Victor Oluwole

<ul><li>Moniepoint Inc. raises US$110 million in equity financing</li><li>Series C investment led by Development Partners International's African Development Partners (ADP) III fund</li><li>New investors include Google's Africa Investment Fund and Verod Capital</li></ul>

Founded in 2015 by <a href="https://africa.businessinsider.com/local/leaders/exclusive-from-creating-his-own-toys-to-creating-africas-second-fastest-growing/j7nmxph">Tosin Eniolorunda</a> and Felix Ike, Moniepoint (formerly known as TeamApt) which initially focused on providing infrastructure and payment solutions for banks and financial institutions, has grown into Nigeria's leading business banking provider, trusted by millions of businesses.

The Series C investment was led by Development Partners International’s African Development Partners (ADP) III fund – a premier fund focused on Africa.

Other new investors include Google’s Africa Investment Fund and Verod Capital - a leading African private equity firm. Global impact firm, Lightrock, an existing investor, also participated in the funding round.

READ ALSO: <a href="https://africa.businessinsider.com/local/markets/challenges-faced-by-women-entrepreneurs-in-nigeria/tvy6fvb">Women-owned businesses in Nigeria repay loans faster than men, according to new report</a>

The capital raised will be used to accelerate <a href="https://africa.businessinsider.com/local/markets/africas-fastest-growing-companies-2023-a-look-at-the-top-100-companies/tqz4nlr">Moniepoint’s growth across Africa</a>, building an all-in-one, seamlessly integrated platform for African businesses of all sizes. This platform will include services such as digital payments, banking, foreign exchange (FX), credit, and business management tools, making it a one-stop shop for business solutions.

Moniepoint's exceptional contributions to Nigeria’s financial services sector has been widely acknowledged alongside an enviable track record of serving customers across Africa.

Each month, Moniepoint processes over 800 million transactions, with a monthly total value exceeding US$17 billion—all while operating profitably.

Tosin Eniolorunda, Founder and Group CEO of Moniepoint Inc., said: “Our mission is to help our customers solve their challenges by making our platform more innovative, transparent, and secure. The proceeds from this raise will speed up our efforts to drive financial inclusion and support Africa’s entrepreneurial potential. I want to sincerely thank the entire Moniepoint team for making this achievement possible. We’ve been encouraged by the diversity and huge swathe of those who have found value in our platform and the services we provide in helping to create financial happiness. But, we’re just getting started, as it is just day one from here.”

In this latest capital raise - DPI, Google’s Africa Investment Fund, and Verod join existing blue-chip investors in Moniepoint such as QED Investors, Novastar Ventures, Lightrock, British International Investment, Global Ventures, Endeavour Catalyst, and New Voices Fund.

L-R: Tosin Eniolorunda, Co-founder/CEO Moniepoint Inc.; Felix Ike, Co-founder/CTO Moniepoint Inc.

Moniepoint Inc has successfully raised US$110 million in equity financing, to power the dreams of millions of businesses and their customers across Africa and the diaspora.

Moniepoint reaches African unicorn status with $110 million funding boost

<ul><li>Nomcebo Zuma is now engaged to become the 16th wife of the king of Eswatini</li><li>The engagement ceremony took place at the Ludzidzini royal village in Lobamba and was witnessed by over 5,000 people</li><li>King Mswati III has a history of marrying younger brides, with several of his marriages making headlines</li></ul>

The ceremony was held at the Ludzidzini royal village in Lobamba, as more than 5,000 people gathered to witness the historic occasion.

Nomcebo Zuma, 21, the now 16th wife of the 56-year-old King, was spotted performing the reed dance, a traditional rite of womanhood in which young women gather to sing and dance for the monarch with their bare chests exposed.

Nomcebo Zuma (3rd L) and one of the king’s daughters, Princess Sakhizwe (2nd L), sing and dance with other young women during the Umhlanga reed dance. Photograph: Emmanuel Croset/AFP/Getty Images

Some women who dance for the King are known as the liphovela—the royal fiancee or concubine. They wear traditional clothing that includes anklets and thick, colourful tassels while carrying mock swords and shields.

The days-long reed dance, also known as the Umhlanga, is celebrated as an example of Eswatini’s “graceful” culture. The country of 1.2 million has been ruled since 1986 by King Mswati III, who is no stranger to choosing younger brides for marriage.

According to reports, several of the king’s marriages have made headlines due to the age gap and his controversial reign.

In one <a href="https://www.theguardian.com/world/article/2024/sep/03/daughter-of-south-africas-ex-president-zuma-to-be-eswatini-kings-16th-wife">report by the BBC</a> in 2005, the King took in a 17-year-old Phindile Nkambule as his 13th fiancee at a reed dance after she had reportedly caught his eye at the main dance the previous month.

A few days before that event, the king was said to have rescinded a ban on sex for and with girls under 18, which he had implemented in an effort to fight HIV/Aids. However, two months after imposing the ban in 2001, Mswati fined himself a cow for breaking his own rule by taking a 17-year-old as his ninth wife.

The King rules the people by decree, with political parties banned and elected officials only existing in an advisory capacity. His monarchy has been heavily criticized for the lavish lifestyle and opulent ceremonies they organise while the majority of the population wallows in abject poverty.

Nomcebo Zuma was born into a polygamous family, as her father, Jacob Zuma, had multiple wives and over 20 children.

READ ALSO: <a href="https://africa.businessinsider.com/local/leaders/ex-south-africa-president-jacob-zuma-turns-himself-in-to-begin-15-month-jail-time/bqtm5s1">Ex-South Africa president Jacob Zuma turns himself in to begin 15-month jail time</a>

He served as <a href="https://africa.businessinsider.com/local/leaders/constitutional-court-bars-jacob-zuma-from-running-for-parliament/1j8n31t">President of South Africa from 2009 to 2018</a> until his African National Congress party forced him to resign after a series of corruption allegations.

