With the cost of entry reportedly five times higher than the EB-5 immigrant investor visa program, and with historically low African participation in investor visas, President Donald Trump’s gold card may struggle to find buyers from Africa.



With several President Joe Biden-era immigration policies being rewritten, U.S. President Donald Trump, who is serving his second terms in office, seems to be banking on a new investor visa scheme—dubbed the ‘gold card’—to boost the American economy.



The program, which allows companies to pay $5 million per applicant to fast-track their work and residency status, has been framed as a superior alternative to the existing EB-5 visa program.



A closer look at the 2024 success rates of the EB-5 visa program revealed a disparity between some African countries and the rest of the world. South Africa, for example, ranked 6th and the only African country in the top 10, accounted for 119 successful applications, a fraction of China’s 8,311 approvals.



The introduction of the gold card program may exacerbate this trend, according to Nzube Ohalete, a Nigerian graduate student in the U.S, who also assists others with scholarship and visa tips.



“A lot of Africans are not utilizing this [EB-5 visa program]. With the increase in price, this number will more likely decrease,” Ohalete tells FORBES AFRICA.



His skepticism is rooted in historical trends: Africa has never been a major player in the EB-5 program, a visa route that grants green cards to foreign investors who commit at least $1 million to U.S. businesses. Now, with the gold card costing five times as much, the question arises—who in Africa can, or will, afford it?



Trump, however, is bullish on the program’s financial impact.



“If we sell a million, right, a million, that’s $5 trillion. If we sell 10 million, that’s $50 trillion. That means our debt is totally paid off, and we have $15 trillion above that,” he claimed during his first cabinet meeting since returning to office.



U.S. Secretary of Commerce, Howard Lutnick, a key architect of the policy, argues that the gold card fixes the flaws of EB-5 by ensuring more accountability.



“For $5 million, they’ll get a license from the Department of Commerce. Then they’ll make a proper investment on the EB-5,” Lutnick explained. “If we sell just 200,000 of these, that’s $1 trillion to pay down our debt.”



Lutnick has been promoting the gold card, claiming on the All-In Podcast, which focuses on business, that 1,000 have already been sold in one day. “There are 37 million people in the world who are capable of buying the card,” he said.



Paul Agada, another Nigerian graduate student in the U.S. and an SDGs advocate, remains unconvinced that the gold card is an improvement over the EB-5.



“The gold card is an old idea in expensive new garb,” Agada says to FORBES AFRICA.



He further suggested that stakeholders on the continent focus resources here first.



“Entrepreneurs need to observe the conversation around the last election. We need to first build our continent before seeking to build another man’s home.”



Trump himself has expressed concerns. Speaking with Fox News, he admitted the program could attract “unsavory people”, though he promised to crack down on any wrongdoing.



Ohalete believes that, rather than turning to the gold card, “wealthy Africans will explore other options for U.S. residency, like the EB-1 and EB-2”.



The EB-1 and EB-2 programs cater to individuals with exceptional abilities and advanced degrees, respectively.

South Africa visa in traveler’s passport

Africans Lag Behind In U.S. Investor Visas, Gold Card Introduction May Widen Gap

Watched by as many as one billion people worldwide, the 1974 bout saw George Foreman undefeated in 40 fights—then the reigning heavyweight champion—overwhelming Muhammad Ali in the early rounds with his raw power.



George Foreman, the two-time heavyweight boxing champion who contended with Muhammad Ali in Africa’s first-ever heavyweight title fight, the Rumble in the Jungle, has died at the age of 76.



“With profound sorrow, we announce the passing of our beloved George Edward Foreman Sr., who peacefully departed on March 21, 2025, surrounded by loved ones,&#8221; Foreman&#8217;s family shared on Friday on his official Instagram page, requesting privacy as they mourn his loss.



The Rumble in the Jungle fight in Kinshasa, Zaire (now the Democratic Republic of the Congo), remains one of the most iconic sporting events in history. Ali, employing his now-famous rope-a-dope strategy, absorbed Foreman’s punches before launching a counterattack that led to an eighth-round knockout, cementing his own legacy.


