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Africa's new female president
Plus, Bitcoin tops $100K mark, Nigeria raises $2.2B via dollar bonds, and we’re hiring.
Anthony Miclet
December 05, 2024
Good day. Namibia has elected its first-ever female president, Netumbo Nandi-Ndaitwah, marking a historic milestone. The 72-year-old becomes Africa’s second active female head of state and just the 5th woman to be elected to such a position in the continent's history.
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Markets Wrap
Markets
Earnings & Dividends
This Week’s Top Stories
Eurobond return: Nigeria raised $2.2B in its first Eurobond auction since 2022, oversubscribed with $9B in bids but signaling investor caution with high yields of up to 10.375%. Proceeds will address fiscal deficits amid falling oil revenues, while officials cite strong demand as confidence in Tinubu’s fiscal reforms.
Agriculture slump: South Africa’s economy shrank 0.3% in Q3 2024, led by a 28.8% agricultural downturn—the worst in three decades. Year-to-date GDP growth lags at 0.4%, prompting economists to cut forecasts, though Q4 recovery hopes rest on improved consumer sentiment and lower inflation.
Lobito Corridor: The US is investing $5B into Angola’s Lobito rail corridor to secure critical minerals for electric vehicles and counter China’s dominance. Backed by a Trafigura-led consortium, the revitalized railway slashes transit times, with new connections to Zambia boosting Western mining operations and supply chain efficiency.
Crypto boom: Bitcoin soared to $100K, driven by optimism over Trump’s pro-crypto policies and SEC leadership changes. The rally highlights mainstream adoption, with ETFs managing $100 billion and Bitcoin’s $2 trillion market cap surpassing national bond markets and tech giants like Nvidia.
Headline Roundup
A summary of the major business, tech, and finance headlines of the past week.
Economy and Macro
Zambia Inflation Hits Three-Year High on Drought, Kwacha Weakness
Angola Plans Privatization of State-Owned Airline TAAG in 2026
Zimbabwe Maintains Africa’s Highest Interest Rate to Curb Inflation
M&A and Corporate
Startups and Tech
Fundraising and Accelerators
Must-Reads on Daba
Boost your investing IQ with educational blogs and thematic articles on Africa.
Learn
Insights
Perspectives
Opportunities Corner
Discover funding, awards, and accelerator opportunities to boost your startup's growth. Deadline in brackets.
Growth4Her Accelerator (December 31)
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Chart of the week
Get more context into themes shaping Africa’s investing landscape.
Netumbo Nandi-Ndaitwah was recently elected as Namibia's first female president in a historic moment for the southern African nation and the continent. Her election adds to a growing list of African women who have risen to the highest offices in their respective countries and in our latest blog, we explore the remarkable African women who have served across different periods and in different capacities. Tap the button below to read more. Click here or tap the button below to learn more.
That’s it for this week.
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