Jacob Zuma’s daughter, Nomcebo Zuma, is officially the 16th wife of the <a href="https://africa.businessinsider.com/lifestyle/these-3-wealthy-african-kings-are-worth-dollar63-billion/89262c2">King of Eswatini, formerly Swaziland</a>, following a traditional ceremony on Monday night.

Jacob Zuma’s daughter becomes the 16th wife of Eswatini's King

<ul><li>Violent protests have erupted in major cities across Nigeria due to economic hardship and dissatisfaction with government policies</li><li>The Nigerian police are on red alert and may seek military intervention to maintain order</li><li>Protests, initially peaceful, turned violent leading to curfews and stringent measures being imposed by the authorities</li></ul>

The #EndbadGovernance demonstrations, sparked by widespread economic hardship and dissatisfaction with government policies, has left many Nigerians struggling to afford basic necessities, fueling public anger and frustration.

The protests, which began as peaceful demonstrations yesterday, quickly turned violent, prompting authorities to impose stringent measures to restore order in the country.

The clash between police and demonstrators in major cities like Abuja and Port Harcourt yesterday has led to several states imposing curfews to curb the violence and looting.

Clash in Bayelsa as youths pelt protesters with bottles, stones to disperse them [NAN]

READ ALSO: <a href="https://africa.businessinsider.com/local/lifestyle/protest-in-nigeria-takes-its-first-hit-from-the-government/t05exzw">Protest in Nigeria takes its first hit from the government</a>

The Inspector General of Police, Kayode Egbetokun, held a press conference, saying that all units are fully mobilised and restricting movement and gatherings to prevent further violence.

“In the light of the current situation, the Nigeria Police Force has placed all units on red alert,” Egbetokun said.

“The Police is equipped to respond appropriately to the unfolding situation and will get assistance from other security agencies, including the military, if the need arises.”

Reports indicate that several government buildings and vehicles have been set ablaze, with numerous injuries suffered on both sides.

The situation in Kano was similarly dire, as protesters looted and vandalised a section of the Nigerian Communication Commission (NCC) 's Digital Industrial Park (DIP) in the state.

<div class="embed"><blockquote class="twitter-tweet">After this protest, Kano will take a long time to heal completely. This is not a protest, but vandalism and destruction. <a href="https://t.co/AyoxkF6MKv">pic.twitter.com/AyoxkF6MKv</a>&mdash; Bashir Ahmad (@BashirAhmaad) <a href="https://twitter.com/BashirAhmaad/status/1818978115223195895?ref_src=twsrc%5Etfw">August 1, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

</div>

According to the Minister of Digital Economy, Bosun Tijani, the centre is one of six in each of the country’s geo-political zones, with this particular one serving the northwest region.

In a post on his official X on Thursday, the minister conveyed his disappointment, saying that the centre was scheduled for commissioning on Wednesday, August 7.

<div class="embed"><blockquote class="twitter-tweet">Sad to learn that our Digital Innovation Park in Kano slated for launch next week to support our technical talent accelerator (3MTT) has been set ablaze and looted by protesters. Alongside <a href="https://twitter.com/hashtag/3MTT?src=hash&amp;ref_src=twsrc%5Etfw">#3MTT</a>, this building is set to host our buildathon holiday maker programme for secondary… <a href="https://t.co/UdVK1BFe3M">https://t.co/UdVK1BFe3M</a>&mdash; Dr. &#39;Bosun Tijani (@bosuntijani) <a href="https://twitter.com/bosuntijani/status/1818976388210143560?ref_src=twsrc%5Etfw">August 1, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

</div>

The international community has yet to react to the violent protests in Nigeria.

Nigeria Police captures bandits [Daily Trust]

The Nigerian police are on red alert and may soon seek military intervention to maintain order following a wave of violent protests that have erupted in several major cities across Nigeria.

#EndbadGovernance: Nigeria police may seek military intervention to end violent protests

<ul><li>MTN Nigeria reported a substantial loss after tax of ₦519.1 billion in the first half of 2024</li><li>The losses were largely due to challenging macroeconomic conditions in Nigeria, including record-high inflation and a weaker naira</li><li>Despite the setbacks, MTN Nigeria reported revenue growth of 32.6% to ₦1.5 trillion</li></ul>

According to its unaudited results for the half-year ended June 2024, these losses arose from the revaluation of foreign currency-denominated obligations, exacerbated by the depreciation of the naira from ₦907/ in December 2023 to ₦1,505/in June 2024.

Despite the setbacks, MTN, Nigeria’s biggest company by market value, reported revenue growth of 32.6% to ₦1.5 trillion. However, the company’s financial performance was heavily impacted by net forex losses amounting to ₦887.7 billion.

Karl Toriola, Managing Director and Chief Executive Officer (MD/CEO) of MTN Nigeria Communications Ltd [PM News Nigeria]

READ ALSO: <a href="https://africa.businessinsider.com/local/markets/mtn-nigeria-closes-stores-after-vandalism/0g6w36x">MTN Nigeria closes all stores and service centers nationwide</a>

Commenting on the report, Karl Toriola, CEO of MTN Nigeria, highlighted the difficult economic environment, noting that the inflation rate reached 34.2% in June, with an average rate of 32.8% for the first half of the year.

He added that the company would have recorded a profit after tax of ₦102.3 billion if not for the forex losses.

The high inflation rate and the devaluation of the naira have significantly increased operational costs for businesses and telecom companies in Nigeria. These economic conditions have led to higher prices for imported equipment and services, affecting the overall cost structure of telecom operators.

READ ALSO: <a href="https://africa.businessinsider.com/local/markets/mtn-takes-proactive-steps-to-restore-internet-services-in-ghana/jrndjhd">MTN takes proactive steps to restore internet services in Ghana</a>

Furthermore, rising operational costs, driven by inflation and currency volatility, have impacted the profitability of major companies, forcing many of them to balance the need to maintain high-standard infrastructure with the challenge of providing affordable services to consumers.

