🔅 Nigeria's Student Loan Bill, A Rising Star in the Art World, Namibia Bans Unprocessed Lithium Exports, Eritrea Rejoins IGAD, and Ituri Militia Attack Leaves 45 Civilians
The emerging talent of Sahara Longe in the art world, Namibia's ban on unprocessed lithium exports, Eritrea's re-entry into the East African club, and the tragic militia attack in Ituri province.
Photo of the day: African jabiru in the Pendjari national Park in Benin
Markets:
🟢 Nigerian SE: 58,163.59 (+3.99%)
🟢 Johannesburg SE: 77,827.73 (+2.03%)
🟢 Ghana SE: 2,638.82 (+0.05%)
🔴 Nairobi SE: 101.68 (-2.06)
🟢 US S&P 500: 4,369.01 (+0.69%)
🟢 Shanghai Composite: 3,233.67 (+0.15%)
Burundi's Budget is Back on Track | Burundi is in the money! The finance minister just presented a budget that shows the east African country's overall spending is set to increase by 65% in the upcoming fiscal year. That's mostly thanks to an influx of donor funds and increased revenues. Burundi has a population of about 12 million, and its economy relies mainly on agriculture, especially tea and coffee. It's been a rocky few years for Burundi—years of conflict and political unrest left its economy struggling. But now the European Union and the US have both agreed to resume financial support, and it looks like the country's on the road to recovery.
*Data accurate as of the close of markets across the continent
Brief & Bright: Africa's Top Five Highlights
🇳🇬 Nigeria's Making Higher Education Accessible for All | It’s a cause for celebration in Nigeria—the country’s new President Bola Ahmed Tinubu has signed a student loan bill into law. For the first time, poorer students in higher education can now apply for interest-free loans to cover tuition fees. The bill was first introduced by former President Muhammadu Buhari’s chief of staff, Femi Gbajabiamila, back in 2016. It was passed by parliament in November, but Buhari failed to assent to it before leaving office in May. Now, students won’t have to drop out of college or get odd jobs to pay their way through. When they’ve completed their studies and mandatory national service, they’ll start paying back the loan as soon as they get a job. With this bill, the future of the country is guaranteed, says Tinubu. No Nigerian child will be denied access to tertiary education on account of lack of financial resources.
🎨 Sahara Longe: Africa's Next Art Star? | 29-year-old Sahara Longe has art-world insiders buzzing with her semi-abstract figures painted in rich tones. With her solo booth at Frieze last October selling out, and comparisons to renowned painter Lynette Yiadom-Boakye, Longe is on track to becoming the next big thing in the art world. Looking back, it seemed Longe was always destined to paint. Both her grandfathers – one a Sierra Leonean – were painters. Her latest collection of giant portraits of everyday people in social settings has been rendered in a newly geometric style, and the buzz is high! Inspired by German expressionist Ernst Kirchner, Kandinsky, and her dad's favorite artist J S Lowry, Longe's work combines elements of highbrow and lowbrow art. From the more sophisticated German expressionists to the street scenes of Brixton (where her studio is located), Longe's paintings bring to life the weird interactions of people in the street. She says it best herself: “You know, when you walk past people in the street and you sort of look at them and wonder who they are and what their lives are like? It’s about that sort of weird interaction.”
🇳🇦 Namibia Says No to Unprocessed Lithium Exports | Namibia is the latest African nation to get in on the renewable energy gold rush. The government just announced that it’s banning the export of unprocessed lithium and other minerals needed for wind turbines and electric cars. The country is already a major exporter of uranium and diamonds, but now it’s trying to capitalize on the rising demand for minerals used in green energy technology. Meanwhile, Zimbabwe, another African lithium producer, has already banned the export of unprocessed lithium ore and only allows for the shipment of concentrates. The Zimbabwean government is pushing for lithium miners to produce battery-grade lithium locally and may impose a tax on lithium concentrate exports. Looks like Namibia and Zimbabwe are trying to get their piece of the pie in the renewable energy market. Who’s next?
🇪🇷 Eritrea's Re-Entry to the East African Club | It looks like Eritrea has decided to make amends with its neighbours. The country rejoined the Intergovernmental Authority on Development in Eastern Africa (IGAD) after a 16-year hiatus. The information minister announced the news on Twitter, saying Eritrea wanted to “help advance peace and stability in the region”—which makes sense, considering that they’ve been locked in a border conflict with Ethiopia since 1998. Eritrea’s also been trying to make friends with Somalia, Djibouti, and Kenya. They even signed a peace deal with Ethiopia in 2018, which officially ended the war between the two countries. But human rights groups are sceptical of Eritrea’s newfound diplomacy—they point to the fact that forced military conscription is still driving thousands to flee the country every year. Eritrea has also been accused of committing atrocities during the 2020-2022 war in Ethiopia’s Tigray region. The country denies the allegations.
🇨🇩 Ituri Militia Attack Leaves 45 Civilians Dead | Ituri province in the Democratic Republic of Congo has been rocked by yet another militia attack that left 45 civilians dead. The Cooperative for the Development of the Congo (CODECO) group, which claims to defend the interests of Lendu farmers, is being blamed for the massacre that occurred in the LALA camp for displaced people. The group has a history of attacking civilians, and this attack is just the latest in a long string of atrocities. The U.N. refugee agency reported that assailants used guns and machetes, and that some of the victims were burned alive. Charite Banza, a civil rights group head, noted that the attack occurred shortly after a dialogue between armed groups. With security still lacking, the victims’ bodies will be buried in a mass grave. This incident serves as a reminder of the importance of continuing to work towards peace in Ituri, which hosts 1.7 million internally displaced people in total.
FOOD FOR THOUGHT
Proverb of the Day
“Teeth do not see poverty.”
— Kenyan 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!