Here are this week’s news highlights and updates on African business opportunities, developments and events.
African tech startups raised over $700 million in 2020 despite pandemic
Despite the pandemic, the African tech ecosystem has set 2020 as a record year by having total funding of $701.5 million for 397 startups compared to 311 startups that raised $491.6 million in the previous year. With this encouraging progress, more businesses would explore the tech industry much more.
AfDB & EIB to support infrastructure investment across Africa
To strengthen their cooperation and mutual development priorities, AfDB & EIB have signed a joint partnership action plan to boost the public and private sector investment in Africa. The plan reflects the AfDB’s High 5 development priority areas and EIB’s priority areas for Africa.
Nigeria tops South Africa in FDI in 2020 – UN Report
Despite the drop in FDI inflow by other African countries, Egypt remains the top investment destination in Africa with a total inflow of $5.5 billion, which is the highest influx of Foreign Direct Investment. Nigeria attracts $2.6 billion and South Africa with less than $2.5billion in FDI inflows.
CDC Group to invest $US1billion annually into Africa’s businesses
Committed impact investors, CDC Group and Development Finance Institution (DFI) plans to invest $1billion into Africa by 2021. This is to establish a strong investment place in the continent while providing countercyclical funding to the local communities and businesses.
Digital transformations and AfCFTA are critical imperatives for the rebound of African economies
According to the Foresight Africa 2021 report published by African Growth Initiatives, Technological transformations through digitisation and the African Continental Free Trade Agreement (AfCFTA) are considered critical in supporting the fast recovery of the African economies.
AfCFTA provides enormous opportunities in 2021
Economic experts say the Africa Continental Free Trade Agreement portends enormous opportunities for Nigeria in 2021. During a webinar by the Nigerian-British Chamber of Commerce, this was said with the theme: ‘2021 Economic Outlook.’
African proverb of the week:
“A flea can trouble a lion more than a lion can trouble a flea”
Fun Fact:
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At African Ally, we are committed to being partners with our clients on their journey to win in the African market. We provide business advisory support required for setting up and establishing operations within the local regulations and employment laws, therefore mitigating unforeseen risks and pitfalls of establishing a business in new terrain. We also manage recruitment and onboarding services, serviced office spaces, vendor management, procurement, travel, immigration and logistics support on behalf of our clients.
Over the last 16 years of doing business and growing our footprint in eleven African countries so far, we have observed that access to this level of support by clients trying to invest and do business in Africa can make the significant difference between their success and failure so this is why we do what we do, and it has earned us a reputation of being a reliable and dependable ally.
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