MTN Nigeria would have recorded a profit after tax of ₦102.3 billion if not for the forex losses.

Looking at the impact on shareholders, MTN Nigeria’s financial loss may affect short-term dividend payouts, but the company’s revenue growth and strategic initiatives could restore profitability in the long run.

In addition, the economic pressures might lead to adjustments in pricing, but the company will aim to balance affordability with sustainability.

MTN Nigeria reported a substantial loss after tax of ₦519.1 billion in the first half of 2024, largely due to challenging macroeconomic conditions in Nigeria, including record-high inflation and a weaker naira.

MTN Nigeria reports ₦519.1 billion loss in first half of 2024

<ul><li>High court in Ghana blocked civil society groups from holding a protest in Accra</li><li>The police requested the ban due to lack of security personnel, and the court approved it</li><li>The protests aimed to address issues such as corruption, high cost of living, economic hardships, and delays in signing an anti-LGBT bill into law</li></ul>

In the early hours of today, High Court Justice Abena Afia Serwaa approved a request by Ghana’s police to ban demonstrators from carrying out protests due to a lack of security personnel.

According to reports, the youth-led demonstrations planned to be held between July 31 and August 6 were intended to address a range of pressing issues and concerns that resonate deeply with many citizens, who have been vocal about their dissatisfaction with the current state of affairs.

the youth-led demonstrations planned to be held between July 31 and August 6 were intended to address a range of pressing issues and concerns that resonate deeply with many citizens

___8226641___2018___4___9___13___half-day-accra-city-tour-in-accra-328397

These include widespread corruption within the government and public institutions, the high cost of living and economic hardships faced by many Ghanaians, and frustration over delays in signing an anti-LGBT bill into law.

READ ALSO: <a href="https://africa.businessinsider.com/local/leaders/ghanas-president-says-anti-lgbtq-bill-yet-to-arrive-at-his-desk/e5b2nwb">Ghana's president says anti-LGBTQ bill yet to arrive at his desk</a>

The Ghana Police Authority claimed it lacked the personnel necessary to provide security as many officers were already deployed to political rallies amid election campaigning.

The court’s ruling has also sparked a debate about the balance between maintaining public order and upholding the right to peaceful assembly.

One of the protest organisers, Mensah Thompson, said elections should not block citizens from exercising their right to demonstrate, as doing so has significant implications.

“Young people are poised to demonstrate with or without the approval of the authorities,” he said.

“A time will come when they spontaneously jump on the streets, and we will have a ‘Kenya’ on our hands.”

READ ALSO: <a href="https://africa.businessinsider.com/local/leaders/ghanas-finance-minister-has-been-dismissed-after-years-of-economic-turmoil/ds9d2lv">Ghana’s finance minister has been dismissed after years of economic turmoil</a>

Critics also argued that the decision to ban the protests could stifle public discourse and prevent citizens from expressing their grievances.

According to one critic, blocking these protests raises questions about the government’s commitment to democratic principles, such as freedom of speech and the right to peaceful assembly.

Surprisingly, the situation in Ghana is not unique. Similar youth-led demonstrations have been observed in other African countries, such as Kenya, Uganda, and Nigeria, where citizens have taken to the streets to protest the high cost of living and economic hardships they face.

READ ALSO: <a href="https://africa.businessinsider.com/local/lifestyle/ghana-resorts-to-load-shedding-due-to-gas-supply-shortfall-from-nigeria/xjvwdqq">Ghana resorts to load shedding due to gas supply shortfall from Nigeria</a>

In Kenya, more than 50 people have been killed, and hundreds were arrested in a clash between the police and demonstrators. The protesters took to the streets in mid-June to oppose tax increases proposed by President William Ruto.

President Ruto fired his cabinet as the protests intensified, eventually scrapping the tax bill.

Kenyans protesting tax propasals in the Finance Bill 2024

Kenyan protests were costly but largely effective

Last week, Ugandans also took to the streets to protest against alleged corruption and demanded the parliament speaker's resignation.

The Police managed to shut down the protests, arresting more than 70 people, according to a legal aid organisation.

These regional parallels underscore the challenges facing African nations as they strive for economic stability and democratic governance.

Ghana Police mourns the death of one of its horses, P/H Corporal Queen Mother

The youth-led demonstrations planned to be held between July 31 and August 6 were intended to address a range of pressing issues and concerns that resonate deeply with many citizens

Police in Ghana ban youths from protesting high cost of living crisis

<ul><li>Ivory Coast surpasses South Africa as the highest-rated sovereign in Sub-Saharan Africa with foreign debt outstanding</li><li>Ivory Coast's debt maturing in 2028 fell to the lowest since April 15, while South Africa’s dollar debt due in 2030 also decreased</li><li>Ivory Coast's economy, one of the region’s fastest-growing, is projected to expand by 6.5% in 2024</li></ul>

According to the index, the yield on Ivory Coast’s debt maturing in 2028 fell 13 basis points to 7.09% on Monday, the lowest since April 15. South Africa’s dollar debt due in 2030 traded at a yield of 6.9%, down from over 8.5% in October.

“The rating trajectory of Côte d’Ivoire over the past ten years has been impressive,” said Samir Gadio, head of Africa strategy at Standard Chartered. “Many other African sovereigns have been downgraded over that period.”

In January, Ivory Coast sold $2.6 billion in eurobonds, breaking Sub-Saharan Africa’s nearly two-year lockout from international <a href="https://africa.businessinsider.com/local/markets/africas-economic-growth-slides-to-32-in-2023-afdb/xxh48dr" title="Ivory Coast ranks as the best-rated sovereign in Sub-Saharan Africa - report">capital markets</a>. The economy, one of the region’s fastest-growing, is projected to expand by 6.5% in 2024, up from 6.2% last year.

Despite a decline in cocoa production, the government secured a $4.8 billion funding agreement with the IMF. S&amp;P expects commodity exports to rise over the next two years.

