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Here's a quick preview of today’s newsletter: Egypt’s grand museum set to open in July, Gozem raises $30M to expand its super app, DRC halts cobalt exports, and Nigeria’s economy sees fastest quarterly growth in years.

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Four Things You Need to Know

Grand opening: Egypt's Grand Egyptian Museum will open on July 3, after nearly two decades of construction. The $1 billion project, which includes 100,000 artifacts, including treasures from King Tutankhamun’s tomb, aims to attract 5 million visitors annually, boosting Egypt’s tourism and foreign investment.

Fintech expansion: Gozem raises $30 million in Series B funding to expand its super app across West Africa. The ride-hailing and fintech platform now offers vehicle financing, e-commerce, and digital banking. It aims for deeper market penetration and a $20 million follow-up round to fuel its growth in Francophone Africa.

Cobalt crisis: Congo halted cobalt exports for four months, disrupting the global supply of electric vehicle (EV) batteries. As the world’s largest cobalt producer, the ban could push prices up and accelerate the shift toward cobalt-free EV batteries, with Indonesia poised to benefit from the disruption.

Growth surge: Nigeria's economy grew by 3.84% in Q4 2024, its strongest performance in three years, driven by services and industrial expansion. While still below the 6% target, growth is expected to continue, with structural reforms and improved GDP data updates set to shape prospects. Once Africa’s largest, the economy may be approaching stability.

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Headline Roundup

Markets & Finance

• Giant Telco Sonatel Sees 18% Jump in Full-Year Net Income

• Angola State Oil Firm Sonangol Eyes 30% Sale in Planned IPO

• NYSE-Listed Jumia Posts $99M Loss as Customer Base Shrinks

Economy & Macro

• Kenya Plans Eurobond Sale to Buy Back $900M in Debt

• Niger Junta Proposes Delaying Elections Five More Years

• Nigeria Holds Rates as Inflation Slows After Data Overhaul

Corporate & M&A

• Naspers-Owned Prosus to Acquire Just Eat Takeaway in $4.3B Deal

• South Africa Watchdog Fines Google, Meta Over Market Practices

• Motorola Solutions Acquires South Africa-Founded RapidDeploy

VC, Startups & Tech

• AWS to Implement 21% Tax on Cloud Services in Ghana

• 54 Collective to Shut Venture Studio After Mastercard Deal

• Coinbase Partners Onboard for Crypto Services in Nigeria

What Else We’re Reading

• Top Themes Africa Investors Should Watch in 2025

• Debt, Elections, Growth: WAEMU High-Stakes Year Ahead

• Benin’s IPO Market Heats Up Amid Economic Reforms

• Big Reset: Uranium-Rich Niger Set for Rapid Growth

Chart of the Week

WAEMU nations averaged 5.1% annual GDP growth from 2015-2023, significantly outperforming the world average of 2.4% during the same period. This sustained economic expansion underscores the region's investment potential as a high-growth frontier market poised to deliver superior returns. Check out the Daba app now to discover the best opportunities in the region for your investment portfolio.

That’s it for today.

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