🔅 McKinsey on Africa in 2023, Nigeria's Global Netflix Hit, Lupita Nyong'o's Heartbreak
Plus, Burkina Faso's Dengue Fever Epidemic & Niger's Ousted Leader Held After Attempted Escape
Photo of the day
Mukono side road, Uganda
Markets — Year to Date:
🟢 Nigerian SE: 66,915.41 (+30.56%)
🔴 Johannesburg SE: 70,198.01 (-3.90%)
🟢 Ghana SE: 3,126.05 (+27.91)
🔴 Nairobi SE: 93.17 (-26.91%)
🟢 US S&P 500: 4,224.16 (+10.46%)
🔴 Shanghai Composite: 2,983.06 (-4.28%)
Nigeria's Budget | Nigeria plans to spend 26.01 trillion naira (that's $34 billion, in case you were wondering) for its 2024 budget. They're targeting an oil production of 1.78 million barrels per day and setting aside 8.25 trillion naira for debt service (a cool $10.8 billion) and 7.78 trillion naira for civil servant salaries and pensions. They also expect their economy to grow by 3.76% next year, even though inflation is currently at a 20-year high of 27.72%. Meanwhile, cabinet approved a proposed borrowing of $1.5 billion from the World Bank, its finance minister said on Monday.
*Data accurate as of the close of markets across the continent
Brief & Bright: Africa's Top Five
McKinsey's 2023 Report on Business in Africa: Like That Kid in School With So Much Potential
Africa has a lot going for it: a young and growing population, booming cities, and remarkable innovations in areas like fintech and clean energy. However, it hasn't lived up to its full potential lately. GDP growth has been slower than a snail on a hot day: as an example, China’s GDP per capita has increased 10 times since 1990 while Africa's is barely doubling. This has, of course, been exacerbated by a certain pandemic and the war in Ukraine. As a result, 60% of the population still lives in poverty. Still, there's a lot to look forward to. Some countries, cities, and companies are crushing it in terms of growth, such as Ethiopia and Rwanda, which have been billed as 'consistent growers.' What's more, the continent will be adding 796 million people to the global workforce by 2050, providing it the opportunity to meet global talent shortages by services outsourcing. With an abundance of energy sources, the outsized potential of increasing intra-continental trade over the next few decades (only 10% of imports & 17% of exports come from or go to another African country), and the fact that already almost 350 companies rake in over $1 billion in revenue, one could say there's most definitely room for success here.
Nigeria's Netflix Global Sensation: The Black Book
Move over, Hollywood—there’s a new player in town. The Black Book, a Nigerian film exploring the country’s history with military dictatorship, drug trafficking, and politics, has taken the world by storm. It tells the story of a retired hitman seeking justice for his son’s death at the hands of corrupt policemen, and it’s captured the hearts of over 20 million viewers since its release on Netflix in September. Get this—it’s the first African film to reach the top 3 globally on Netflix. Who needs blockbuster budgets and A-list actors when you have a compelling story and a talented director like Editi Effiong? The film’s success has proven that African stories can stand on their own merit on the global stage. Plus, it’s sparked interest in the Nigerian cinematic experience for viewers outside Africa.
Lupita Nyong'o's Heartbreak: A Hollywood Love Story Gone Wrong
Lupita Nyong'o, the queen of our hearts, the first Kenyan (and only the second African) to win an Oscar, recently shared some personal news on Instagram: she's going through a heartbreak. Fans are rallying behind her, sending love and support after she revealed her split from TV host Selema Masekela. Lupita and Selema had been together for less than a year, and their public relationship was heartwarming for fans. But now, Lupita is speaking out about being "devastatingly deceived" and "unable to trust." And while Selema has yet to comment (his Instagram comments have been turned off), Lupita's celebrity friends, like filmmaker Ava DuVernay, have sent her love and support. Fans are praising her for her bravery in sharing her heartbreak with the world. As Lupita said in her post, she hopes her experience can help others going through a tough time.
Burkina Faso's Dengue Fever Epidemic
In Burkina Faso, more than 200 people have died, and over 50,000 cases of dengue fever have been reported, with a sharp rise in new cases in recent weeks. The World Health Organization says this is just the beginning, as warmer temperatures and increased movement of people are creating the perfect conditions for mosquitoes to spread the disease. Dengue's symptoms include fever, muscle pain, nausea, and rashes. The government is trying to fight back with free tests and insecticide spraying.
Niger's Ousted Leader Held After Attempted Escape
Things aren't looking too good for Niger's former president, Mohamed Bazoum. After being ousted in a coup on July 26th, he's now being held in an undisclosed location by the military leaders who took over. They claim to have foiled an escape attempt last week by Bazoum, and have arrested several people and launched an investigation. His lawyer says he and his family have been cut off from the outside world for several days.
Food for Thought
"Don't procrastinate or you will be left in between doing something, having something and being nothing"
— Ethiopian Proverb