“The positive outlook reflects our view that rising commodity exports could significantly reduce external and fiscal imbalances,” said Sebastien Boreux, primary credit analyst at S&amp;P. This, along with high economic growth, benefits from reforms, donor support, and stability.

In March, Moody’s raised Ivory Coast’s rating to Ba2, two levels below investment grade, putting it on par with South Africa. Gadio noted that while both countries have similar ratings, Ivory Coast’s bonds are likely to continue trading at a premium.

“Côte d’Ivoire has built a strong track record in global financial markets,” Gadio said, but added that further fiscal consolidation is needed to stabilize debt levels.

According to the index, the yield on Ivory Coast’s debt maturing in 2028 fell 13 basis points to 7.09% on Monday, the lowest since April 15. South Africa’s dollar debt due in 2030 traded at a yield of 6.9%, down from over 8.5% in October.

Ivory Coast ranks as the best-rated sovereign in Sub-Saharan Africa - report

<ul><li>Egypt mourns the death of Iranian President Raisi and other senior officials in a helicopter crash</li><li>Egypt's President Al-Sisi expressed support and solidarity during this difficult time</li><li>Historical tensions between Egypt and Iran date back to the 1979 Iranian Revolution and Egypt's peace treaty with Israel</li></ul>

Although Sisi's potential attendance at the funeral remains unclear, Raisi had shown interest in improving ties with Egypt, which has historically viewed Iran as a security threat. Despite long-standing tensions since the 1979 Iranian Revolution and Egypt's peace treaty with Israel, bilateral talks to restore official ties have been ongoing, primarily sponsored by Iraq.

The relationship between Egypt and Iran worsened after Iran's Shah found refuge in Egypt post-revolution. The Shah's burial in Egypt further strained relations. Concerns about the spread of Shiaism in Sunni-dominated Egypt and Israel's objection to Egyptian-Iranian ties due to Tehran's nuclear program have been significant obstacles.

A political analyst told <a href="https://www.newarab.com/news/enemy-my-enemy-my-friend-egypt-mourns-iranian-president">The New Arab</a> that Egypt's national security concerns amid Israel's actions in Palestinian Rafah could align with Tehran's interests. The analyst emphasized the Machiavellian principle, "the enemy of my enemy is my friend," in diplomatic strategies.

Egypt briefly restored ties with Iran in 2012 after the election of President Mohammed Morsi. His visit to Tehran and reciprocal visit by then-Iranian President Mahmoud Ahmadinejad marked significant diplomatic engagement. Direct flights between Tehran and Cairo were also established.

Rescue operations ongoing as Iran President involved in helicopter crash

The Egyptian government expressed sincere condolences to Iran for the tragic death of President Ebrahim Raisi and other senior officials in a helicopter crash. Presidential Spokesman Ahmed Fahmy conveyed President Abdel Fattah al-Sisi's support and solidarity during this difficult time.

Egypt responds to the death of Iranian President Raisi: The enemy of my enemy is my friend

The latest edition of the report showed China’s approval ratings are two points ahead of the U.S., indicative of the country’s soft power. The report further revealed that of the four global powers mentioned (China, the U.S., Berlin, and Russia), the U.S. was the only one not to see its image improve across Africa in 2023.

Each year, Gallup releases the <a href="https://www.gallup.com/analytics/355787/gallup-rating-world-leaders-report.aspx">Rating World Leaders report</a>, which details the rise — or fall — in leading world powers' job approval ratings across the globe, where the biggest gains and losses came from, and how each country stacks up.

According to the latest edition of the report, China recorded its highest leadership approval rating in Africa in a decade, with the double-digit increases in approval coming mostly from West African countries Ghana (+15 points), Cote d’Ivoire and Senegal (+14 points each).

China is currently Africa’s biggest single trading partner, with bilateral trade reaching a record $282.1 billion in 2023. The <a href="https://africa.businessinsider.com/markets/china-signs-yuan-denominated-loans-for-belt-and-road-initiative-accelerating-de/l0cb6b5">Belt and Road Initiative (BRI)</a>, which spans a significant chunk of the continent and invests heavily in infrastructure projects, has clearly helped China deepen its footprint in Africa and its influence among African economies and governments.

The Belt and Road Initiative is President Xi Jinping's signature foreign policy project

The U.S. also saw double-digit increases in approval ratings from Ghana (+14 points), Mauritania, Cote d’Ivoire (+13 points each), Tunisia (+12 points), Mozambique (+11 points), Senegal and Ethiopia (+10 points each). Despite the <a href="https://africa.businessinsider.com/local/leaders/biden-plans-trip-to-angola-signalling-renewed-engagement-with-africa/xbw69gg">positive rating in these countries</a>, the overall median approval of the U.S. dipped by three points across the continent after its approval ratings fell sharply in <a href="https://africa.businessinsider.com/local/markets/foreign-pressure-has-no-meaning-ugandas-president-guarantees/qvf6xwr">Uganda</a> (-29 points), Gambia (-21 points) and Kenya (-14 points)

The report noted an improvement in Germany’s leadership image, albeit only from 51% to 54%, placing it and the U.S. on similar footing. <a href="https://africa.businessinsider.com/local/markets/another-african-country-is-set-to-get-a-russian-embassy/2w2cp34">Russia’s leadership</a> remained the least popular, although its median approval rating increased by eight points in 2023 to 42% -- rebounding to its level in 2021.

China has dethroned the United States of America (USA) as its approval ratings in the region rose six percentage points, from 52% in 2022 to 58% in 2023, two points ahead of the U.S. According to the report, <a href="https://africa.businessinsider.com/local/careers/china-is-fast-becoming-a-top-destination-for-african-students-who-want-to-study/898pd8h">China recorded its highest leadership approval rating</a> in Africa in a decade, while <a href="https://africa.businessinsider.com/local/leade...

