Africa soars in air cargo market with best performance since 2024
African air carriers experienced a significant surge in cargo demand, with the region posting a 9.4% year-on-year (YoY) increase in July. This marks the best performance for the continent since August 2024 and is a substantial improvement of 5.8 percentage points over the previous month. The International Air Transport Association (IATA) in its latest “Air Cargo Market Analysis” for July 2025, noted that African carriers maintained the strong momentum observed in June, securing their position as a leading force in the global air freight recovery. The data shows that the demand for African carriers’ international cargo, measured in Cargo Tonne-Kilometers (CTK), also rose by 9.4% YoY. IATA highlights that the Africa-Asia trade lane was a key driver of this success, experiencing a double-digit growth of 12.1%, a result that surpassed June’s figures. This growth placed the route among the top performers globally, alongside Asia-Europe and intra-Asia routes. In addition to rising demand, African carriers led all regions in capacity utilization. The Cargo Load Factor (CLF) for the region grew by 4.1 percentage points YoY to 46.8%, the highest CLF ever recorded for Africa in the month of July. Passenger growth African airlinessaw a 2.8% year-on-year increase in passenger demand. Capacity was up 2.3% yoy. The load factor was 74.9% (up 0.4 ppt compared to July 2024). Traffic on routes between Africa and Asia had a notable surge. IATA noted that airlines in the region saw 3.9% yoy expansion in July, a significant increase from 0.6% seen in June – with the region accounting for 2% of global air traffic growth. Africa airline recorded an increase in revenue growth posting a “2.8% Yoy growth in international Revenue Passenger Kilometers (RPK) in July”. Airlines also carried more passengers selling more seats in July. “Passenger load factor (PLF) climbed 0.4% points YoY to 74.9%”. Africa was the only region where airlines saw an increase in international PLF, though this was from a low base as all other regions have achieved PLFs above 80%. IATA noted.
Kenya’s Inflation rises to 4.5% in August,highest since May.
According to data released on Friday from the Kenya National Bureau of Statistics (KNBS), Kenya’s year-on-year inflation rate increased to 4.5% in August, up from 4.1% in July; marking the highest inflation rate for the East African country since May 2025 and a reversal of the downward trend observed in previous months. The primary drivers of this inflationary pressure were higher prices in the food and transport sectors. The Central Bank of Kenya (CBK) has a target inflation range of 3-7%. The current inflation rate of 4.5% remains within this target, providing some flexibility for the monetary authorities. CBK’s Monetary Policy Committee (MPC) had previously cut the Central Bank Rate (CBR) to 9.50% in August 2025 to stimulate lending and economic activity, a decision likely influenced by the previously anchored inflation expectations. Key Data Points and Trends: Meanwhile, monthly inflation was at 0.3% in August, compared with 0.1% a month earlier. The August data suggests that both these categories, particularly food and energy-related transport costs, continued to contribute to the overall inflation figure. Lower income earners who spend a larger portion of their income on food and transportation are largely impacted by the rise of these essential items. However, the increase in inflation may prompt the CBK to re-evaluate its monetary policy stance. While the current rate is within the target range, a continued upward trend could lead the MPC to consider holding or even increasing interest rates in their next meeting to curb inflationary expectations — a shift from the recent trend of rate cuts.
Ford South Africa cuts over 470 jobs amid market realignment
Ford auto-manufacturing company South African unit has announced plans to lay off more than 470 employees as it seeks to realign its production capacity to meet current and future market demands. The announcement was made on Thursday in an official notice sent to the South African Solidarity union and other representative unions. According to Solidarity, the job cuts will affect 391 operator positions at the Silverton car assembly plant in Pretoria, 73 roles at the Struandale engine plant in Gqeberha, and 10 administrative positions. This unfortunate development comes as Africa’s leading economy continues to struggle with high unemployment rates; as of the second quarter of 2025, the country’s official unemployment rate stands at 33.2% – representing over 8.3 million people who are actively looking for work but cannot find it. Meanwhile, Ford Motor stated that the changes are part of ongoing efforts to “optimise production and respond to evolving market demands.” Over the past two years, South Africa’s automotive sector has experienced the closure of 12 companies and the loss of over 4,000 jobs. The all white trade union Solidarity’s deputy general secretary, Willie Venter, expressed concerns that the layoffs could be the start of a broader trend of job losses within South Africa’s automotive industry. He attributed the industry’s declining competitiveness to economic pressures, international political uncertainties, and unfavorable government policies.
