote Refinery, finally operational after years of delays, has transformed Nigeria’s refining capacity overnight, slashing dependence on imported fuel. It’s a move not just of business acumen but of nation-building—a direct response to Nigeria’s longstanding energy crisis.



Making an emphatic comeback on the Forbes’ Africa billionaires’ list last year after a seven-year hiatus, Femi Otedola not only reclaimed his billionaire status but asserted himself as a dominant force in power generation. With a fortune of $1.5 billion, Otedola’s transition from oil to electricity through Geregu Power has proven prescient. Nigeria’s push for a privatized power sector has given his investments a renewed edge, and his resurgence signals a broader shift in the country’s energy priorities.



For Mike Adenuga, the billionaire behind Globacom and Conoil, the past year has been a mixed bag, reflecting the headwinds in telecom and oil. However, his legacy as a telecom pioneer remains unchallenged—Globacom continues to expand its reach, solidifying its role as a key player in Nigeria’s digital economy.



For Abdulsamad Rabiu, the founder of BUA Group, 2025 has been a year of consolidation. His cement and sugar empire remains formidable, and with Nigeria’s infrastructure boom showing no signs of slowing, BUA Group’s influence is far from waning.



These billionaires are not just accumulating wealth; they are reshaping Nigeria’s economy.



Dangote’s refinery could save the country billions in foreign exchange, and Otedola’s growth signals a future where private capital drives utilities. Yet, challenges persist. The naira remains volatile, government policies shift unpredictably, and infrastructural gaps continue to plague industries. These billionaires have thrived in uncertainty before, but can they future-proof their empires?



There’s also the looming question of succession. With most of these men in their 60s, who will carry the torch? Will their children or handpicked successors step up, or will a new wave of entrepreneurs emerge to challenge them?



One thing is certain: in 2025, Nigeria’s billionaires are more than just wealthy men. They are architects of a new economic order—one where Nigerian solutions define the future of one of Africa’s biggest economies.



Aliko Dangote



Nigeria imports over 80% of its refined petroleum—or at least, it did. With 650,000 barrels per day in local refining capacity, Dangote has flipped the script.



The refinery is expected to slash Nigeria’s fuel import bill, stabilize foreign exchange reserves, and cut costs for millions of Nigerians who rely on fuel for transportation and power generation.



This has seen his net worth soar, largely fueled by the long-awaited commissioning of the Dangote Refinery—the largest petroleum refinery in Africa, positioning it to supply products across Africa. With global energy markets shifting and fuel subsidies phasing out in Nigeria, the refinery’s operational launch could not have come at a more critical time.



The refinery’s impact is already visible. In January, Nigeria’s fuel imports dropped to its lowest level in eight years, while export contracts for petroleum products have been signed with multiple African nations. Observers project that Nigeria could save $10 billion annually on petroleum products imports.



Dangote’s empire predates oil. He is the founder and chairman of Dangote Industries, which includes Dangote Cement, Dangote Sugar, and Dangote Flour.



Ayo-Bankole Akintujoye, a strategy expert, says: “Dangote is the archetype of how homegrown industrialists can catalyze development, create prosperity, and position Africa competitively in the global economy.”



In February, Dangote announced a $400 million investment to double production at his Mugher cement plant in Ethiopia to 5 million metric tons per year. The plant, operational since 2015, had faced political instability, but Dangote confirmed that all loans have been repaid and profits repatriated.



In November 2024, Dangote expanded into Angola, opening a subsidiary focused on oil block acquisitions, the Lobito Refinery project, and cement production. This marks a significant push into southern Africa’s energy and construction markets, further solidifying his continental influence.



Dangote is also making moves in Nigeria’s auto industry. In 2022, he partnered with Stellantis to launch Dangote Peugeot Automobiles Nigeria (DPAN), assembling Peugeot models at a Kaduna-based factory.



“His business model of reinvestment and vertical integration has created a powerful economic multiplier effect across Africa,” Akintujoye notes to FORBES AFRICA. “From manufacturing to distribution, he has strengthened local supply chains, created jobs, and preserved foreign exchange reserves.”



With reportedly 11,000 employees in West Africa and businesses dominating cement, sugar, and now petroleum refining, Dangote’s empire continues to shape Africa’s industrial future. His ability to navigate regulatory complexities, infrastructure deficits, and capital constraints showcases why he remains the most influential business leader on the continent.



Mike Adenuga



Mike Adenuga rules connectivity and crude. With a fortune of $6.8 billion, he is Nigeria’s second-richest man. Dubbed the ‘Silent Billionaire, Adenuga lets his businesses do the talking.



His Globacom, the second-largest telecom network in Nigeria, connects over 60 million subscribers.



Nigeria has 164.9 million active telecommunications subscribers, according to December 2024 subscription sta- tistics released by the Nigerian Communications Commis- sion (NCC). Data consumption is exploding, fueled by fintech, streaming, and e-commerce. Globacom’s strategic fiber-optic expansions keep Adenuga a central figure in the digital economy, with 12.15% of the market share.