China dethrones USA as the most influential global power in Africa: Report

According to the "Food Waste Index Report 2024" released by the Nairobi-based United Nations Environment Program (UNEP), food waste is a market failure that results in the throwing away of more than US$1 trillion worth of food every year. It is also an environmental failure as food waste generates an estimated 8–10 per cent of global greenhouse gas emissions (including from both loss and waste), and it takes up the equivalent of nearly 30 per cent of the world’s agricultural land.

The Food Waste Index Report, which tracks country-level progress toward halving food waste by 2030 (SDG 12.3), revealed that most of the world’s food waste comes from households. Out of the total food waste in 2022, households were responsible for 631 million tonnes, equivalent to 60 per cent, the food service sector for 290, and the retail sector for 131.

"Letzte Generation" (Last Generation) activists blocking a highway to protest against food waste and for reducing agricultural greenhouse-gas emissions, in Berlin, on February 4.

The report noted that <a href="https://africa.businessinsider.com/local/markets/the-un-rules-out-procuring-food-from-nigeria-currently/zb53j77">Nigerians</a> waste 113kg of food at home per year, amounting to 24.79 million tons of household food waste in the country—the highest in Sub-Saharan Africa. Among the other countries in the region, <a href="https://africa.businessinsider.com/local/markets/tanzania-at-risk-of-facing-some-economic-hardship/kgl04cj">Tanzania households</a> waste 152kg of food per person annually, Uganda 110kg, Seychelles 183kg, Rwanda 141kg, and Mozambique 92kg.

Lagos Street Food celebration by 3X4 Gourmet celebrates richness & diversity of Nigerian street food cuisine

Don't Miss This: <a href="https://africa.businessinsider.com/local/lifestyle/10-african-countries-with-the-highest-hunger-index-in-2023/hrshdle">10 African countries with the highest hunger index in 2023</a>

According to UN projections, food waste is a worldwide catastrophe, and due to global food waste, over 783 million people will go <a href="https://africa.businessinsider.com/local/lifestyle/10-african-countries-with-the-lowest-hunger-index-in-2023/y6kjg88">hungry</a> at present. The report advises governments to improve data collection and proposes best practices for transitioning from monitoring to decreasing food waste.

<h3>Here are the top 10 African countries that waste the most food in 2024</h3>

<table><tr><th colspan="null" rowspan="null">Country</th><th colspan="null" rowspan="null">Household Estimate (kg/capita/year)</th><th colspan="null" rowspan="null">Household Estimate (tonnes/year)</th><th colspan="null" rowspan="null">Confidence in Estimate</th></tr><tr><td colspan="null" rowspan="null">Tanzania</td><td colspan="null" rowspan="null">152</td><td colspan="null" rowspan="null">9,960,496</td><td colspan="null" rowspan="null">Medium confidence</td></tr><tr><td colspan="null" rowspan="null">Uganda</td><td colspan="null" rowspan="null">110</td><td colspan="null" rowspan="null">5,209,076</td><td colspan="null" rowspan="null">Medium confidence</td></tr><tr><td colspan="null" rowspan="null">Seychelles</td><td colspan="null" rowspan="null">183</td><td colspan="null" rowspan="null">20,089</td><td colspan="null" rowspan="null">Medium confidence</td></tr><tr><td colspan="null" rowspan="null">Rwanda</td><td colspan="null" rowspan="null">141</td><td colspan="null" rowspan="null">1,937,761</td><td colspan="null" rowspan="null">Medium confidence</td></tr><tr><td colspan="null" rowspan="null">Nigeria</td><td colspan="null" rowspan="null">113</td><td colspan="null" rowspan="null">24,791,826</td><td colspan="null" rowspan="null">Medium confidence</td></tr><tr><td colspan="null" rowspan="null">Mozambique</td><td colspan="null" rowspan="null">92</td><td colspan="null" rowspan="null">3,033,197</td><td colspan="null" rowspan="null">Low confidence</td></tr><tr><td colspan="null" rowspan="null">Madagascar</td><td colspan="null" rowspan="null">92</td><td colspan="null" rowspan="null">2,724,081</td><td colspan="null" rowspan="null">Low confidence</td></tr><tr><td colspan="null" rowspan="null">Niger</td><td colspan="null" rowspan="null">92</td><td colspan="null" rowspan="null">2,411,286</td><td colspan="null" rowspan="null">Low confidence</td></tr><tr><td colspan="null" rowspan="null">Burkina Faso</td><td colspan="null" rowspan="null">92</td><td colspan="null" rowspan="null">2,085,610</td><td colspan="null" rowspan="null">Low confidence</td></tr><tr><td colspan="null" rowspan="null">Mali</td><td colspan="null" rowspan="null">92</td><td colspan="null" rowspan="null">2,078,251</td><td colspan="null" rowspan="null">Low confidence</td></tr></table>

Trying out home composting can reduce your food waste, and it's beneficial for your garden or plants too.

An estimated 30% to 40% of food in the US is wasted, according to the USDA, with new policies aiming to cut food waste in half by 2023.Deliberais says that using leftovers creatively is a great way to reduce your own food waste, particularly fruit and ...

Nigerians waste 113kg of food at home per year, amounting to 24.79 million tons of household food waste in the country—the highest in Sub-Saharan Africa.

