🔅 Macron's African Roadshow: DRC Edition
Plus: Nigeria’s Opposition Takes to the Streets, A $5m Reward for Congo Jihadi, Spain Getting Legal Workers From Senegal, Namibia’s Oil Finds, And much more... ☕
Photo of the day: Maseru, Lesotho
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Tesla's Price Cuts: The King of Electric Cars is slashing prices, and we’re not talking about a few bucks here and there. We’re talking thousands of dollars. Tesla, the one that made electric cars cool, has had to reduce its prices in the UK, US, and other markets in order to compete with rivals. The latest round of cuts is the fifth price change Tesla has made this year. They kicked off the year with a 20% price drop, followed by a few price increases in some markets, and now the latest price cuts. Other electric car makers have followed suit with their own price reductions, but Tesla’s the one leading the charge. Traditional motor companies like Ford and GM, and newcomers like Rivian and Lucid, are all giving Tesla a run for its money. So Tesla’s doing what it has to do to stay on top: offering more affordable cars to more people.
Namibia's Next Oil Boom: Shell and QatarEnergy, along with the state-owned NAMCOR, have discovered a third oil reserve in the Orange Basin. The Namibian oil game is looking up after Graff-1X and Venus-1X discoveries in 2022, with further appraisal drilling planned to determine the size and potential of the new discovery. The Shell and QatarEnergy duo are holding a 45% stake each, while NAMCOR has a 10% cut of the action.
*Data accurate as of the close of markets across the continent
GEOPOLITICS
Macron's African Roadshow: The DRC Edition
France's President Macron is on a mission to Africa, and his last stop is the Democratic Republic of Congo.
Why DRC?
Macron says he is in the DRC to talk peace; the country has been mired in conflict for decades, with armed groups vying for control of the region’s vast mineral resources.
Most recently, DRC's president, Tshisekedi, has accused Rwanda of supporting M23.
M23 has staged several significant offences in east DRC these past few months. The conflict has displaced thousands of people and inflamed diplomatic tensions between Congo and neighbouring Rwanda, which Congo and UN experts accuse of backing the M23 (Rwanda denies this).
In response to Tshisekedi's complaints, Macron said France would be “faithful to its role as an unwavering ally of [DRC] to defend its integrity and sovereignty”. He said that all sides had “given clear support” to a ceasefire next Tuesday, as envisaged in the timeline mediated by Angola. He also said that the DRC “must not be a spoils of war.”
Not everyone is happy to have Macron there, though:
There were protests before his arrival in Kinshasa. Emmanuel Mabunguta, a member of the Justice in Action Movement, accused Macron of supporting Rwandan President Paul Kagame and said the French president was not welcome in DRC.
And as we touched upon last week, Macron has been accused of using his latest trip to Africa to steer attention away from France’s former colonies in the Sahel region, where anti-French sentiment has been rising.
Indeed, he has been on quite a tour this time around. He had already visited Gabon, Angola, and Congo Brazzaville, where he pledged that France would help in the fight against climate change and support for forest conservation initiatives — a very different kind of support than the military ones France had offered the likes of Burkina Faso and Mali over the past few years.
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OTHER HEADLINES
Across the Continent
🇳🇬 Nigeria Elections: Opposition Takes to the Streets | This week, thousands of Nigerian opposition supporters took to the streets in protest of the presidential election results. Led by second-place finisher Atiku Abubakar, the group gathered outside the electoral body’s headquarters in Abuja and demanded a revote, citing allegations of vote tampering, voter intimidation, and other issues. Meanwhile, a local court has granted Abubakar and third-place finisher Peter Obi permission to inspect the election materials used in the vote as part of their court challenge. Bola Tinubu of the All Progressives Congress won the election with 37% of the votes—becoming Nigeria’s first presidential candidate to win with less than half of the total votes. No Nigerian presidential election result has ever been overturned by the country’s Supreme Court. Let’s see if the opposition can make history.
🇨🇩 Calling All Bounty Hunters: $5 Million Reward for Congo Jihadi | The US State Department is putting out an APB for Congo’s most wanted man, Seka Musa Baluku, with a $5 million reward for information that could lead to his capture. Baluku leads an affiliate of the Islamic State group, and is wanted for engaging in “brutal violence” against Congolese citizens and regional military forces in the east of the country. Analysts believe his capture is key to ongoing counterterrorism efforts, and since 1984, the US has paid out over $250 million to over 125 individuals for info that’s helped reduce threats to US national security. So if you’re a wannabe bounty hunter looking for a big payday, Baluku’s your guy.
🇸🇳 Spain Getting Legal Workers From Senegal | Spain is about to become the latest country to get into the circular migration game. The country is planning to bring in at least 100 seasonal workers from Senegal to help out in the agricultural sector. Spain is no stranger to immigration—it’s been dealing with illegal migration from Senegal for decades—but this is the first time it’s bringing in workers from sub-Saharan Africa. It’s a chance for Spain to do some legal labour sourcing, while giving people from Senegal a chance to make some money in a safe and legal way. The pilot program was a success in 2022, with all 17 participants returning home, and the government is hoping for similar results this time.
FOOD FOR THOUGHT
Proverb of the Day
“Try this bracelet: if it fits you wear it; but if it hurts you, throw it away no matter how much it sparkles.”
— Kenyan Proverb.