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African BUSINESS Contents 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 G20 SOUTH RICA 2 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 Venkatasamy j.venkatasamy@icpublications.com COMMERCIAL DIRECTOR Roman Zincenko r.zincenko@icpublications.com ADVERTISING Sergio Silva, Baytir Samba, Nick Rosefield, Saliba Manneh, Jeremie Alamazani advertising@icpublications.com DISTRIBUTION distribution@icpublications.com PRODUCTION MANAGER Stuart West s.west@icpublications.com TUNISIA Néjib Ben Yedder n.benyedder@icpublications.com 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 (o) 1442 820580 contact@webscribe.co.uk https://african.business/subscribe PRINTERS Roularta Media Group Meensesteenweg 300 8800 Roeselare Belgium All pictures AFP unless indicated. Registered with the British Library. ISSN 0141-3929 ©2025 IC Publications Ltd Business Intelligence 4 News and deals around Africa Cover story 10 South Africa's big test: presiding over the G20 16 Interview: B20 summit sherpa Cas Coovadia takes to skies on mission of persuasion 20 South Africa's big businesses to use G20 to tell a new story Special report Startup Africa 60 AI dominates GITEX Global: Can Africa seize the opportunity? 62 African startups face tougher scrutiny as investors seek returns 64 Nigeria losing ground in VC funding race 66 Nigerian fintechs lure Gen Z retail investors to financial markets 68 Standing out in Nigeria's cutthroat fintech market 71 France's Proparco looks to ramp up African startup investments Features 24 Miracle at Megawatt Park? Eskom posts profit, but future uncertain 26 Can South Africa step up as a leader in forestry? 28 Opinion: In a volatile world, Africa and Europe need one another more than ever 32 African industries face shock as Trump ends tariff-free AGOA 34 US businesses look beyond AGOA to rebuild Africa trade ties 36 Sub-Saharan Africa trade value up 9.7% but tariffs to hit growth Babacar Ndiaye Lecture 2025: 38 Kaberuka calls for a new era of strong African banks; and 40 Self-reliance is the watchword 42 France embraces anglophone Africa as ties to ex-colonies fray 76 Nigeria's powerful oil unions challenge Dangote Refinery 78 Fears that DR Congo's cobalt quotas could deepen corruption 80 Regulators urged to move faster as stablecoins gain ground in Africa 82 Welcome to the jungle: Africa prepares for COP30 in the Amazon 84 Africa braces for impact of EU carbon border tax 88 US firms target African liquefied petroleum gas bonanza Focus on Ethiopia's economy publications IC EVENTS 46 Are Ethiopia's ambitious megaprojects grounded in reality? 48 US draws closer to Ethiopia with backing for $10bn airport 50 Can Ethiopia's economic liberalisation lead to a jobs boom? Countryfiles 90 Côte d'Ivoire's Ouattara eases into a fourth term 92 Few surprises for incumbent in Tanzania's controlled re-election Arts and culture 94 Nigerian Modernism at London's Tate Modern gallery Editor's View 98 Africa struggles to keep track of silent killer in the air

African BUSINESS

Contents

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 Venkatasamy j.venkatasamy@icpublications.com

COMMERCIAL DIRECTOR

Roman Zincenko r.zincenko@icpublications.com

ADVERTISING

Sergio Silva, Baytir Samba, Nick Rosefield, Saliba Manneh, Jeremie Alamazani advertising@icpublications.com

DISTRIBUTION

distribution@icpublications.com

PRODUCTION MANAGER

Stuart West s.west@icpublications.com

TUNISIA

Néjib Ben Yedder n.benyedder@icpublications.com

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 (o) 1442 820580 contact@webscribe.co.uk https://african.business/subscribe

PRINTERS

Roularta Media Group Meensesteenweg 300 8800 Roeselare Belgium

All pictures AFP unless indicated.

Registered with the British Library.

ISSN 0141-3929

©2025 IC Publications Ltd

Business Intelligence

4 News and deals around Africa

Cover story

10

South Africa's big test: presiding over the G20

16 Interview: B20 summit sherpa Cas Coovadia takes to skies on mission of persuasion

20 South Africa's big businesses to use G20 to tell a new story

Special report Startup Africa

60 AI dominates GITEX Global: Can Africa seize the opportunity?

62 African startups face tougher scrutiny as investors seek returns

64 Nigeria losing ground in VC funding race

66 Nigerian fintechs lure Gen Z retail investors to financial markets

68 Standing out in Nigeria's cut- throat fintech market

71 France's Proparco looks to ramp up African startup investments

Features

24 Miracle at Megawatt Park? Eskom posts profit, but future uncertain

26 Can South Africa step up as a leader in forestry?

28 Opinion: In a volatile world, Africa and Europe need one another more than ever

32 African industries face shock as Trump ends tariff-free AGOA

34 US businesses look beyond AGOA to rebuild Africa trade ties

36 Sub-Saharan Africa trade value up 9.7% but tariffs to hit growth

Babacar Ndiaye Lecture 2025:

38 Kaberuka calls for a new era of strong African banks; and 40 Self-reliance is the watchword

42 France embraces anglophone Africa as ties to ex-colonies fray

76 Nigeria's powerful oil unions challenge Dangote Refinery

78 Fears that DR Congo's cobalt quotas could deepen corruption

80 Regulators urged to move faster as stablecoins gain ground in Africa

82 Welcome to the jungle: Africa prepares for COP30 in the Amazon

84 Africa braces for impact of EU carbon border tax

88 US firms target African liquefied petroleum gas bonanza

Focus on Ethiopia's economy

46 Are Ethiopia's ambitious mega- projects grounded in reality?

48 US draws closer to Ethiopia with backing for $10bn airport

50 Can Ethiopia's economic liberalisation lead to a jobs boom?

Countryfiles

90 Côte d'Ivoire's Ouattara eases into a fourth term

92 Few surprises for incumbent in Tanzania's controlled re-election

Arts and culture

94 Nigerian Modernism at London's Tate Modern gallery

Editor's View

98 Africa struggles to keep track of silent killer in the air

G20 SOUTH RICA 2

publications IC EVENTS

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