Adenuga has always played by his own rules.



His oil company, Conoil Producing, holds six oil blocks in the Niger Delta. Adenuga has significant stakes in Conoil, a publicly traded petroleum firm where he holds 74%, and Sterling Financial Holding, where he owns just under 6%. He also spearheaded the development of Glo-1, a 6,100-mile submarine internet cable linking Nigeria to Europe via Ghana and Portugal, improving broadband access in West Africa.



Industry experts consider Adenuga’s success a case study in indigenous business development.



Mayowa Adeosun, COO and Co-Founder of fintech firm Sycamore Group, underscores Adenuga’s calculated risk-taking and strategic foresight in shaping multiple African sectors.



“Adenuga’s investments in telecommunications and oil seemed prescient in hindsight, but they were made in the face of significant uncertainty and risk,” says Adeosun to FORBES AFRICA. “His ability to navigate complex regulatory environments while maintaining operational efficiency offers valuable lessons for business development across the continent.”



Adenuga’s approach has gone beyond personal wealth accumulation—his infrastructure investments have catalyzed growth across multiple industries. Globacom’s expansion, for instance, has facilitated thousands of small businesses to scale through improved connectivity, showcasing an ecosystem-driven model of wealth creation.



“We observe daily how improved access to capital and financial services can activate entrepreneurial potential across market segments,” Adeosun adds.



“The blueprint established by visionaries like Adenuga demonstrates how institutional builders can create long-term value while addressing fundamental market gaps.”



Abdulsamad Rabiu



Rabiu, the founder of BUA Group, is a key force in Nigeria’s industrial sector. His cement empire is heavily tied to infrastructure spending, which has been volatile due to fiscal constraints.



Nigeria’s infrastructure deficit is estimated at $3 trillion over the next 30 years.



Cement demand will continue to rise.



BUA Group is also expanding into refining and petro-chemicals with a greenfield 200,000 barrels per day plant in Akwa Ibom of southern Nigeria, aiming to produce Euro-V fuels and Polypropylene for the domestic and regional market.



Rabiu has cemented his legacy—quite literally—through his holdings in cement production, sugar refining, and real estate. His decision to merge Obu Cement with Cement Co. of Northern Nigeria in 2020 created BUA Cement Plc, a player on the Nigerian Stock Exchange, where he holds a 98.2% stake. In the food sector, he owns 95% of BUA Foods, another publicly traded giant shaping West Africa’s agro- industrial economy.



Rabiu’s story is one of calculated risks and bold counter-cyclical investments.



His early years were shaped by his father, a businessman-man- man who left him land—an inheritance he leveraged to build an empire. In 1988, he struck out on his own, importing iron, steel, and chemicals, laying the foundation for the industrial powerhouse that BUA would become.



His approach to business defies short-term gains, favoring a long-haul vision where vertical integration and infrastructural development create ripple effects across multiple sectors. Adeosun, of fintech firm Sycamore Group, sees Rabiu’s journey as a blueprint for sustainable African entrepreneurship.



“Rabiu’s strategic investments in manufacturing weren’t obvious wins at the time,” Adeosun notes to FORBES AFRICA. “He invested when others hesitated, navigating economic volatility and complex regulations. His success wasn’t just about wealth accumulation—it was about ecosystem building.”



Femi Otedola



Few Nigerian billionaires have reinvented themselves like Otedola.



Once an oil tycoon, Otedola sold his stakes in Forte Oil to pivot into the power sector, becoming chairman of Geregu Power—pushing his fortune to $1.5 billion.



Nigeria’s grid collapses multiple times a year. Private power is now essential. His pivot from oil to power mirrors a larger privatization wave in Nigeria’s utility sector.



Otedola’s Geregu Power now supplies a significant portion of Nigeria’s electricity grid, attracting investments from the Nigerian government, China’s State Grid Corporation, and African Export-Import Bank (Afreximbank).



Beyond energy, Otedola has also stamped his influence in Nigeria’s financial sector. His investment in FBN Holdings, one of Nigeria’s leading banks, has been pivotal.



As the chair and significant shareholder, he played a crucial role in improving the bank’s efficiency, driving profitability and value for investors. He also holds shares in Zenith Bank.



Kayode Omosebi, Director at Lagos-based MO Africa Company, sees Otedola’s resurgence as a testament to Nigeria’s economic potential and the power of strategic foresight.



“Otedola’s return as a Forbes-listed billionaire showcases the resilience required for success in Nigeria’s evolving business landscape. His ability to think differently, persist against all odds, and strategically reposition his investments is an inspiration for young entrepreneurs. His journey highlights the vast opportunities within Nigeria’s traditional and emerging sectors,” Omosebi tells FORBES AFRICA. Otedola has homes in Lagos, Dubai, London, and Monaco.

Tag: South Africa

FORBES AFRICA SOCIAL MEDIA