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Business Brief
By Business Insider Africa

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From the Editor

For years, conversations about Nigeria's economy have centred on inflation, currency pressure and difficult reforms. Now, the country's stock market is telling a different story.

Nigeria has become the world's best-performing equity market in dollar terms this year, a shift driven by stronger investor confidence and improving market conditions.

Whether this momentum can be sustained remains to be seen, but it is a reminder that financial markets often react long before broader economic changes become visible.

Victor Inusa
Victor Inusa,
Newsletter Editor.

Today’s Must Read

Nigerian stocks overtake South Korea to become the world's best-performing equity market in dollar terms

(Photo Credit: Business Post)

Nigeria's stock market has delivered a 67% return in U.S. dollar terms this year, making it the world's best-performing equity market among 92 exchanges tracked by Bloomberg.

The rally has been supported by economic reforms, stronger foreign exchange liquidity, higher oil prices and a firmer naira. Investor confidence also improved after S&P Dow Jones Indices said it is considering restoring Nigeria to frontier market status.

Analysts also see the planned listing of Dangote Petroleum Refinery as another development that could attract more local and foreign investment. Read more…

The Big 3

(Photo Credit: Bloomberg)

🇦🇴 China’s push for a global yuan gains ground in one of Africa’s biggest oil economies

Angola’s central bank has approved the Chinese yuan as one of the currencies commercial banks can use to meet foreign-currency reserve requirements, alongside the U.S. dollar, euro and South African rand.

The move reflects Angola’s close trade and financial ties with China while giving banks greater flexibility to support cross-border business. Read more…

🇿🇦 South Africa's biggest truck maker warns 700% electricity price surge could undermine manufacturing

Electricity tariffs in South Africa have risen by more than 700% since 2007, despite improvements in power reliability, according to Isuzu Motors South Africa.

The company says rising energy costs are hurting manufacturers and has urged the government to introduce targeted electricity price support to protect jobs, investment and industrial competitiveness. Read more…

🇹🇷 Turkey's bid to dump its S-400s and regain the F-35 puts Algeria, Egypt and other African military powers in the spotlight

Russia says any transfer of Turkey’s S-400 air-defence systems requires Moscow’s approval, with reports pointing to a Gulf country rather than an African buyer.

The situation has renewed attention on Algeria, Egypt and other African military powers as they balance defence partnerships with Russia, the United States and other suppliers. Read more…

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Quote Of The Day

The opportunity is in the problem. The moment I see a problem, I immediately begin to think about the opportunities that can be created by trying to solve it.

— Strive Masiyiwa

Listicles

10 African countries with the strongest anti-corruption performance

Africa's average anti-corruption score rose from 38.6 in 2016 to 39.1 in 2025. Rwanda and Seychelles tie for the top spot, while the SADC region scored the highest. Though institutional mechanisms improved, building public trust remains a major governance challenge.

Rank Country Anti-Corruption Performance Score (2025)
1 🇷🇼 Rwanda
76.6
2 🇸🇨 Seychelles
76.6
3 🇲🇺 Mauritius
65.7
4 🇸🇳 Senegal
64.0
5 🇧🇯 Benin
58.7
6 🇧🇼 Botswana
57.8
7 🇳🇦 Namibia
57.6
8 🇨🇻 Cabo Verde
56.1
9 🇹🇳 Tunisia
55.9
10 🇧🇫 Burkina Faso
55.6

Source: Mo Ibrahim Index of African Governance

Geopolitics & Power

(Photo Credit: Army Recognition)

🇪🇬 Africa’s most powerful military unveils secret Russian missile system from $3.5 billion arms package after earlier denials

Egypt has publicly displayed its Russian-made S-300VM air-defence system for the first time during the inauguration of its new military headquarters, the Octagon. The long-range platform was acquired under a contract worth over $1 billion as part of a wider $3.5 billion arms deal signed in 2014.

The move confirms the system is operational and highlights Egypt's strategy to diversify suppliers. Read more…

Global Trends, African Impact

(Photo Credit: Facebook/Dewji)

🇹🇿 Tanzania’s richest man makes $275m bet on battery minerals as EV race accelerates

Tanzania’s richest businessman, Mohammed Dewji, through MeTL Group, is investing about $275 million in graphite mining to supply the electric vehicle battery market. Commercial production is expected to begin within 18 months.

MeTL Group aims to initially produce graphite with around 94% purity to supply Chinese refiners before upgrading to battery-grade material for direct export to Europe, Japan, and South Korea. Read more…

Executive Trivia

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Which country has the world's largest stock exchange?

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Did You Know?

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When OpenAI launched ChatGPT in November 2022, it crossed the 1 million user mark in just five days. To put that growth into perspective, it took Facebook ten months, Spotify five months, and Netflix three and a half years to reach that exact same milestone.

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