<div class="wp-block-image">
<figure class="aligncenter size-full"><img loading="lazy" decoding="async" width="1024" height="612" src="https://cms.forbesafrica.com/wp-content/uploads/2025/03/GettyImages-117969243.jpg" alt="" class="wp-image-64972" srcset="https://cms.forbesafrica.com/wp-content/uploads/2025/03/GettyImages-117969243.jpg 1024w, https://cms.forbesafrica.com/wp-content/uploads/2025/03/GettyImages-117969243-300x179.jpg 300w, https://cms.forbesafrica.com/wp-content/uploads/2025/03/GettyImages-117969243-768x459.jpg 768w" sizes="auto, (max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption">George Foreman poses at Imtech Arena on July 2, 2011 in Hamburg, Germany. (Photo by Martin Rose/Bongarts/Getty Images)</figcaption></figure></div>


Born in 1949 in Houston, Texas, Foreman found direction through the Job Corps program, where he discovered boxing. His talent quickly emerged, and at just 19, he won a gold medal in the super-heavyweight division at the 1968 Mexico City Olympics, waving an American flag in the ring at a time of deep racial and political tensions in the U.S.



Foreman’s professional career skyrocketed when he annihilated Joe Frazier in just two rounds to win the heavyweight title in 1973. His combination of size, strength, and relentless aggression made him one of the most feared fighters of his era.



After his loss to Ali, Foreman continued to fight before retiring in 1977. He made a stunning comeback a decade later and, in 1994, at age 45, became the oldest heavyweight champion in history by knocking out Michael Moorer. Outside the ring, he became a global business icon, earning a fortune through the George Foreman Grill, which sold over 100 million units worldwide.



Holyfield once said whereas he is happy for Foreman, he will still remain Evander Holyfield and does not wish to trade places with Big George. Holyfield beat Foreman on points in April 1999 when he defended his three titles.



Reflecting on the 50th anniversary of Rumble in the Jungle, Foreman told The Telegraph, “It amazes me that it was 50 years ago and people are still talking about it, and the term rope-a-dope. I’m just happy that I can remember it, period. I have nothing but fond memories, but at the time, I was devastated at the defeat.’’



The fight was immortalized through the lens of filmmaker Leon Gast, whose Academy Award-winning documentary, When We Were Kings, brought new depth to its narrative. The documentary, featuring insights from cultural icons like Spike Lee and Norman Mailer, framed the match as a cultural and psychological duel, an enduring metaphor for triumph against the odds.

George Foreman in Fight Pose at Nassau Coliseum

Africa’s First-Ever Heavyweight Title Contender Dies At 76

Through Kante, Afrobeats, and his memories of Nigeria, King Charles III underscored music’s power to unite cultures.



King Charles III shared a personal connection to Kante, a song by Nigerian Afrobeats star Davido featuring Fave, recalling how it reminded him of his last visit to Nigeria in 2018 when he attempted to speak Pidgin.



The British monarch made the revelation while presenting The King’s Music Room, a curated selection of 17 songs that have brought him joy, to mark Commonwealth Day 2025.



Among the diverse playlist, Kante stood out, not just for its infectious rhythm but as he said: &#8220;It also features lyrics in Pidgin, which I love in all its forms, and in which I attempted to make a speech when I last visited Nigeria.&#8221; The King said this in a recorded address from Buckingham Palace.



That visit, in November 2018, saw the monarch — then the Prince of Wales — engage with Nigeria’s cultural and political elite in Lagos in partly Pidgin, a lingua franca widely spoken across West and Central Africa.



Departing from his usual polished British English, he greeted dignitaries with a warm &#8220;How you dey?&#8221; (How are you?), drawing laughter and applause.



He even ventured further with the phrase, &#8220;God don butta my bread&#8221;, meaning “God has blessed me,” to acknowledge his return to the country after his first visit nearly three decades.



While he has yet to visit Nigeria as head of the Commonwealth, there were past trips — in 1990 with Princess Diana, then in 1999, 2006, and 2018.



Pidgin, which originated in the 17th and 18th centuries as a trade language between Africans and Europeans, has since evolved into a powerful cultural force.



