🔅 Navigating Lagos Through Literature: A City's Story in Books & Beyond
Plus, Kanye West's Hinted Performances, & Mombasa's Floating Campus
Photo of the Day
Markets — Year-to-Date:
🟢 Nigerian SE: 101,858.37 (+36.22%)
🔴 Johannesburg SE: 73,423.30 (-4.51%)
🟢 Ghana SE: 3,177.76 (+1.52%)
🟢 Nairobi SE: 91.18 (+1.01%)
🟢 US S&P 500: 5,026.61 (+5.98%)
🔴 Shanghai Composite: 2,865.90 (-3.25%)
Uganda's central bank has decided to keep its key lending rate steady at 9.5%. This move, mirroring their last monetary rendezvous in December, suggests that while inflation has taken a bit of a breather, the economic crystal ball still looks a tad cloudy. Just last August, the bank played the hero by cutting the rate, hoping to sprinkle some magic dust on the economy after inflation decided to chill below the 5% mark. Fast forward to now: inflation's sitting comfy at 2.8% in January.
Botswana's mood is cautiously optimistic. The country, whose economy took a diamond-shaped hit last year, is now eyeing a rebound with a sparkle in its eye. It is aiming for a stimulus package to boost economic growth by splurging on infrastructure.
Moody's has given Niger's sovereign credit rating a not-so-gentle nudge down the junk chute. The country, already navigating the choppy waters of economic challenges, has its long-term borrowing street cred downgraded to Caa3 from Caa2 after it was late with its debt payment worth 187.136 billion CFA francs.
*Data accurate as of the close of markets across the continent
Brief & Bright: Africa's Top Five
Navigating the Labyrinth of Lagos Through Literature
Step into Lagos, a city where the vibrant chaos serves as the backdrop for a tapestry of stories waiting to be unravelled. Lagos, or Èkó, is a realm of contrasts so stark that they could only coexist in a city that never ranks last in anything. From the opulence of Lekki and Ikoyi to the floating communities over the Lagos Lagoon, the city's layers unfold like pages of an epic novel, each telling a story of survival, ambition, and the relentless pursuit of dreams.
So, which books does the novelist Stephen Buoro believe encompass the different facets of Lagosian life? "The Joys of Motherhood" by Buchi Emecheta dives deep into the challenges of womanhood against a patriarchal backdrop, while Chinua Achebe’s "No Longer at Ease" explores the tendrils of corruption that choke the spirit of progress. Wole Soyinka's "The Beatification of Area Boy" reveals the day-to-day drama in the lives of Lagos's street gangs, encapsulating the city's vibrancy and vice.
Dive into the supernatural with Ben Okri's "The Famished Road," where the thin veil between the tangible and the ethereal blurs, reflecting the animistic beliefs that pulse through the city's veins. And for those craving a broader sweep, "Lagos: A Cultural History" by Kaye Whiteman offers a journey through time, charting the city's evolution from its earliest days to its current dynamism. What else is on his list? You can find out here.
Kanye West to Nairobi? Lagos?
Kanye West, the US rapper known for stirring the pot just by existing, has decided to sprinkle a little extra excitement in Kenya and Nigeria by hinting at potential concerts in both countries. The hints dropped like breadcrumbs on West's Instagram stories, and though not a peep has been officially announced, fans in Kenya and Nigeria are buzzing.
All Aboard the Floating Campus: MV World Odyssey Hits Mombasa
There is one university you could attend where your classroom windows offer views of the high seas one day and exotic ports the next. Welcome aboard the MV World Odyssey. This massive vessel, a veritable Noah's Ark of academia, docked in Mombasa this weekend, transforming the Kenyan coast into a hub of eager minds and scholarly pursuits.
With a hearty crew of 763 passengers, including 585 students, the ship is less 'Titanic' and more 'Titanic of knowledge,' cruising through the curriculum. These aren't your average students cramming for exams in dimly lit dorm rooms; they're intrepid explorers, spanning undergraduates, recent grads, and gap year adventurers, soaking up lessons that span continents and cultures. The Kenya Ports Authority announced on X (the artist formerly known as Twitter) that these students' itineraries include educational tours to Kenyan institutions, cultural excursions, and wildlife park visits, proving that learning can indeed be an adventure.
Benin Hits the Jackpot with First Dollar Bond
Benin just threw its hat into the global financial ring and came out looking like a million bucks—or, more accurately, 750 million of them. The West African nation's debut dollar bond offering was the financial equivalent of a blockbuster movie premiere, raking in over six times what they asked for. Issuing debt at an interest rate that would make your credit card look benevolent (8.375% for 14 years), Benin is now sitting pretty on a hefty pile of cash aimed at bankrolling its 2024 budget.
This financial saga suggests that investors are practically tripping over themselves to snap up bonds from sub-Saharan Africa. The region's bond market has rebounded faster than you can say "economic recovery", with Côte d’Ivoire and Kenya also successfully throwing their bonds into the ring.
Senegal's Electoral Storm: Democracy on the Brink
Senegal, once hailed as West Africa's beacon of stability and democratic consistency, is now simmering in a cauldron of political unrest. The spark? A decision to postpone the presidential elections from February 25 to December 15. The result? Streets ablaze with the fire of protest this weekend across the nation. In Saint-Louis, the clash between the future (students) and the law (police) claimed a life. Meanwhile, Dakar transformed into a battlefield, with tear gas and stun grenades cutting through the air.
The opposition, not one to mince words, labelled the election delay a "constitutional coup," with Khalifa Sall (no relation to the president, mind you) mourning the democratic backslide on social media. Accusations fly of Macky Sall being a president clinging to power or puppeteering the electoral process.
Food for Thought
“Even as the archer loves the arrow that flies, so too he loves the bow that remains constant in his hands."
— Nigerian Proverb