The Duo of Edun and Cardoso: Beyond the Optics
By Chidozie Nwali Last week, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, and the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, met for the second time in two months — the first was in June. Last week’s session included the Chairman of the Federal Inland Revenue Service (FIRS), Zaccheus Adedeji, underscoring the government’s growing alignment on fiscal and monetary priorities. Ordinarily, such meetings could be dismissed as routine, given that their offices are just 1.6km apart. After all, they regularly cross paths at local events and international forums, from IMF Spring Meetings to World Bank annual meetings. Indeed, as I write, they both accompanied the President on a State visit to Brazil. But these two meetings were deliberate—longer, structured, and publicised—signalling something Nigeria hasn’t seen in years: a coordinated policy partnership between fiscal and monetary authorities. A New Phase for Economic Management For much of 2024, Nigeria’s economy was defined by turbulence—currency volatility, inflationary spikes, and investor anxiety. But recent data suggests a turning point: These gains are neither accidental nor temporary. They reflect a deliberate recalibration of policy under President Bola Tinubu’s economic reforms, where Edun and Cardoso are central players. Why the Meetings Matter At a recent media briefing, Edun distilled the government’s economic strategy into two goals: “First, to create a stable macroeconomic environment where private investments can thrive, scale, and be sustained across sectors. Second, to build stronger government savings that fund strategic investments in education, healthcare, and infrastructure—the pillars of productivity and inclusive growth.” The government has set an ambitious target of 7% annual GDP growth in the medium term. Achieving this will require more than incremental adjustments—it demands policy coherence, operational discipline, and an environment where investment decisions are predictable. This is why Edun’s fiscal policies and Cardoso’s monetary reforms are inseparable. Stabilising the macroeconomy is the foundation, but sustaining that stability while accelerating growth requires synchronised action. In many ways, their partnership is redefining Nigeria’s economic playbook. Wale Edun: Fiscal Discipline Meets Growth Ambition Since assuming office, Edun has anchored Nigeria’s fiscal strategy on discipline, transparency, and growth. His reforms target both the revenue base and public expenditure. Fiscal Achievements For Edun, these efforts are not just technical adjustments but part of a broader cultural shift—one where government agencies are held accountable for measurable results, and fiscal policy drives private-sector-led growth. Olayemi Cardoso: Restoring Monetary Credibility Cardoso inherited a fragile monetary environment, marked by fragmented exchange rates, investor uncertainty, and declining reserves. His approach has been firm, transparent, and orthodox. Monetary Achievements Cardoso has also transformed the CBN’s culture, introducing greater transparency in decision-making and restoring investor confidence in monetary policy credibility. A Synergistic Approach Where past administrations struggled with policy misalignment, Edun and Cardoso represent a new unified front. The results are becoming visible: These are not isolated wins; they are cumulative effects of policies pulling in the same direction. Beyond the Numbers While economic indicators are improving, sustaining these gains will test both leaders. Inflation remains above target, debt service pressures persist, and the challenge of ensuring inclusive growth looms large. Yet, the foundations are stronger than they’ve been in a decade. In many ways, the Edun–Cardoso collaboration signals a cultural reset in Nigeria’s economic management: a break from policy fragmentation, a commitment to evidence-based decision-making, and a willingness to prioritise long-term stability over short-term optics. As Edun recently put it: “Our goal is to create a resilient economy that works for all Nigerians.” If the current trajectory holds, Nigeria could enter a new era—one where fiscal and monetary policy finally pull in the same direction to unlock the country’s vast potential.