10 African countries that waste the most food in 2024

<ul><li>Researchers concluded that modern humans descended from Africa before migrating out of the continent 60,000 to 70,000 years ago.</li><li>According to the report, modern humans migrated from Africa to settle in a geographic hub that spanned Iran, southeast Iraq and northeast Saudi Arabia.</li><li>Further insights from the report revealed that these people lived in small, mobile bands of hunter-gatherers before entering Europe and Asia around 70,000 years ago.</li></ul>

According to the report, <a href="https://africa.businessinsider.com/science/an-ancient-skull-unlike-any-human-ever-seen-is-baffling-scientists-and-could-rewrite/l9kz3yd">modern humans</a> migrated from Africa as a homogeneous population to settle in a geographic hub that spanned Iran, southeast Iraq and northeast Saudi Arabia before entering <a href="https://africa.businessinsider.com/science/human-bones-unearthed-from-a-german-cave-have-altered-the-timeline-of-ancient-human/c4ltkbr">Europe</a> and Asia around 70,000 years ago. The researchers called this region, part of the Persian Plateau, a “hub” for these people - who numbered perhaps only in the thousands - before they continued millennia later to more distant locales, <a href="https://www.independent.co.uk/news/science/archaeology/homo-sapiens-africa-italy-europe-b2518760.html">The Independent</a> reported.

Further insights from the report revealed that these people lived in small, mobile bands of <a href="https://africa.businessinsider.com/science/300000-year-old-footprints-are-some-of-the-oldest-in-europe-and-show-how-our-ancient/b32eq9m">hunter-gatherers</a>. Anthropologist and study co-author Michael Petraglia, director of the Australian Research Centre for Human Evolution at Griffith University, said the hub location offered a variety of ecological settings, from forests to grasslands and savannahs, fluctuating over time between arid and wet intervals.

Preferred habitats of Homo sapiens (purple shading, left), Homo heidelbergensis (red shading, middle), Homo neanderthalensis (blue shading, right) calculated from the new simulation.

Pagani disclosed that the people inhabiting the hub at the time were apparently dark-skinned, suggesting a resemblance to the Gumuz or Anuak people now living in parts of East Africa. He added that their eventual dispersal in different directions beyond the hub set the basis for the genetic divergence between present-day East Asians and Europeans, the researchers said.

Commenting on the research, Leonardo Vallini of the University of Padova and the University of Mainz in Germany said the study “is a story about us and our history.” He explained further that the researchers devised a way to disentangle the extensive genetic mixing of populations that has occurred since the dispersal out of the hub in order to pinpoint this region.

Homo Sapiens originated in Africa over 300,000 years ago, according to a new study

By analysing the modern and ancient genomic data for Europeans and Asians, researchers concluded that modern humans descended from Africa before migrating out of the continent

In fact, the assumption that workers in developing countries with high unemployment and economic troubles are lucky to have jobs no longer holds water, as African employees were reported to be among the highest participants in the worldwide job-quitting frenzy with gusto.

Using the latest data from our research, Business Insider Africa has identified 8 detailed occupations with some of the highest mean annual salaries as of 2023, the most recent period for which data is available.

<h2>1. Software Developers</h2>

According to Glassdoor, software development is a lucrative and <a data-link-role-code="open_new_tab" href="https://unicrossblog.com/">high-paying job</a> on the African continent. With the high demand for software development jobs in Africa, African developers are getting full-time jobs that pay as high as $107,731 per year.

The job involves developing, designing, supporting, and deploying software to customers. Furthermore, these developers design application systems and ensure smooth operations. In addition, they create, analyse and test computer programs and software that solves a specific problem.

READ:<a href="https://africa.businessinsider.com/local/careers/20-best-companies-for-workers-in-nigeria-kenya-egypt-and-south-africa/b391evp"> 20 best companies to work for in Nigeria, Kenya, Egypt and South Africa</a>

<h2>2. Data analysts&nbsp;</h2>

Data analysts are professionals who collect, process and analyse data to help organisations make informed decisions. They use statistical methods and software tools to extract insights from large datasets and communicate their findings to stakeholders through reports and visualisations.

According to data from Glassdoor, the median salary for data analysts in the United States is around $65,000 per year. The median salary for data analysts in the United Kingdom is around £30,000 per year, while in Canada, the median salary is around C$50,000 per year.

In Africa, the average salary for data analysts is around $40,000-$50,000 per year. However, some data analysts may earn significantly more, particularly if they work for large multinational companies.

<h2>3. Full stack developers</h2>

Full stack developers are professionals skilled in developing both the front-end and back-end of web applications. They have a broad range of skills, including knowledge of languages such as HTML, CSS, and JavaScript for the front-end and languages such as Python, Java, and PHP for the back-end. Full-stack developers are in high demand in many industries, as they can work on all layers of a web application and can contribute to the development process from start to finish.

Salaries for full stack developers in Africa can be around $113,600 - $250,000 per year

<h2>4. IT professionals</h2>

Information technology (IT) professionals are in high demand in many African countries, as organisations increasingly rely on technology to improve their operations and communicate with customers. IT professionals design, build and maintain computer systems and networks and can work in various industries, including finance, healthcare, and government.

According to a report by the African Development Bank, the average salary for IT professionals in Africa is around $40,000-$50,000 per year. However, some IT professionals may earn significantly more, particularly if they work for large multinational companies or hold leadership positions.

<h2>5. Management consultants&nbsp;</h2>

Management consultants advise organisations on how to improve their operations and achieve their goals. They can work in a variety of industries, including finance, healthcare, and manufacturing. Many management roles in Africa can offer high salaries for individuals with the right skills and experience. Some potential options to consider include:

<ul><li>Chief executive officer (CEO) $100,000-$200,000 per year.</li><li>Chief financial officer (CFO) - $80,000-$150,000 per year.</li><li>Chief marketing officer (CMO) - $60,000-$100,000 per year.</li><li>Chief technology officer (CTO) - $80,000-$150,000 per year.</li></ul>

It’s important to note that these salary ranges are estimates and may vary depending on a variety of factors, such as the individual's level of education, experience, and location. This is why we advise our readers to always research salary data for specific positions and industries before making career decisions.

Report says 9 out of 10 Africans are unqualified for jobs they apply for

More Africans are resigning from their jobs in search of healthier company culture and better work-life balance as opposed to just wanting a higher salary.

