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For decades, West Africa has produced most of the world's cocoa, but much of the value has been created elsewhere.

Nigeria is now taking a different path by banning raw cocoa exports and pushing for more local processing. The goal is to build factories, create jobs and keep a larger share of the industry's earnings at home.

Whether the policy delivers on that promise will depend on how quickly local processing capacity grows, but it marks a major shift in how the country wants to compete in the global cocoa business.

Nigeria has banned the export of raw cocoa beans as part of a plan to process more of its cocoa locally and increase the value of its agricultural products.

The government wants to create jobs, earn more foreign currency and expand local manufacturing instead of exporting unprocessed crops.

To support the policy, Nigeria is increasing processing capacity and providing funding across the cocoa supply chain.

It has also joined Côte d’Ivoire, Ghana and Cameroon in a regional alliance to coordinate cocoa pricing, promote local processing and strengthen producers’ bargaining power. Read more…

🇺🇬 One more African country added to U.S. 'Do Not Travel' list, bringing total to 10

Uganda has been added to the U.S. Level 4 "Do Not Travel" list, bringing the number of African countries under the highest travel advisory to 10.

The designation warns Americans against travel because of severe security or health risks, including conflict, terrorism, crime, civil unrest, or disease outbreaks, while also reflecting limited U.S. consular support. Read more…

🇿🇦 South Africa’s newest private credit fund plans to unlock $21 billion for small businesses

A new private credit fund has listed on the Cape Town Stock Exchange with plans to unlock $21 billion for South African small and medium-sized businesses. The fund aims to provide alternative financing for companies that struggle to secure bank loans because of strict lending rules.

It will focus on businesses seeking growth capital, refinancing or bridge financing, while giving institutional investors a regulated way to invest directly in underserved firms. Read more…

🇿🇦 South Africa insists that it is still friends with most of Africa, as it denies being isolated

South Africa has rejected claims that it is becoming isolated in Africa following recent anti-immigration protests and xenophobic incidents.

The government said reports portraying the country as a "pariah state" are misleading and pointed to President Cyril Ramaphosa's continued engagements with several African leaders through meetings, calls and regional summits. Read more…

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9 African-born billionaires account for 43% of America's richest immigrants' combined $2.2 trillion fortune

Nine African-born billionaires in the United States control a combined $952.9 billion, representing over 43% of the $2.2 trillion held by America's 144 richest immigrant billionaires. Though making up only 6.25% of the list, their outsized wealth is driven largely by Elon Musk’s $927 billion fortune.

Source: Forbes

🇷🇼 India deepens military relations with an African military sanctioned by the US’ Treasury

India and Rwanda have agreed to deepen their defense partnership, focusing on military training, joint exercises, and defense medicine. During a July meeting in New Delhi, both nations formalized an implementation framework.

This cooperation advances despite recent U.S. Treasury sanctions imposed on Rwanda's military over its alleged support for the M23 rebel group in eastern DR Congo. Read more…

🇨🇮 World's top cocoa producer clinches $80 billion in development pledges

Ivory Coast has secured over $80 billion in development funding pledges during a major donors roundtable in Abidjan. Exceeding initial targets, the capital influx will back large-scale infrastructure and reforms to boost energy security and support industrial growth.

The nation's position as the world's top cocoa producer strongly bolstered global investor confidence. Read more…

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Credit cards became widely popular before ATMs were common. The first universal credit card was introduced in 1950, whereas the first automated teller machine wasn't installed until 1967, meaning people were buying on credit decades before they could easily withdraw cash!