Afreximbank secures A- Rating from Japanese credit rating, after suffering downgrades
Nwali Chidozie Japan Credit Rating Agency, Ltd. (JCR) has affirmed the African Export-Import Bank’s (Afreximbank) A- issuer credit rating with a stable outlook, a decision that underscores the Bank’s robust financial health and its critical role in fostering economic development across Africa and the Caribbean, following some downgrades the bank suffered in the previous months. According to a statement from the bank on Wednesday, stating the affirmation as a significant vote of confidence that is expected to further bolster investor trust and support the Bank’s continued expansion in international capital markets. In June and July, the bank suffered some downgrades. Fitch credit rating agency downgraded the bank from BBB to BBB- with a negative outlook. Similarly, in July 2025, Moody credit ratings downgraded Afreximbank from Baa1 to Baa2 with a stable outlook. The ratings from Moody’s and Fitch reflect some concerns related to sovereign exposures and assets performance. JCR’s assessment highlighted several key pillars of Afreximbank’s strength, including its “strong strategic positioning, robust risk management framework, consistent profitability, prudent liquidity policies and resilient capital base.” The rating agency also specifically acknowledged the Bank’s crucial role in supporting trade finance and economic progress in both Africa and the Caribbean, recognizing its systemic importance in a challenging global environment. According to JCR, the A- rating is projected to remain stable over the next 12 to 18 months, despite external macroeconomic headwinds and potential pressures within its operating environment. Afreximbank’s Senior Executive Vice President, stated that the affirmation validates the Bank’s credibility in global financial markets. “JCR’s rating underscores our strong fundamentals and prudent risk management practices.” He said. The JCR affirmation is particularly timely, building on the momentum of Afreximbank’s successful inaugural Samurai bond issuance in Japan in 2024. The transaction raised JPY 81.3 billion (US$530 million) and attracted strong participation from a diverse pool of Japanese institutional investors. The success of the issuance, which was rated A- by JCR, demonstrated Afreximbank’s growing appeal and capacity to secure innovative funding solutions beyond traditional geographies, further solidifying its market presence.
Ethiopia partners with Dangote group on $2.5 Billion fertilizer project
In a major step toward achieving food security and agricultural independence, Ethiopia has officially partnered with the Nigerian Dangote Group to build a massive $2.5 billion fertilizer complex. Ethiopia prime minister Abiy Ahmed said on Thursday in a post on X (twitter). The landmark deal, signed today between Ethiopian Investment Holdings and the Nigerian conglomerate, is set to make Ethiopia one of the largest fertilizer producers in the world. Located at Gode town in Ethiopia’s southeast, will produce up to 3 million metric tons of fertilizer annually. “This mega project will produce up to 3 million metric tons of fertilizer annually, placing Ethiopia among the largest producers globally,” Prime Minister Abiy said in a statement. He emphasized the project’s significance in addressing long-standing challenges faced by Ethiopian farmers, including securing a reliable supply of fertilizer. The new facility is expected to create a substantial number of local jobs and ensure a stable, domestic supply of a critical agricultural input. This move is seen as a decisive step in Ethiopia’s journey toward food sovereignty, reducing its reliance on imports and strengthening its economic competitiveness across the African continent. The partnership with the Dangote Group, led by Africa’s richest man Aliko Dangote, highlights the growing collaboration between African nations on strategic economic projects. The Dangote Group already has a significant presence in Ethiopia with its cement factory in Mugher. Following the signing of the Fertilizer Complex Shareholder Investment Agreement, officials are set to officially launch the project on-site. The Prime Minister’s office stated that the government is committed to seeing the project through to completion. This investment is a key part of Ethiopia’s broader strategy to modernize its agricultural sector and transition from a predominantly agrarian economy to one with a more robust industrial base. By securing its own fertilizer supply, the country aims to boost agricultural productivity, improve crop yields, and ensure a more stable food supply for its growing population.