Top 5 highest-paying jobs in Africa in 2024

<ul><li>Meta's 2Africa subsea cable, which is 45,000 km long, reached the shores of Lagos State and Akwa Ibom State in Nigeria.</li><li>The deep-sea cable project will connect 32 other African countries and directly support economic development in Africa.</li><li>It will also foster the growth of <a href="https://africa.businessinsider.com/local/markets/elon-musks-starlink-partners-with-jumia-to-boost-fast-speed-internet-in-africa/11r3pt6">4G and 5G</a> and increased broadband penetration to millions of people and businesses across the continent.</li></ul>

Bayobab, a pan-African digital connectivity solutions provider, partnered with MTN Opco's to land the 45,000km subsea cable at Mopo-Onibeju Lekki area of Lagos, according to <a href="https://guardian.ng/news/45000km-longest-subsea-cable-lands-in-nigeria/">Guardian Nigeria</a>. The Akwa Ibom phase of the project has landed in Ibeno in Akwa Ibom state, South of Nigeria and is handled by the Nigerian Equinix Company, MainOne.

2Africa deep-sea cable at Ibeno, Akwa Ibom state

CEO Frédéric Schepens said this landing represents the fourth in a series of six landings spanning five countries. Among these are three destinations in West Africa—Ghana, Nigeria, and Côte d'Ivoire—as well as South Africa. He also noted that Nigerian service providers will obtain world-class capacity in carrier-neutral data centres or open-access cable landing stations on a fair and equitable basis.

The deep-sea cable project will connect 32 other African countries and directly support economic development in Africa.

"The 2Africa initiative is at the core of the work we do as Bayobab, with the ultimate goal of connecting Africa to the world and the world to Africa. We are eager to continue offering services that will expand the rapidly growing African digital economy and positively impact growth across the continent," he said.

Managing Director, Bayobab Nigeria, Josephine Sarouk, commented on the significance of the deep-sea cable landing, stating that arrival in Nigeria will supercharge Nigeria's <a href="https://africa.businessinsider.com/local/careers/5-surprising-social-media-trends-in-africa-in-2023/6vc8534">digital economy</a>, creating space for a vibrant ecosystem bringing digital services to millions of Nigerians in line with the government's vision for a thriving digital economy.

"Our investment in 2Africa is part of our commitment to our customers, bringing resilience to networks and capacity due to the growing demands for digital services such as Fintech, IoT, AI, and e-learning, which continue to revolutionise the way customers engage with services, fueling the demand for more data. This landing is further proof of our long-held confidence in the future of the continent," she said.

The consortium behind the 2Africa subsea cable is made up of several companies, including <a href="https://africa.businessinsider.com/local/markets/metas-legal-trouble-with-kenya-maybe-settled-in-a-kenyan-court/14zwhns">Meta</a>, China Mobile International, MTN Global Connect, Orange, Vodafone, Egypt Telecom, Saudi Telecom Company, and the West Indian Ocean Cable Company. The deep-sea cable will go a long way towards transforming the region's connectivity landscape.

The deep-sea cable project will connect 32 other African countries and directly support economic development in Africa, fostering further growth of 4G and 5G

World's longest subsea cable spanning 45,000km has landed in Nigeria

<ul><li>Inflation, lower incomes, and economic stagnation have caused many Kenyans to feel financially stressed.</li><li>According to a survey, 48% of workers said their financial stress has increased since before the Covid-19 pandemic began in March 2020.</li><li>The survey observed that most working-class Kenyans also fall in the “sandwich generation”, meaning that they have both their children and elderly parents relying on them financially.</li></ul>

Most of those dealing with financial stress say it has impacted their social well-being. The survey revealed that most <a href="https://africa.businessinsider.com/local/markets/kenyans-spend-more-despite-stagnant-and-declining-income/8m3hhtg">working-class Kenyans</a> fall in the “sandwich generation”, meaning that they have both their children and elderly parents relying on them financially.

According to the survey, about 75 per cent of the working class have children dependants, while 58 per cent have elders relying on them. The survey also showed that

46 per cent of Kenyan adults currently care for their children and parents.

Speaking to <a href="https://nation.africa/kenya/news/half-of-kenyans-are-financially-stressed-financial-services-monitor-survey-shows-4517736">The Nation</a>, Nanzala Mwaura, chief growth officer at research firm Ipsos, explained, "The sandwich generation is growing because of two trends; first, life expectancy has moved up, so people are looking after their parents long into their own retirement. Secondly, the children are not getting independent fast enough.”

Another interesting insight from the survey points to an <a href="https://africa.businessinsider.com/local/lifestyle/kenyan-government-admits-kenyans-are-facing-tough-times-amid-rising-cost-of-living/2sj9ptg">overall poor state</a> of financial well-being as nearly 41 per cent of Kenyans have had to borrow from friends and family to make ends meet, while about 38 per cent have had to dip into their savings to pay their bills.

The survey stated that 40 per cent of those taking loans from different sources are doing so to stock or equip their businesses, while about 38 per cent are borrowing to meet everyday needs, and 33 per cent do it to meet unexpected expenses like school fees, medical needs, and household repairs.

The fruit sellers section of a popular Nairobi produce market

Regarding saving, the survey reported that 74 per cent of Kenyans are not saving for retirement, even though they acknowledge that it is important. Less than 50 per cent believe their children will take care of them in old age, while 14 per cent think the government will take care of them.

These concerns are reflected in a notable shift in how Kenyans embrace the gig economy, with about 22 per cent of Kenyans now turning to side hustles, contract work and second jobs to supplement income.

Nairobi, Kenya - A gateway to East Africa, and a hub for business and innovation.

48% of workers said their financial stress has increased since before the Covid-19 pandemic began in March 2020

48% of Kenyans are feeling financially stressed, new Old Mutual Group survey finds

<ul><li>Mauritius, Libya, and Botswana lead the list with the highest GDP-PPP per capita among the presented countries, ranking 1st, 2nd, and 3rd respectively.</li><li>Middle-ranked countries include Gabon, Equatorial Guinea, and Egypt.</li><li>The lower end of the ranking features South Africa, Algeria, Tunisia, and Morocco, with Morocco at the 10th position.</li></ul>

When you think of the wealthiest countries in Africa, you are probably taking the GDP per capita by country into account. In this article, we list Africa's top 10 richest countries based on GDP per capita, as estimated by<a href="https://www.imf.org/external/datamapper/profile"> the International Monetary Fund (IMF)</a>.

