🔅 Wizkid Makes History with BRIT Billion Award & EVs Take on the Wild
Plus, Electric Motorcycles Take Over Africa and a Risky Stowaways' Journey Across the Atlantic
Photo of the day: South Africa
Markets: Year to Date
🟢 Nigerian SE: 65,198.08 (+27.21%)
🟢 Johannesburg SE: 76,960.61 (+5.36%)
🟢 Ghana SE: 3,127.43 (+27.97%)
🔴 Nairobi SE: 106.17 (-16.71%)
🟢 US S&P 500: 4,478.03 (+17.10%)
🟢 Shanghai Composite: 3,288.08 (+5.51%)
Soft Landing Ahead: Bank of America Reverses Its Recession Prediction | Just a few months ago, it seemed like a recession was a done deal. Everyone from Bank of America to JPMorgan’s Jamie Dimon was forecasting a “hurricane” headed the way of the world's largest economy. But it looks like the skies have cleared—BofA has reversed its recession prediction and now sees no chance of a downturn in the next year. The reversal comes thanks to a mix of factors, from inflation cooling to unemployment staying low and companies hiring. Even the Fed and Goldman Sachs have lowered their odds of a recession.
*Data accurate as of the close of markets across the continent
Brief & Bright: Africa's Top Five Highlights
🇳🇬 Wizkid's BRIT Billion Award: A Billion Reasons to Celebrate
Wizkid is at it again: The Nigerian music icon has become the first African artist to receive the BRIT Billion Award from the British Phonographic Industry (BPI) for reaching 1 billion digital streams in the UK. That’s right, 1 BILLION streams. Talk about a huge milestone. Wizkid is now the 19th artist to receive the prestigious award, and with this feat, he solidifies his place as the most decorated African act in history. Looks like Wizkid has a thing for extending legacies—just days ago, he rocked out an iconic performance at Tottenham Stadium.
🇰🇪 EVs Take on the Wild
Nature lovers, get ready to geek out: electric vehicles are taking on the wild! The Maasai Wilderness Conservation Trust (MWCT) in Kenya is rolling out a pilot program that uses four Rivian electric “adventure vehicles” for anti-poaching patrols, firefighting, health programs, and educational safaris. This is no ordinary car: the R1T is built to tackle rocky terrain, climb 100% grades, and even drive through three feet of water. Plus, it can travel nearly 300 miles on one charge, so it’s ideal for traversing large conservation areas. With the help of this eco-friendly vehicle, the MWCT will be able to do its important conservation work with minimal impact on the planet. They’re not the only park taking an electric approach to conservation either — rangers in Africa’s Kruger National Park have made the switch to ultra-quiet electric bikes to combat poachers. Looks like EVs are driving more than just roads.
🏍️ Electric Motorcycles Take Over Africa
It’s the dawn of the electric age in Africa: Spiro, a company with about 9,400 electric motorcycles in Benin, Togo and Rwanda, just scored a $63 million debt financing deal to import more bikes and batteries from its China-based EV maker. The company is also building two electric motorcycle assembly and battery manufacturing plants in Benin and Togo that are scheduled to open in 2024. Meanwhile, Swedish EV and solar energy company Roam just opened a 10,000-square meter production plant in Nairobi, with the aim of eventually producing 50,000 bikes a year. Data suggests that Africa’s electric vehicle market, estimated to reach $21.4 billion in value by 2027, will be dominated by two-wheelers—with at least 80% of the 5 million EVs that will be sold in Ethiopia, Kenya, Nigeria, Uganda and Rwanda by 2040 being motorcycles.
🚢 Stowaways' Journey Across the Atlantic: The Riskiest Way to Immigrate
In a story that proves there’s no lengths people won’t go to for a better life, four Nigerian stowaways risked life and limb to travel across the Atlantic in a tiny space above the rudder of a cargo ship. It took them 10 days to run out of food and water, but the brave (and desperate) migrants managed to survive another four days by drinking the ocean water. When they were rescued by Brazilian police in the southeastern port of Vitoria, they were shocked to find out they’d made it all the way across the Atlantic—not to Europe as they had hoped. The men, who had already been living with economic hardship, political instability, and crime in Nigeria, said they had no other option but to make the risky journey. To prevent themselves from falling into the sea, the men had to rig up a net and tie themselves to it. Despite the cramped conditions and constant noise, they kept their heads down and made it across. The priest who runs the Sao Paulo shelter they were brought to said their journey “paid testament to lengths people will go in search of a new start.”
🇪🇹 Ethiopia: Getting Connected
Ethiopia’s state-owned Ethio Telecom is getting ready for a makeover. The company forecasts 19% growth in revenue and a whopping 29% increase in users of its mobile money services for the 2023/24 financial year. This is part of Prime Minister Abiy Ahmed’s efforts to open up the East African nation’s economy. With a population of about 120 million, the telecoms industry is a big draw for investors. Safaricom Ethiopia, owned by a consortium led by Kenya's Safaricom, started operations in October 2022, and Ethiopia is also in the process of issuing a tender for a second new telecommunications licence. As part of its plans, Ethio Telecom is looking to add 998 new mobile base stations to its network this year.
Food for Thought
“A bird that flies off the earth and lands on an anthill is still on the ground.”
— Nigerian Proverb.
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