It dominates Afrobeat lyrics, Nollywood films, and everyday conversations across West Africa.



Recognizing its global appeal, King Charles III noted, “I understand that thanks to Afrobeats, it (Pidgin) is becoming ever more popular around the world.”



During his 2018 trip, he also shared another Pidgin phrase: &#8220;If life dey show you pepper, make pepper soup&#8221;, roughly translating to “life is what you make it.”



“Music has that remarkable ability to bring happy memories, comfort us in times of sadness, and to take us to distant places,” he reflected in his recorded address. “But perhaps, above all, it can lift our spirits&#8230; It brings us joy.”

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King Charles III Recalls Speaking Pidgin In Nigeria, Shares Connection To Davido’s Kante

Nigerian singer, songwriter and actor, Tiwa Savage is determined to build an empire that will cement her status among the world’s self-made billionaire women.



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“I want to go into my mogul era – billionaire Tiwa Savage.”
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Tiwatope Omolara Savage, professionally known as Tiwa Savage, at the age of 45, is standing on the precipice of her next great reinvention. Her contemporaries have shown Savage the path. Now, she is ready to chart her own.



It is a journey that has been decades in the making, and one that began in London, where a teenage Savage discovered a love for performing during drama classes.



“When I was in school, there are basic subjects like math, English, and there are also electives like sports, drama, music – I chose drama and just even from earlier on, I knew that I had a gift for acting. Even when I started my music career, I knew, at some point, I was going to go back into that field,” she recalls to FORBES AFRICA via a Zoom call on a warm afternoon from her home in Lagos, Nigeria.



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“Why are we trying to break into another market? We should build our own to be the one others try to break into.”
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That passion never faded, even as music took center stage in her life. From her music videos to the depth in her lyrics, she was never content with just one avenue of expression.



For those who followed Savage from her 2010 breakout hit, Kele Kele Love to the global collaborations that she’s done in the present, this new chapter feels like a natural progression.



Her work seems to transcend genre and medium. Somebody’s Son, her duet with American singer Brandy Norwood, showcased her vocal prowess. Ife with Nigerian Fuji legend, Wasiu ‘Pasuma’ Odetola proved she could pivot effortlessly across cultures and sounds.



“Growing up in Nigeria, then moving to the United Kingdom and studying jazz in America, I absorbed different musical influences,” she explains.



“I can do a jazz record, a garage song, or an Afrobeats track, and it all feels authentic. I have lived these experiences.”



This authenticity is why her music has earned her historical accolades: the first African woman to sell out London’s Indigo at The O2, the first African woman to win Best African Act at the MTV Europe Music Awards, and a performer at King Charles III’s coronation concert.



As noted, her transition to film was inevitable. As the executive producer of Water and Garri, released in 2024, she found herself immersed in the filmmaking process, drawn to the meticulous nature of the craft.



“It was a lot of work, but there are similarities to music,” she says, as she adjusts her black Dior glasses and leans into the camera.



“I am used to repeating melodies until they are perfect. Watching scenes over and over, making corrections — it was not frustrating. It was exciting.”



Edward Israel-Ayide, an industry insider in the early days of Savage’s career, describes her as a ‘transformer’.



“What stands out is not just her success but how she has consistently adapted and evolved at every turn, emerging stronger from every challenge to become the industry’s ultimate comeback queen.”



He continues, stating that “she understood early on that being an artist in Africa meant being more than just a musician. You had to be a brand, a business, a movement”.



What is remarkable about Tiwa’s journey is how she has managed to stay relevant through every phase of the industry’s growth. From those early networking events to becoming a social media force with 35 million followers, from her first Nigerian stage performance at Industry Nite to co-producing Water and Garrí for Prime Video, she has consistently pushed beyond what we thought was possible for an African artist,” adds Israel-Ayide.



Now, Savage is thinking bigger. Her ambitions extend far beyond entertainment. “I want to go into my mogul era – billionaire Tiwa Savage,” she says with conviction.



The blueprint is clear—skincare, fashion, philanthropy, and, most significantly, education. Savage envisions a music school that does not just produce artists but also nurtures industry professionals, such as songwriters, producers, music therapists, and lawyers.



