🔅 An African Icon Reflects, The Notorious Indian Brothers in Nigeria, Kenya-EU Trade Deal, India's G20 Push, and Sudan's Fragile Ceasefire
Insightful reflections from Ngũgĩ wa Thiong’o, the controversial case of Indian brothers in Nigeria, Kenya's landmark trade deal with the EU, India's push for African representation in the G20...
Photo of the day: Carrefour Nlongkak, Yaounde, Cameroon
Markets:
🟢 Nigerian SE: 59,014.85 (+0.02%)
🔴 Johannesburg SE: 78,014.35 (-0.66%)
🟢 Ghana SE: 2,646.29 (+2.44%)
🟢 Nairobi SE: 103.39 (+3.03%)
🔴 US S&P 500: 4,409.59 (-0.37%)
🔴 Shanghai Composite: 3,255.81 (-0.54%)
Nigeria's Currency Shock: Following the suspension of Central Bank Governor Godwin Emefiele, who kept the naira artificially strong through multiple exchange rates, the country has allowed the naira to drop a whopping 36% on the official market. The currency hit a record low of 750 to the dollar on Wednesday, with the central bank reportedly removing trading restrictions. Bond markets are taking the news in stride, with sovereign dollar bonds surging up to 2.7 cents on the dollar.
*Data accurate as of the close of markets across the continent
Brief & Bright: Africa's Top Five Highlights
🖊️ If there's one thing you do today, read this article | It is about a giant of African literature, Ngũgĩ wa Thiong’o, and how, at 85, he reflects on his long, uncompromising life in writing. Here's an extract, written by the excellent Carey Baraka, who interviewed Thiong'o: "In the air hung a question I knew I ought to ask, but hesitated to, because in Kenyan culture, you do not ask people almost 60 years older than you about their marriages. Ngũgĩ seemed to sense that an explanation of some kind was needed because he said, unprompted, 'I know I look like a bachelor, but I’m not.'"
🇳🇬 Indian Brothers' Nigerian Business: Wanted Criminals or Model Citizens? | The Sandesara brothers have made a name for themselves in Nigeria. With two onshore licenses and plans for a third, they pump out about 50,000 barrels of oil a day—more than enough to make them the biggest exporters of crude after the energy giants. But here’s the catch: The brothers are wanted in India, accused of defrauding public banks of over $1.7 billion. Back home, they deny the charges and say it’s all a political vendetta. While their troubles in India persist, their business ties in Nigeria are only deepening. They’ve become the state’s partner in a development to bring commercial oil production to northern Nigeria—a pet project of former President Muhammadu Buhari, and one that was praised by his successor, Bola Tinubu, as a “multiplicity of opportunity and great prosperity” for Africa’s largest crude producer. So, are the Sandesara brothers criminal masterminds or model citizens? We’ll let you decide.
🇰🇪 Kenya-EU Trade Deal: Taking the Lead in Africa | After a decade of talks, Kenya has inked a trade deal with the European Union, marking the first broad trade agreement between the EU and an African nation since 2016. The deal offers Kenyans duty-free and quota-free access to the EU's market, where they can send their vegetables, fruits, tea, coffee, and other agricultural products. And, for the EU, it's a sign that they're still in the running to become Africa's top trading partner—not just China. The deal is a coup for the EU, who have been trying to deepen their economic ties with the continent in order to compete with China's Belt and Road initiative. They've even announced a “Global Gateway” initiative to pump hundreds of millions of dollars into the country. The deal marks a trend of African nations being courted by Western partners, while Russia and China gain a foothold in the continent. And it's no surprise why: Kenya is seen as a “beacon of dynamism and opportunity."
🌍 India's Push for a More Representative G20 | The Indian Prime Minister, Narendra Modi, has an ambitious goal for the upcoming G20 Summit in India: He wants to get the African Union full, permanent membership of the diplomatic group. With this move, India hopes to give the Global South a bigger voice in global affairs. The G20 consists of 19 countries and the European Union, and this year, they've invited nine non-member "guest" countries like Bangladesh. With Modi’s proposal, the African Union—which is a continental body with 55 member states—could become a permanent member of the group. It's a big step for global representation, and India is here for it.
🇸🇩 Sudan Ceasefire Agreed, Will it Last? | In Sudan, the US and Saudi Arabia have announced another ceasefire. But will it be the one that sticks? The ongoing battle between the Sudanese army and paramilitary Rapid Support Forces (RSF) has been raging for three months and has displaced 2.2 million people. Despite previous ceasefires, air strikes are still happening in the Sudanese capital, Khartoum, with plumes of smoke rising near fuel depots, and homes being destroyed. There have been reports of 13 people being killed by shelling in al-Lammab in western Khartoum, and 17 people killed in the Mayo area of southern Khartoum. The RSF have also reportedly brought down an army warplane in the Nile. And, if that wasn’t enough, the war has spread to West Darfur, with more than 270,000 fleeing across the border to Chad.
Food for Thought
“He who's destined for power does not have to fight for it.”
— Ugandan Proverb.
Are we hitting the mark?
Enjoying Baobab's updates? Spread the joy and share us with friends and colleagues — we'd be thrilled to have them join!
Feedback or thoughts? Just hit reply. We're all ears!