Access Holdings Appoints Mr. Innocent Ike as Substantive Group Managing Director
Lagos, Aug 28 – Access Holdings PLC, parent company of Access bank announced on Wednesday the appointment of Mr. Innocent Ike as the “substantive Group Managing Director/Chief Executive Officer”. According to a statement from the financial institution, the appointment is effective August 29, 2025, following the receipt of regulatory approval. Mr. Ike succeeds Ms. Bolaji Agbede, who served as the Company’s Acting Group Managing Director/Chief Executive Officer (CEO) for the past 18 months. During her tenure, Ms. Agbede played a vital role in driving the company’s performance and stability following the demise of the former Group CEO Herbert Wigwe, who died in an helicopter crash in the U.S last year. Access Holdings noted that her leadership helped achieve significant milestones, including ensuring a “seamless transition and successful execution of the Company’s N351 billion Rights Issue.” Ms. Agbede will now revert to her substantive role as the Company’s Executive Director, Business Support. Commenting on the transition, the Company’s Chairman, Mr. Aigboje Aig-Imoukhuede, CFR, praised Ms. Agbede’s contributions. “We are thrilled to welcome Mr. Innocent Ike as we move forward. At the same time, we want to express our deepest gratitude to Ms. Bolaji Agbede. Her outstanding contributions over the past 18 months have been invaluable, and we appreciate her dedication in navigating the Company through challenges and opportunities.” Mr. Ike the new Group CEO is a distinguished professional with a long history in banking and finance. He graduated from the University of Lagos with a Bachelor of Science in Accounting in 1988. He is a Fellow of the Chartered Institute of Bankers of Nigeria (CIBN), a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN), and a Certified IFRS expert. He has over three decades of experience in the banking and financial services sectors, including a decade at Access Bank where he rose to General Manager. As of the first quarter of 2025 (ending March 31, 2025), access holding total assets were valued at N38.87 trillion ( $25.27 billion). This figure has shown substantial growth from N36.5 trillion ( $23.73 billion) at the end of December 2024. Access Bank Group has a significant global footprint with banking subsidiaries in countries including Nigeria, Angola, Botswana, Cameroon, France, The Gambia, Ghana, Kenya, Morocco, Mozambique, Rwanda, Sierra Leone, South Africa, Tanzania, Uganda, the United Arab Emirates, the United Kingdom, and Zambia.
Bill Gates mining company granted seven permits for lithium exploration in Congo
KoBold Metals, a U.S. based mining company backed by American billionaires including Bill Gates, and Jeff Bezos, has been granted seven exploration permits to search for lithium and other critical minerals in the Democratic Republic of Congo (DRC). This development reported on Wednesday, is a significant step in the company’s plan to initiate a large-scale mineral exploration program in the Central African country, which was formalized through an agreement with the DRC government in July 2025. Reuters reported. The newly awarded permits are situated in southeastern Congo, near the Manono lithium project. Manono is considered one of the world’s largest lithium deposits, used in production of electric vehicles. By virtue of the permits the American based mining company now has the rights to prospect for lithium, as well as other minerals such as manganese, tin, and tantalum. The mining sector is the backbone of the DRC’s economy, accounting for almost 90% of total exports. The country is the world’s leading producer of cobalt and a major producer of copper, diamonds, and gold. Meanwhile, the deal aligns with broader U.S. strategic interests to secure supply chains for critical minerals, particularly those used in electric vehicle batteries, and to reduce reliance on Chinese dominance in the sector. However, while the permits are a key step, KoBold has acknowledged that it will need to resolve a pre-existing dispute with Australian mining company AVZ Minerals, which has challenged the DRC’s termination of its rights to the Manono project and has initiated international arbitration. As part of the initial agreement, KoBold has committed to a significant investment, with reports indicating a pledge of over $1 billion for the exploration and development drive.
