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Semafor World Economy

Alexander Onukwue

Alexander Onukwue

Nigeria Reporter

Email Alexander
@onu_kwue

Alexander is a reporter for Semafor in Lagos, Nigeria. He was previously the West Africa correspondent at Quartz.

Sign up for Semafor Africa: A rapidly-growing continent’s crucial stories.

Kenya cuts fuel prices after deadly protests

Nairobi has been rocked by demonstrations, with four people killed and dozens injured.
Motorcycle taxis ride through colored tear gas during protests in Nairobi.Motorcycle taxis ride through colored tear gas during protests in Nairobi. Monicah Mwangi/Reuters.

Telecoms giant Airtel Africa’s revenues soar

Airtel operates in 14 sub-Saharan African countries and experienced a 10% rise in its customer base in the year to March.
People walk past a billboard for telecommunications company Airtel in Abuja, Nigeria.Afolabi Sotunde/Reuters

South African firm scoops equity assets worth $120 million

Africa’s secondaries market is gradually taking off.
Johannesburg skyline.Wikus de Wet/AFP via Getty Images

Major opposition split sparks Nigerian election scramble

President Bola Tinubu is now seen as a favorite for January’s elections.
A composite image of Nigerian opposition figure Peter Obi (L), Nigerian President Bola Tinubu, and opposition figure Atiku Abubakar (R.)Lucy North/PA Images via Getty Images, Patrick Meinhardt/AFP via Getty Images, and Pius Utomi Ekpei/AFP via Getty Images.

Dangote Cement plans London Stock Exchange listing

UK regulators are pursuing more initial public offerings by African companies.
Aliko Dangote.Aliko Dangote. Tasos Katopodis/Getty Images for Semafor World Economy.

Jumia leans on China imports as Nigeria becomes top market

The African e-commerce company is locked in fierce competition with Chinese players Temu and Shein on the continent.
A delivery man drives a transporter with an advertisement for Nigeria’s e-commerce site Jumia.Issouf Sanogo/AFP via Getty Images

Nearly 8 million South Africans use crypto: report

South Africans increasingly see cryptocurrencies as an investment option to supplement traditional assets like stocks and properties.

Chinese fintech OPay eyes US IPO with $4B valuation

OPay has engaged three banks on the move, according to Bloomberg.

Nigeria’s Peter Obi leaves opposition coalition

The move increases the likelihood that the opposition vote will be split in January’s election.

IMF warns Angola it could reach debt ceiling

The organization advised the country to deploy an expected windfall from rising oil prices toward reducing debt.

Standard Chartered Bank inks $2.3B in funding for Tanzania rail project

The 1,200-kilometer (745-mile) line will connect the main port of Dar es Salaam to cargo transportation routes in other East African countries.

Canal+ to list on the Johannesburg Stock Exchange

The announcement comes a year after the French entertainment group took over Africa’s largest cable television company, MultiChoice.

Nigerian opposition agree to field single presidential candidate

But it remains unclear who this will be, or how and when they will be selected.

Nigerian billionaire Dangote proposes new East Africa refinery

The new crude oil refinery in Tanzania would replicate the output of his giant plant in Lagos.

Ghana threatens sanctions on mining firms over local employment rules

The move is in line with a broader move by African governments to increase domestic value extraction from mineral resources.

Ethiopia’s Tigray province renews parliament, raising tensions

The country is still recovering from a civil war in the region that stymied attempts to liberalize one of Africa’s biggest economies.

Nigeria’s Tinubu replaces finance minister in surprise reshuffle

Nigerian President Bola Tinubu replaced Wale Edun with Taiwo Oyedele, a junior finance minister who oversaw a revamp of the country’s tax system.

Nigerian airlines pause plan to shut down operations countrywide

Airlines have been among the businesses hardest hit by the impact of the Iran war.
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