“I think a lot of times when people think of music, they think of just being an artist,” she explains. “But there are so many aspects to the industry. I want to build a school or scholarship program that teaches that.”



Even as she dreams of reshaping the industry, she remains as candid as ever: “Everyone always says to me, ‘when are you going to sign an artist?’ I don&#8217;t think I have the gift to sign another artist, because artists are stressful… I could just be sleeping, and then I will wake up and my artist is trending for something else”.



“But I do have the gift to help, which is why I am trying to do the music school, where you can go and later sign to a label that can actually help you,’’ she explains.



Ownership is another pillar of her vision. Afrobeats is no longer a niche genre; it is a global movement. As its influence grows, so does the need for African artists to retain control.



“We need to own our art, our publishing, our labels,” she says. “We need to tell our own stories.”



Chude Jideonwo, a media entrepreneur whose 25-year career spans advertising, public relations, television, radio, print, and digital media, echoes this sentiment.



“When it comes to contemporary people, Africa has so many incredible people – Tiwa Savage started her new career when she was in her 40s. There are so many stories from inside the belly of Africa that we have not told in a way that is accessible to the mainstream for the everyday young people.”



Savage has a radical dream: to see Africa become a mainstream music market. “Why are we trying to break into another market? We should build our own to be the one others try to break into,” she states. “If we had the right infrastructure, affordable data, and investment, we would not have to chase validation elsewhere.”



It is an audacious vision, but Savage has never been one to shrink from a challenge. From navigating a male-dominated industry to defining Afrobeats on her own terms, she has always played the long game. Now, as she prepares for her next act, she is more certain than ever of her purpose.



“Cherish the beginning,” she advises emerging artists. “A lot of artists rush to the top, but once you are there, you face pressures — streams, concerts, obligations. When you start, you are free to create without limitations. Build a strong foundation, so when opinions come at you, you do not lose yourself.”



With her fifth studio album, This One Is Personal, set for release early this summer, Savage doesn’t seem to be slowing down, professionally. But, she has contemplated modifying her pace.



“Not retirement, per se,” she corrects, laughing. “But sometimes the pressure gets to you. That is why having a strong team is important. Plus, let us be real, I need to keep making money. I do not know how to do anything else.”



“I really want to delve into my philanthropy. I want to start different NGOs [non-governmental organizations] to help women, to help young girls.’’



Savage is no longer just a music icon. She is an architect of the future — one where African music, business, and culture are not just global but dominant. The ‘Queen of Afrobeats’ is ready to claim her crown as the ‘Queen of Industry’.

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The Queen Of Afrobeats Is Powering Ahead, Driven By Purpose And Passion

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“I try to show myself as an example through excellence,&#8221; says Oduwole.
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Zuriel Oduwole, an education advocate and filmmaker known for her work in global peace and gender equality, has been nominated for the 2025 Nobel Peace Prize.



The nomination, submitted by a professor of clinical education engineering at the University of Southern California (USC) and an emeritus professor of geosciences at the University of Missouri – Kansas City, recognizes Oduwole&#8217;s decade-long efforts in diplomacy and development.



&#8220;I try to show myself as an example through excellence,” Oduwole said to FORBES AFRICA, after leaving the stage following her panel discussion at the 2024 FORBES WOMAN AFRICA Leading Women Summit in March 2024 in Johannesburg.



The 22-year-old first gained international attention at the age of 13 when she met with then-President David Granger of Guyana in New York, urging him to consider the impact of war on women and girls amid rising tensions with Venezuela over the Essequibo oil-rich region.



Her advocacy, inspired by discussions with the First Lady of Sierra Leone about the lingering effects of war, positioned her as a young but formidable voice in international peace efforts.



In 2019, her work with Mozambique’s President Filipe Nyusi contributed to the country’s decision to ban child marriage. She was later invited by an Arab leader during the Qatar-Gulf diplomatic crisis, further solidifying her role in conflict resolution and policy discussions at the highest levels.



She is now a doctoral student at USC, having been accepted into the program at 20.



She has received honors, including the Ban Ki-moon Leadership Award in 2022 for her decade-long peacebuilding initiatives.