GIS: the urban planner’s new blueprint
Across the cities of West Africa, a familiar sight unfolds: a new residential estate block is built, but the roads leading to it are constantly gridlocked. Market grows organically, yet it lacks proper sanitation, leading to health issues. These aren’t just isolated problems; they are symptoms of a greater challenge—the mismatch between rapid urbanization and effective urban planning. But a new satellite tool is changing the narrative: Geographic Information Systems (GIS). GIS is more than just digital mapping; it’s a foundation for building a smarter, more resilient city. It frames the entire urban landscape in a way that reveals its interconnectedness, allowing planners to move from ‘guesswork to precision’. Urban Planning and Land Management The first step in building a smart city is understanding its existing layout. Historically, this meant working with outdated paper maps,with no clear plans. Meanwhile, GIS creates a living, interactive digital twin of the city. Planners can layer different datasets—from population density and zoning to land ownership and informal settlements. This visual data instantly highlights where services are lacking, where infrastructure is under stress, and where future growth is most likely to occur. It allows a city like Accra to identify and formally map unplanned communities, ensuring they are included in development plans for things like waste collection and sanitation. Mrs. Rosemary Okla, GIS specialist at Ghana Geological Survey Authority (GGSA), expressed that the authority “was able to attain optimal efficiency in using GIS tools in our projects” – while also extending gratitude to “Sambus Geospatial” the leading distributor of GIS technologies in Africa. Smarter Transport and Logistics Traffic congestion is a daily nightmare in many West African capitals, costing economies billions in lost productivity. For a logistics company, the satellite software is essential for optimizing delivery routes, saving time and fuel. During a major event or emergency, the system can instantly suggest the fastest routes for first responders, bypassing gridlocked areas to save lives. Mr, Emmanuel Amoah, Route to Market Manager of Voltic Ghana, said the technology “was able to visualize and monitor product flow which are distributed using the various channels critically mapped out using the locational intelligence system provided by Sambus Geospatial.” However, the upcoming GSI user conference scheduled to hold in Lagos, Nigeria next month will enlighten West African surveyors, real estate developers and business leaders on the effectiveness of this satellite technology. Mrs. Angela Anyakora, corporate business development and marketing support of GSI,. Highlighted that “Whether we’re talking about building smarter cities, strengthening resilience against climate change, or making industries like agriculture and energy more efficient, geospatial intelligence is the glue that holds it all together. This conference shows industries how to embed GIS into their digital strategies and innovate faster.” In essence, GIS is the brain of the smart city, turning unconnected data into a clear, actionable plan. It is no longer just a tool for mapping; it is a core component of urban planning, transport, energy, and every other system that will shape the future of West African cities.
Mozambique Secures $20B Investment from Qatari Firm
Qatar’s investment group Al Mansour Holding has signed a strategic agreement to invest US$20 billion in Mozambique. The deal, announced on Wednesday, is part of a broader, multi-billion dollar investment tour across the African continent led by Sheikh Mansour bin Jabor bin Jassim Al Thani. The US$20 billion long-term investment will be channeled into key sectors including agriculture, energy, infrastructure, health, education, and tourism. The agreement comes at a time of mounting economic urgency for Botswana. Once hailed as one of Africa’s most stable and successful economies, the country has seen its GDP shrink by 3% in 2024, largely due to a steep downturn in the diamond market, a sector that has historically underpinned Botswana’s economy. According to the World Bank, Botswana’s fiscal situation has deteriorated sharply, with the national budget deficit for FY2024–25 forecasted at 9.2% of GDP. Government spending has risen by 7.5% of GDP over the past two years, while diamond revenues have fallen by a staggering 50.7% in the 2024/2025 fiscal year. The International Monetary Fund now projects a further GDP contraction of 0.4% in 2025, a stark contrast to the government’s earlier growth projection of 3.3%. Meanwhile, the landmark deal in Mozambique is one of several major investments being pursued by Al Mansour Holding in Africa. The firm has been on a high-profile tour of ten nations, with significant commitments already announced: Al Mansour Holding, which has been allocated up to $300 billion by a Qatari investment fund for projects in Africa and Asia, is seen as a key player in Qatar’s strategy to deepen economic partnerships and expand its influence across the continent.