African markets and business updates

The bank recapitalisation exercise that started 23 months ago has entered the last lap. In late February, Central Bank of Nigeria governor Olayemi Cardoso gave an update on the plan: "With regard to the ongoing recapitalisation programme, the Committee noted that of the 33 banks that have raised additional capital, 20 have met the new minimum capital requirement, reaffirming steady progress towards a more robust and well capitalised financial system," he said.…

A look at every speech made by Olayemi Cardoso as governor of the Central Bank of Nigeria (CBN) will reveal something simple yet significant: a large majority contain the words "buffers" and "resilience". These keywords are important in understanding his overall reform agenda, which is anchored on price stability and long-term sustainable growth. Stability and growth are becoming more evident across several areas of the economy and on February 24…

With Nigeria-UK trade valued at an estimated £7.9bn ($10.5bn) in the year to end July 2025, both countries are looking to President Bola Tinubu's state visit to the UK as an opportunity to intensify efforts to deepen commercial ties and unlock new investment frontiers across critical sectors. British high commissioner to Nigeria Richard Montgomery said the trade value between Nigeria and Britain has hit an unprecedented level.…

Financial inclusion in sub-Saharan Africa has improved considerably in recent years, with bank account ownership doubling from roughly 23% of the adult population in 2011 to 49% by 2022, according to the World Bank. Still, hundreds of millions of adults in sub-Saharan Africa do not have a bank account. Countries like Kenya show that it is possible under the right conditions to deliver formal financial services to previously unbankable populations - and to do so through a scalable, commercial model.…

Something remarkable is happening in Morocco's technology landscape. In 2024, Moroccan startups raised nearly $95 million in venture capital across 40 deals, almost tripling the $33 million recorded the year before. The Kingdom climbed to sixth place in Africa for startup funding and, for a brief period in mid-2025, entered the top four across the entire MENA region. For a country that barely registered on the continent's innovation radar a decade ago, this trajectory is striking.…

As war rages in the Middle East, and Iran blocks shipping through the Strait of Hormuz, global attention focused on the impact on oil and gas supplies. Brent oil prices briefly soared to as high as $120 a barrel on Monday, around double their pre-war level, before dipping back to $87 a barrel by Wednesday - still 20% above the price before the US-Israeli attacks began on 28 February. But the Gulf is not only important for oil and gas - the region is also key for global fertiliser supply. Iran itself…

Before 2008, global banks operated through expansive cross-border networks, tiering markets into core and peripheral exposures and managing trade flows accordingly, but in the wake of the global financial crisis, regulators reassessed the risks embedded in those balance sheets, capital requirements tightened, and international banks began concentrating their activities closer to home. In many so-called frontier markets…

Standard Bank Group reported headline earnings of R49.2bn for 2025, delivering a return on equity (ROE) of 19.3%, at the top end of the group's target range of 17% to 20%. The result reflects strong performance across the banking businesses, supported by solid balance sheet growth and robust expansion in fees and trading revenues. Credit impairment charges declined year on year as the macroeconomic environment improved, while cost management remained disciplined.…

Tensions between Ethiopia and Eritrea are nothing new. Between 1998 and 2000, the two countries fought a devastating war, sparked by disputes over the border town of Badme, that is estimated to have killed up to 100,000 people. While that war formally ended with the Algiers Agreement in December 2000, it was followed by almost two decades of a cold war: closed borders, frozen relations and deep mistrust on both sides. Upon coming to power in 2018…

Ghana's push to become an industrial hub in the West African sub-region has been given a fillip with the launch of a $40m pasta manufacturing plant by Olam Agri at Kpone, near Tema in the country's Greater Accra Region. The 60,000 capacity factory is expected to produce up to 40% of Ghana's pasta needs. Currently, that demand is met entirely by imports, with an estimated bill of $140m between 2021 and 2024, second only to Togo on the continent. Baibhav Biswas, Olam Agri's country head…