🔅 S. Africa To Claim Africa's Top Economy—For Now, Google Honors A Nigerian Legend

Plus, Africa's Best National Park, Tanzania's Port Deal, And More

Oct 24, 2023

Zambia

man riding on motorcycle between trees — Photo by Johanneke Kroesbergen-Kamps on Unsplash

Markets:

🔴 Nigerian SE: 66,876.92 (-0.06%)

🟢 Johannesburg SE: 70,198.01 (+0.07%)

— Ghana SE: 3,126.05 (0.00)

🔴 Nairobi SE: 92.58 (-0.63%)

🟢 US S&P 500: 4,244.90 (+0.49%)

🔴 Shanghai Composite: 2,939.29 (-1.47%)

Inflation on the Rise: Nigeria and South Africa Feeling the Pinch | The inflation rate in Nigeria has been climbing for nine months in a row, reaching 26.7% in September. And our friends down in South Africa aren't faring much better, with a 5.4% price increase. Looks like interest rates might stay high for a while in the two powerhouses.

*Data accurate as of the close of markets across the continent

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Brief & Bright: Africa's Top Five

South Africa Takes a Brief Stab at Being Africa's Top Economy

Watch out, Nigeria and Egypt—South Africa is coming for your top spot as Africa’s largest economy. According to the International Monetary Fund, South Africa is set to briefly overtake its competitors in 2024 before slipping back down the ranks in 2026. South Africa's GDP is set to reach $401 billion, compared to Nigeria's $395 billion and Egypt's $358 billion.

Google Honors Nigerian Football Legend Yekini on His 60th Birthday

Google paid tribute to Rashidi Yekini, one of Africa's greatest football stars, on what would have been his 60th birthday. Yekini’s life story is a real rags-to-riches tale—he overcame poverty and homelessness to become a football legend. And can we talk about that iconic goal celebration during the 1994 World Cup? You know, the one where he ran into the net and grabbed it while crying tears of joy? Yeah, that’s the one. Google recreated that moment in their doodle, calling it one of the most iconic celebrations in football history. The Super Eagles went on to beat Bulgaria 3-0, with Yekini scoring Nigeria’s first-ever World Cup goal. He’s still the team’s all-time leading scorer with 37 goals and was named African Footballer of the Year in 1993. Yekini passed away in 2012.

The Serengeti: The Best National Park in Africa

herd of bulls — Photo by Jorge Tung on Unsplash

Most nature documentaries you binge-watched and made you want to travel were probably filmed in the Serengeti. This vast expanse of land in Tanzania is home to the largest migration of animals on the planet, with over 1.5 million wildebeest making their way to Kenya for fresh grass and water. If you’re one of the hundreds of thousands of visitors who flock to the Serengeti each year, you understand why it was just named Africa’s Leading National Park for the fifth time in a row. It’s home to the world’s largest populations of lions, wildebeest, zebras, and more, beating out other top contenders like Botswana’s Central Kalahari Game Reserve, South Africa’s Kruger National Park, Uganda's Kidepo Valley National Park, and Kenya's Masai Mara National Reserve.

Tanzania's New Port Deal: Will It Sink or Swim?

aerial view of city buildings during daytime — Dar es Salaam has the largest port in Tanzania — Photo by Peter Mitchell on Unsplash

Tanzania has just signed a 30-year port management agreement with the United Arab Emirates (UAE). Basically, Dubai Port (DP) World will run four berths at Dar es Salaam, Tanzania’s biggest port, while also working with the Tanzania Ports Authority to manage three other berths. DP World is putting $250 million into upgrading the port over the next five years. Sounds great, right? Not according to some activists, citizens, and opposition politicians who think this is a raw deal for Tanzania. In fact, the government has arrested over 22 people who oppose the agreement, although some have been released. The government insists that it can back out of the deal if needed, which will ultimately bring in more money and make things run smoother.

The US Accepts Forging "Complicated" Relationship with Niger's New Military Government

undefined — Niger underwent a coup in July

The US is getting cosy with Niger's new military government after a July coup. While France is turning its nose up at the military regime and European Union countries on Monday adopted a framework to impose sanctions on junta members, the US says it is taking a more "pragmatic" approach. Translation: they're not exactly thrilled, but will collaborate with Niger, especially since they already have a lot of troops and drone bases there that they set up to keep an eye on the Sahel region and its extremist Islamist groups. The US maintains more than 1,000 troops and two drone bases in Niger.

Food for Thought

"A chattering bird builds no nest."

— Camerounian Proverb