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AfricanBUSINESS

UNITED KINGDOM IC PUBLICATIONS 7 Coldbath Square, London EC1R 4LQ Tel: +44 20 7841 3210 icpubs@icpublications.com www.african.business FOUNDER Afif Ben Yedder PUBLISHER & EDITOR-IN-CHIEF Omar Ben Yedder | o.benyedder@icpublications.com EDITOR David Thomas | d.thomas@icpublications.com SUB-EDITOR Mike Holderness | m.holderness@icpublications.com DESIGN J V e n k a t a s a m y | j.venkatasamy@icpublications.com COMMERCIAL DIRECTOR Roman Zincenko | r.zincenko@icpublications.com CONSULTING HEAD OF DELIVERY Brian Scudder | b.scudder@icpublications.com ADVERTISING SALES DIRECTORS Baytir Samba, Nick Rosefield, Saliba Manneh ADVERTISING advertising@icpublications.com MARKETING Emily Allen | e.allen@icpublications.com DISTRIBUTION distribution@icpublications.com PRODUCTION MANAGER Stuart West | s.west@icpublications.com TUNISIA Néjib Ben Yedder | n.benyedder@icpublications.com GHANA Silv ia Salvetti, Top Reports | top@topreports.org IC EVENTS info@ic-events.net SUBSCRIPTIONS IC Publications Webscribe Unit 4, College Business Park, College Road, North Aston Clinton HP22 5EZ UK Telephone + 44 (0) 1442 820580 contact@webscribe.co.uk https://african.business/subscribe PRINTERS Roularta Media Group Meensesteenweg 300 8800 Roeselare Belgium

CONTENTSContents

C o v e r s t o r y : Social media tags Africa

Business Intelligence 4 News and deals around Africa Opinion 14 African transparency reforms are working – but there’s more to do 16 Are the World Bank shareholders ‘breadcrumbing’ African states? 18 Refugees can play a key part in Africa’s economic growth

Cover story: Social media 20 Social media captures a new generation of Africans 24 African creatives cash in on TikTok’s explosive growth 33 Special report: Confronting the climate crisis at COP29 34 What are the chances of success at the ‘finance COP’? 39 Can Africa hit the accelerator on renewables? Features 26 Tito Mboweni: A trailblazing, gifted leader with a sense of humour 44 Spotlight shines on African biodiversity credits at COP16 46 Opinion: National biodiversit y strategies are a path to prosperity 48 Can China go green in Africa? 50 Inter view: ‘With 20 AFCs we will only be scratching the surface’ says Banji Fehintola, Africa Finance Corporation executive director 52 Inter view: ‘We can create at least 100 million jobs in Africa by exporting our talent’ says Fred Swaniker, co founder of the African Leadership Academy 72 How AI is revolutionising Africa’s legal industry

80 CANEX: preserving and promoting Africa’s rich cultural heritage 82 Fashion shows offer a blueprint as Africans go global 57 Special report: Technology and telecommunications in Africa 58 Africa enters the cloud 61 Starlink’s aggressive push in Africa keeps telcos on high alert 64 Naira devaluation sends telecoms companies back to square one Countryfiles 76 Will the UK’s Chagos decision boost relations with Africa? 78 As elections approach, how has President Faye changed Senegal? Arts & Culture 84 Meet the wildlife filming collective developing Africa’s Attenboroughs

Review 88 Autocrac y, Inc: the new dictators Editor’s View 90 Africa’s eyes on Trump vs Harris

Multilateral financial institutions: a clarification The October issue of African Business featured our ranking of Africa’s Top Banks. Given the increasingly prominent role African multilateral financial institutions are playing on the continent, we also featured a selection of MFIs/DFIs to gauge their strength and size. As was indicated to us, we omitted a number of important actors on the continent including the Banque Ouest Africaine de Développement (BOAD), which has recently gone through a capital increase and has the following: t ier 1 capital of $1,808m; assets of $5,803m; and profits of $61m. The Bank of Industr y, a prominent player in Nigeria, has: t ier 1 capital of $641m; assets of $4,362m and profits of $114m. Furthermore, Afreximbank’s t ier 1 capital was misstated and should have read $6.1bn.