🔅 Nigeria's Fashion Designers Are Ready to Strut Their Stuff
Hyena Harmony, an African Perspective on History, and a Guitar Hero in the Sahara
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Market Mondays
🔴 Johannesburg SE: 75,311.76 (-2.06%)
🟢 Nigerian SE: 102,314.56 (+36.83%)
🟢 Nairobi SE: 110.63 (+20.11%)
🟢 Ghana SE: 3,441.65 (+9.95%)
🟢 US S&P 500: 5,123.41 (+8.02%)
🟢 Shanghai Composite: 3,019.47 (+1.93%)
Uganda's foreign exchange reserves have taken a 12% nosedive between June 2023 and January 2024, thanks to external debt payments and a weakening shilling.
Ethiopia is grappling with the tough decision of whether to devalue its currency to secure a $3.5 billion lifeline from the IMF. With high inflation and a recent debt default, it would be a bitter pill to swallow.
South African foreign bonds are the biggest losers in developing markets this year, as investors fret over the possibility of a market-unfriendly coalition emerging from next month's elections.Â
Sierra Leone's central bank has raised its benchmark interest rate for the 10th straight meeting, hitting 23.25%.
And in Ivory Coast, the IMF has given a thumbs up to the country's performance under its lending programs, paving the way for a $574 million disbursement.
*Data accurate as of the close of markets across the continent
Spotlight Stories
Nigeria's Fashion Designers Are Ready to Strut Their Stuff on the Global Stage
Move over, Burna Boy and Wizkid—there's a new wave of Nigerian talent ready to take the world by storm, and this time, they're trading in microphones for sewing machines.Â
As African music, literature, art, and food continue to gain global popularity, fashion designers from Nigeria are gearing up to make their mark on the international fashion scene.
Reni Folawiyo, owner of the popular Lagos concept store Alara, attributes this rising confidence to designers returning from abroad with fresh ideas and a focus on contemporary, everyday pieces that make Africans proud to wear homegrown fashion.Â
Even the Brooklyn Museum has taken notice, featuring Alara in a pop-up shop as part of its "Africa Fashion" exhibition.
Ernestine White-Mifetu, the museum's curator of African art, believes the fashion world is finally ready to pay attention to the African continent for more than just inspiration.Â
While Nigeria's fashion industry has been thriving for years, thanks to successful designers like Lisa Folawiyo and Andrea Iyamah, it's now experiencing a boom due to international buyers and a growing middle class with a taste for luxury.Â
A 2023 UNESCO report revealed that Africa's luxury goods market generated nearly $6 billion in revenue in 2022, with estimates of continued growth.
In Lagos, fashion is everywhere—from runways and boutiques to markets, festivals, and weddings. Nigerians effortlessly blend traditional attire like boubous and agbadas with modern accessories, showcasing their innate love for style. As the world's eyes turn to Africa, Nigeria's fashion designers are ready to step into the spotlight and show everyone what they're made of—and it's not just colorful fabric...
An African History of Africa: A Fresh Perspective on the Continent's Past
Zeinab Badawi's "An African History of Africa" is a breath of fresh air in a genre often dominated by white journalists, memoirists, and novelists who think they know Africa better than Africans themselves.
Badawi, a Sudanese-born, England-raised broadcast journalist with serious clout has crafted an ambitious and refreshing narrative that spans from the origins of Homo sapiens to the end of apartheid. Drawing on interviews with African scholars and cultural custodians, Badawi weaves their expertise and wisdom throughout the book, ensuring an authentic African perspective.
With nearly 500 pages of dense historical detail, Badawi takes readers on a fascinating journey through the continent's rich past:
No stone is left unturned, and in a much-needed departure from traditional narratives, Badawi pays close attention to the often-overlooked ways women have shaped African history.
In a genre often lampooned by satirical essays like Binyavanga Wainaina's "How to Write About Africa," Badawi's "An African History of Africa" is a much-needed corrective. It's a book that celebrates the dynamism and diversity of Africa's long history, and one that deserves the greater attention and respect that Badawi so passionately advocates for.
Have any of you read it?
Harar's Hyena Harmony: Where Predators Protect
In the walled city of Harar, Ethiopia, hyenas are more than just laughing matter—they're local celebrities, garbage disposals, and even spiritual protectors. While the rest of Africa might view these predators as baby-snatching, livestock-killing menaces, the people of Harar have developed a unique and surprisingly harmonious relationship with their spotted neighbours.
According to local folklore, these predators protect against mischievous djinn (spirits) and even act as mediums to communicate with the town's deceased saints.
The origins of this peculiar relationship are shrouded in legend:
Some say it began with a famine-induced pact between the town's saints and the hungry hyenas, sealed with a promise of porridge. To this day, pious people prepare porridge for the hyenas during the Islamic celebration of Ashura, proving that the way to a hyena's heart is through its stomach.
As Harar develops and expands, the future of this unique coexistence hangs in the balance.
Follow this link to find out why.
Mdou Moctar: Shredding Guitars and Stereotypes in the Sahara
Meet Mdou Moctar, the Nigerien guitar virtuoso who's taking the world by storm with his electrifying blend of desert blues, rock, and rebellion. Born into the Tuareg, a semi-nomadic people fighting for their rights in the Sahara, Moctar discovered his love for the six-string at the tender age of 12.
With nothing but a homemade guitar crafted from a wooden plank and bicycle brake cables, he honed his skills in secret, guided by the holy trinity of YouTube, Eddie Van Halen, and sheer determination.
Fast forward to today, and Moctar is gearing up to release "Funeral for Justice," a blistering critique of Africa's leaders and the West's indifference to the continent's struggles. With tracks like "Oh France" and "Modern Slaves," Moctar isn't pulling any punches – he's calling out injustice and urging his fellow Tuareg to protect their culture and language.
Moctar isn't just a rock star; he's a humanitarian too. For every album he releases, he builds a well in Niger, because let's face it – clean drinking water is way more important than a Grammy.
So, if you're ready to have your face melted by some mind-blowing guitar solos and your conscience pricked by some hard-hitting lyrics, look no further than Mdou Moctar. Just don't call him the "Jimi Hendrix of the Sahara" – he's got his own legacy to build, one shredding riff and community well at a time.
Food for Thought
“An intelligent enemy is better than a stupid friend."
— Senegalese Proverb