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| Africa’s daily intelligence on business, policy and power—what changed, what it means and what to watch next. | ||
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OPENING SIGNAL
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| NIGERIA’S CAPITAL IS BACK. HOUSEHOLD RELIEF ISN’T. | ||
| Foreign money is returning and stocks are rising, but the cost of a pot of jollof has more than doubled since 2023. | ||
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THE FACTS
Nigeria’s reform story looks very different depending on where you stand. Foreign capital inflows reached a six-year high of $23 billion in 2025, while the stock market has gained close to 60% this year. The naira is more stable than it was during the worst of the currency shock. Households have not felt the same recovery. The cost of making jollof rice has more than doubled since President Bola Tinubu took office in 2023. Petrol is about six times more expensive, and the national average is close to ₦1,600 a litre. The central bank’s policy rate remains 26.5%. The market rally also reaches only a small part of the population: fewer than 5% of Nigerian adults invest in capital markets. |
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OTHER VIEWS
The government argues that removing fuel subsidies and changing the currency system were unavoidable steps towards a healthier economy. Investors who have returned are betting that the reset will eventually produce more stable growth. Critics counter that the benefits remain concentrated. With elections due in January, the gap between improving market indicators and daily life has become an economic and political test. |
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| WHAT TO WATCH: The next inflation print, petrol prices and whether portfolio inflows become longer-term business investment. | |
| READ THE FULL STORY → |
| THE DAILY NUMBER | |
$23BN FOREIGN CAPITAL INFLOWS |
Nigeria’s six-year capital high Foreign capital inflows reached $23 billion in 2025. Investors are returning, but most households do not own shares and have yet to feel the recovery in food, fuel or credit costs. SOURCE: REUTERS |
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BUSINESS · MOROCCO Morocco puts $1.65 billion behind youth jobs The programme aims to help 800,000 people find work and support 60,000 new entrepreneurs. Employers should watch how funding is divided between placement, training and small-business support. READ MORE → | ||
POLICY · WEST AFRICA West Africa debates its own fuel benchmark Regulators and industry executives meet in Abuja as Nigeria pushes for a regional price reference. A credible benchmark could change contracts for refiners, importers and distributors. READ MORE → | ||
POWER · SOUTH AFRICA Johannesburg’s water losses become a business cost The city loses about 655 million litres a day through broken pipes. For a commercial centre that produces roughly 16% of South Africa’s GDP, unreliable water raises operating and property costs. READ MORE → |
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| AS OF 8:30 A.M. WAT, AUG 11, 2026 · RAND · BRENT · GOLD · BITCOIN |
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GLOBAL FOOD Global food has a buffer. African importers still have a risk. Global grain inventories are near record levels, giving food markets more protection than during earlier El Niño shocks. But dry weather could still reduce harvests in parts of sub-Saharan Africa, while fuel, fertiliser, insurance and shipping costs raise the landed price of imports.
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EXECUTIVE TRIVIA How well do you know African business? One quick question on African business, economics, policy or corporate history. Choose an answer below and see immediately if you are right. |
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TODAY’S QUESTION Which is hurting your business more right now: weak customer demand or expensive credit? Reply with the one you feel most—and tell us why. We may feature the sharpest response in a future edition, with your permission. SHARE YOUR VIEW → |
EXECUTIVE TRIVIA How well do you know African business? One quick question on African business, economics, policy or corporate history. Choose an answer below and see immediately if you are right. |