Good day! 

Elon Musk’s Starlink has rolled out in Zimbabwe three months after securing an operating license, bringing the satellite internet service’s Africa presence to 14 countries.

In other major stories:

• Benin textile industry expands

• Hard cash for green hydrogen

• More results in earnings season

• China moves to “take over” Africa

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Markets Wrap

Markets

• BRVM Stock Market Sees Continued Growth in First-Week September

• Crude Oil Futures Hit Lowest Levels Since 2021 Amid Demand Concerns

• Oando Joins Nigeria’s Trillion-Naira Market Cap Club After Share Surge

• US Bitcoin ETFs See Record Outflows Amid Broader Market Uncertainty

Earnings

• TotalEnergies Gabon Subsidiary Profit Up 36% to $53M in H1 2024

• Ivorian Unit of Société Générale Sees 8.5% Profit Jump in First Half

• Unilever CI Posts 109% Profit Growth in 2023 Despite Revenue Decline

Dividends

• Vivo Energy Raises 2023 Dividend Payout After 13% Profit Growth

• BRVM-Listed CFAO Motors to Pay Out Over $5m in Dividends

A Message From Daba

Join Our Exclusive Webinar on Investing in African VC

We're excited to announce a webinar jointly organized with Fundr on Africa's VC investment landscape and opportunities. The event will feature:

• A fireside chat with Fundr CEO, Lauren Washington

• More details on Daba & Fund Collaboration

• Available deals & how to get into your first fund deal

Click Here or tap the button below to register.

The Week’s Top Stories

Industrial revolution

Benin Textile Industry Expands with First US Polo Assn Clothing Export

Benin's textile industry has achieved a new milestone, exporting over one million pieces of clothing to Europe for the US Polo Assn brand, delivered to Italy-based distributor Incom SPA.

This success builds on Benin's "Made in Benin" initiative, following exports to brands like The Children's Place and Kiabi. As Africa's leading cotton producer, Benin is focusing on transforming raw materials into value-added products. Learn more about that here.

The achievement underscores Benin's growing reputation for high-quality textiles and its ability to meet international standards—a step closer to enhancing the country's position in the global apparel market.

Green hydrogen

EU Commits $76M to Back Projects in Southern African Nations

The European Union is investing $35 million in South Africa's green hydrogen sector, aiming to leverage renewable resources for clean fuel production. The grants are expected to attract significant private investment. 

In addition, the Union has pledged $41 million to support Namibia's transition to cleaner fuels, focusing on green hydrogen projects. 

These investments are part of a broader effort to establish Africa as a renewable energy hub, though challenges remain in delivering cost-competitive products in the emerging global hydrogen market.

Chinese ambitions

Asian Giant Pledges $50B, 1M Jobs in Push to Expand Africa Ties

China's President Xi Jinping has pledged $51 billion in aid to Africa over three years, targeting debt relief, infrastructure, and job creation.

At the recent Forum on China-Africa Cooperation in Beijing, Xi also announced tariff exemptions for 33 least-developed African countries and expanded market access for African exports. China aims to deepen cooperation in industry, agriculture, and trade.

This intensified engagement with Africa is part of China's strategy to compete with the US for influence on the resource-rich continent, crucial for global trade and geopolitical positioning.

Headline Roundup

A summary of the major business, tech, and finance headlines of the past week.

Economy & Macro

• West African Central Bank Maintains Key Rate on Inflation Concerns

• Nigeria Raises $900M in First Domestic Dollar Bond Sale

• Ghana’s Inflation Falls to 29-Month Low, Boosting Rate Cut Prospects

• Egypt’s Inflation Unexpectedly Quickens After Fuel Subsidy Cuts

• Namibia Signs Deal with Chinese Firms to Build Largest Solar Plant

M&A and Corporate Deals

• AngloGold Gets Egypt's Sukari Mine in $2.5B Centamin Acquisition

• Engie Eyes Consolidation in Africa’s Renewable Energy Market

• Telkom's $355M Sale of Tower Business Okayed by Competition Tribunal

• Anglo Raises $400M in First South African Amplats Stake Sale

Startups and VC

• VC Funding for Climate Startups Grows Despite Overall Decline

• FMO, BlueOrchard Back Ghanaian Digital Bank Fido in $30M Round

• Paymob Secures $22M in Series B Extension to Drive Regional Expansion

• Cercli Closes $4M Seed Round to Tap $2B MENA Payroll Market

Fundraising and Accelerators

• AgDevCo Raises $32M to Support Early-Stage Agro Ventures in Africa

Must-Reads on Daba

Boost your investing IQ with educational blogs and thematic articles on Africa.

Learn

• Bond Yields: What They Are and Mean for Your Investments

• How to Build a Diversified Portfolio Using Alternative Investments

• Investing Basics: 21 Investment Terms Everyone Should Know

• Defensive Stocks: What to Buy During Market Downturn

Insights

• What Cooling Inflation, Rate Cuts Mean for Investing in Africa

• Will Tech VC Funding in Africa Rebound on Interest Rate Cuts?

• Why Now Is a Good Time to Invest in African Venture Capital

Perspectives

• The Almanack of DFS Lab: Making Sense of VC Investing in Africa

• Is Africa’s Growth-Driven Fintech Boom Built to Last?

Opportunities Corner

Discover funding, awards, and accelerator opportunities to boost your startup's growth. Deadline in brackets.

• Future of Capitalism (Sep 30)

• Mastercard Agribusiness Challenge (Nov 22)

Chart of the week

Get more context into themes shaping Africa’s investing landscape.

China’s Africa investment pledge rebounds: China is ramping up efforts to dominate Africa's economic landscape, pledging over $50bn in financial support during the latest FOCAC summit, a resurgence in Beijing’s commitments after a dip in 2021. Over the past decade, China’s investments have driven Africa’s infrastructure boom through the Belt and Road Initiative (BRI). And in 2023, trade between the two regions hit record levels. Click here or tap the button below to learn more.

That’s it for this week. Next Frontier is sent once weekly. Think your friend or colleague should know about us? Forward this newsletter to them. They can also sign up here.

If you haven’t, you can also download the Daba app to get daily bite-sized insights into African economies, industry and country reports, and access investment opportunities.

Catch you next week!