However, if you are watching out for the GDP per capita of Nigeria or the GDP per capita of Kenya, this list may surprise you since the countries that emerge on top are also some of the smallest countries in the continent.

READ ALSO: <a href="https://africa.businessinsider.com/local/lifestyle/5-african-countries-with-the-best-quality-of-life-index/xv5epzv">5 African countries with the best quality of life index</a>

<h3>So what do we mean when we say a country is rich?</h3>

GDP, or the gross domestic product, is a parameter for the value of all goods and services produced in a nation. Dividing this output by the number of full-time residents in a country is a better way of determining how rich or poor a country’s general populace is.

GDP, or the gross domestic product, is a parameter for the value of all goods and services produced in a nation

Top 10 African countries with the highest GDP per capita

However, only when taking into account inflation rates and the cost of local goods and services, can we get a more accurate picture of a nation’s average standard of living. Considering both factors, the resulting figure is called PPP or purchasing power parity, often expressed in dollars to allow comparisons between countries.

When you go by GDP per capita PPP, these 10 African countries come up as the richest as of January 24, 2024:

<table><tr><th colspan="null" rowspan="null">Rank</th><th colspan="null" rowspan="null">Global Rank</th><th colspan="null" rowspan="null">Country/Territory</th><th colspan="null" rowspan="null">GDP-PPP per capita ($)</th></tr><tr><td colspan="null" rowspan="null">1</td><td colspan="null" rowspan="null">66</td><td colspan="null" rowspan="null">🇲🇺 Mauritius</td><td colspan="null" rowspan="null">29,349</td></tr><tr><td colspan="null" rowspan="null">2</td><td colspan="null" rowspan="null">75</td><td colspan="null" rowspan="null">🇱🇾 Libya</td><td colspan="null" rowspan="null">24,382</td></tr><tr><td colspan="null" rowspan="null">3</td><td colspan="null" rowspan="null">89</td><td colspan="null" rowspan="null">🇧🇼 Botswana</td><td colspan="null" rowspan="null">19,394</td></tr><tr><td colspan="null" rowspan="null">4</td><td colspan="null" rowspan="null">90</td><td colspan="null" rowspan="null">🇬🇦 Gabon</td><td colspan="null" rowspan="null">19,165</td></tr><tr><td colspan="null" rowspan="null">5</td><td colspan="null" rowspan="null">94</td><td colspan="null" rowspan="null">🇬🇶 Equatorial Guinea</td><td colspan="null" rowspan="null">18,363</td></tr><tr><td colspan="null" rowspan="null">6</td><td colspan="null" rowspan="null">97</td><td colspan="null" rowspan="null">🇪🇬 Egypt</td><td colspan="null" rowspan="null">17,123</td></tr><tr><td colspan="null" rowspan="null">7</td><td colspan="null" rowspan="null">100</td><td colspan="null" rowspan="null">🇿🇦 South Africa</td><td colspan="null" rowspan="null">16,211</td></tr><tr><td colspan="null" rowspan="null">8</td><td colspan="null" rowspan="null">111</td><td colspan="null" rowspan="null">🇩🇿 Algeria</td><td colspan="null" rowspan="null">13,682</td></tr><tr><td colspan="null" rowspan="null">9</td><td colspan="null" rowspan="null">113</td><td colspan="null" rowspan="null">🇹🇳 Tunisia</td><td colspan="null" rowspan="null">13,249</td></tr><tr><td colspan="null" rowspan="null">10</td><td colspan="null" rowspan="null">124</td><td colspan="null" rowspan="null">🇲🇦 Morocco</td><td colspan="null" rowspan="null">10,408</td></tr></table>

READ ALSO: <a href="https://africa.businessinsider.com/local/markets/10-african-countries-set-to-experience-the-highest-leaps-in-economic-growth/4mzsq19">10 African countries set to experience the highest leaps in economic growth</a>

Source: International Monetary Fund, World Economic Outlook October 2023.

When you go by GDP per capita PPP, these 10 African countries come up as the richest as of January 24, 2024. Mauritius, Libya, and Botswana lead the list with the highest GDP-PPP per capita among the presented countries, ranking 1st, 2nd, and 3rd respectively

Victor Oluwole

Articles written by the author

Moniepoint reaches African unicorn status with $110 million funding boost

Jacob Zuma’s daughter becomes the 16th wife of Eswatini's King

#EndbadGovernance: Nigeria police may seek military intervention to end violent protests

MTN Nigeria reports ₦519.1 billion loss in first half of 2024

Police in Ghana ban youths from protesting high cost of living crisis

Ivory Coast ranks as the best-rated sovereign in Sub-Saharan Africa - report

Egypt responds to the death of Iranian President Raisi: The enemy of my enemy is my friend

China dethrones USA as the most influential global power in Africa: Report

10 African countries that waste the most food in 2024

Homo Sapiens originated in Africa over 300,000 years ago, according to a new study

Top 5 highest-paying jobs in Africa in 2024

World's longest subsea cable spanning 45,000km has landed in Nigeria

48% of Kenyans are feeling financially stressed, new Old Mutual Group survey finds

Top 10 richest countries in Africa in 2024

Kenya, Egypt, and Nigeria dominate Africa's investment hotspots list in 2023 - Report

Top 10 African cities with the best quality of living

Ericsson report forecasts 85% of global population to have 5G by 2029, with Africa leading the way

Top 5 largest economies in East Africa ranked

Top 10 African countries with the most expensive internet in 2023

Top 10 African countries leading in attracting and retaining talents