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Business Brief
By Business Insider Africa

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From the Editor

Some of the biggest business opportunities appear when confidence is at its lowest. In 2024, as foreign exchange pressures pushed several multinationals to scale back or leave Nigeria, many saw more risk than opportunity.

Tolaram saw something different. Its investment in Guinness Nigeria was a reminder that long-term decisions are often made when the outlook is least certain, not when the market feels comfortable.

The results may not always come this quickly, but the story highlights a lesson familiar to many successful investors: periods of uncertainty can also become moments when valuable businesses change hands.

Victor Inusa
Victor Inusa,
Newsletter Editor.

Today’s Must Read

The family behind Indomie made a $70 million bet on Guinness Nigeria when multinationals were leaving. It’s now worth over $350 million

(Photo Credit: X/The Cable)

In June 2024, Singapore-based Tolaram acquired Diageo's 58.02% majority stake in Guinness Nigeria for approximately $70 million during severe foreign exchange losses and multinational departures.

Leveraging a long-term investment strategy, Tolaram engineered a successful turnaround, reversing a N54.7 billion loss to record N41.2 billion in net profit for the 18-month period ending December 2025.

Financial momentum continued into 2026, with first-half revenue rising 11.8% to N265 billion and profit after tax increasing 53.3% to N25.3 billion.

Today, Tolaram's stake is valued at over $355 million, generating roughly $8.4 million in dividends this year. Read more…

The Big 3

(Photo Credit: X/Club of Mozambique)

🇲🇿 Mozambique awards Chinese firms a 25-year contract to build and operate a one-stop border post linking it to Zimbabwe

Mozambique awarded a 25-year PPP concession to Chinese firms Union Portlink Capital and Zhongmei Engineering Group to build and operate a $30 million one-stop border post at Machipanda.

Construction begins in October. Holding a 75% stake, the Chinese firms aim to streamline trade along the key corridor connecting Zimbabwe to the Port of Beira. Read more…

🇳🇬 Africa's largest oil producer intends to beat countries like the US and Iran with the world's most ambitious grassroots refinery pipeline

Nigeria leads global refinery development with plans for 24 new facilities—mostly modular—aiming to reach 2.64 million bpd capacity by 2030 and invest $10.74 billion.

Driven by the Dangote Refinery processing 700,000 bpd, Nigeria has cut fuel imports, become a net petrol exporter, and turned into Europe's top external jet fuel supplier. Read more…

🇳🇪 Despite its split from ECOWAS, an AES member state secures $105 million through a different regional bloc

Niger secured over $105 million (60.6 billion CFA francs) from the West African Development Bank for irrigation and a 23-megawatt power project.

Despite leaving ECOWAS for the Alliance of Sahel States, Niger retains access to BOAD financing because it remains a member of the West African Economic and Monetary Union. Read more…

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Quote Of The Day

Only entrepreneurship can create opportunity where none seemingly exists. Young entrepreneurs and those they inspire are the lifeblood of Africa's rise.

— Tony Elumelu

Listicles

(Photo Credit: iStock)

Top 10 African countries with the lowest diesel prices in July 2026

Average diesel prices in Africa's top markets dropped slightly to $1.52 per liter in July 2026, down from $1.54 in June. Eight countries recorded marginal dips, while Sudan stayed flat. Madagascar also joined the top 10 list, replacing the Democratic Republic of the Congo.

S/N Country Diesel Price (USD / Litre)
1 Libya 🇱🇾 North Africa • Global Rank: 3rd
$0.023
2 Algeria 🇩🇿 North Africa • Global Rank: 4th
$0.232
3 Egypt 🇪🇬 North Africa • Global Rank: 7th
$0.406
4 Angola 🇦🇴 Southern Africa • Global Rank: 8th
$0.458
5 Sudan 🇸🇩 North Africa • Global Rank: 14th
$0.656
6 Tunisia 🇹🇳 North Africa • Global Rank: 17th
$0.744
7 Gabon 🇬🇦 Central Africa • Global Rank: 27th
$0.997
8 Niger 🇳🇪 West Africa • Global Rank: 33rd
$1.078
9 Ethiopia 🇪🇹 East Africa • Global Rank: 38th
$1.126
10 Madagascar 🇲🇬 East Africa • Global Rank: 39th
$1.128

Source: Global Petrol Prices

Geopolitics & Power

(Photo Credit: APP)

🇺🇸 Trump’s 12.5% tariff is now in force across South Africa, Nigeria and five other African economies

The US enforced a 12.5% tariff on affected imports from seven African economies on July 24 following a Section 301 investigation. The measure impacts Algeria, Angola, Egypt, Libya, Morocco, Nigeria, and South Africa.

The duty is not universal, as specific product categories—including vehicles, steel, aluminium, critical minerals, and certain agricultural goods—are exempt based on customs codes. Read more…

Global Trends, African Impact

(Photo Credit: larice.de)

🇳🇦 Japan backs $34 million Namibia rare earth project as race for Africa’s critical minerals intensifies

Japan’s state-backed JOGMEC is investing up to $34 million in Namibia’s Lofdal Heavy Rare Earth Project through a venture with Toyota Tsusho.

Set to be Japan’s first African rare earth mine development, the project targets heavy rare earths like dysprosium and terbium for electric vehicles, wind turbines, and defense tech, helping diversify critical mineral supplies outside China. Read more…

Executive Trivia

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