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2024 FORBES WOMAN AFRICA Young Achiever Awardee Nominated For 2025 Nobel Peace Prize

The African Development Bank (AfDB), one of Africa’s most powerful financial institutions, is set to elect a new president on May 29 — a decision that could shape the continent’s economic trajectory for years to come.



With billions of dollars in funding and development projects at stake, the African Development Bank (AfDB) election has drawn five candidates from across the continent, each offering a distinct vision for the bank’s future.



Among them is Amadou Hott of Senegal, a former AfDB Vice President and ex-Minister of Economy, who argues that Africa must act &#8220;faster, bigger, and with more determination&#8221; to unlock its economic potential.



Founded in 1964, the AfDB is the continent’s leading financial institution, funding infrastructure, energy, and economic projects across Africa. Headquartered in Abidjan, Côte d’Ivoire, it provides loans and grants to spur growth, reduce poverty, and tackle climate change.



Unlike many African institutions, the AfDB has global influence, with 81 member countries — including the United States, China, and France — that contribute to its capital and influence its policies. The election of its next president will determine how the bank mobilizes billions in investment and navigates Africa’s economic challenges, from rising debt to climate finance shortfalls.



Hott, who has worked both inside the AfDB and within Senegal’s government, sees slow financing and high borrowing costs as major obstacles to Africa’s growth.



“Africa is paying five to eight times more than developed countries when we go to the capital market,” Hott told CNBC Africa, arguing that the AfDB should leverage its equity to raise more money and help African nations access cheaper financing.



He also stressed the need for domestic resource mobilization, pointing out that Africa loses $90 billion annually due to illicit financial flows. “This continent is wealthy — not just in natural resources, but in financial capital,” he said, highlighting a report that estimates Africa’s high-net-worth individuals hold $2.5 trillion in wealth.



Hott believes the AfDB can play a key role in tapping into this wealth, reducing reliance on external funding, and speeding up project execution. “Everything is urgent. Many people are suffering. We need to support them fast, with drive and passion,” he said.



Hott faces competition from four other candidates, including Samuel Munzele Maimbo of Zambia, a former World Bank Vice President, specializing in financial sector development and economic reforms.



Sidi Ould Tah of Mauritania is the head of the Arab Bank for Economic Development in Africa (BADEA), with experience in regional finance.



Abbas Mahamat Tolli from Chad is the former Governor of the Bank of Central African States, known for his work in currency stability and financial regulation.



Bajabulile Swazi Tshabalala of South Africa is the only female candidate, formerly AfDB’s Senior Vice President and Chief Finance Officer (CFO), seen as a continuity candidate.



Whoever wins will have to tackle major economic challenges, including Africa’s debt crisis as many nations are struggling with unsustainable debt, requiring new financing strategies.



On climate financing, despite contributing just 4% of global emissions, Africa receives only 3% of global climate funding.



For private-sector growth, the AfDB has been pushing for more private investment in sectors like infrastructure, fintech, and agribusiness.



The AfDB president is chosen by its Board of Governors, composed of finance ministers and central bank chiefs from 54 African countries and 27 non-African member states. To win, a candidate must secure a majority of votes from both groups.



With Africa’s economy projected to grow 4% in 2025, the stakes are high. The election will determine how the AfDB navigates a changing global economy, strengthens Africa’s financial independence, and mobilizes billions in investment for the continent’s future.



The AfDB’s current president, Dr Akinwumi Adesina, will be completing his term in August.

Daily Life in Ivory Coast’s Capital as Food Prices Soar

Race For Presidency Of African Development Bank Heats Up As Election Nears

These artifacts, which include a bell, relief plaques, a coconut casing, and a staff, were looted by British soldiers during the 1897 expedition.



Nigeria is set to receive the single largest return of Benin antiquities directly linked to the 1897 British punitive expedition.



This is according to Olugbile Holloway, Director General of the Nigerian National Commission for Museums and Monuments.



The Netherlands has agreed to return 119 Benin Bronzes, including 113 objects from the Dutch State Collection and six additional objects from the municipality of Rotterdam.



&#8220;We hope this will set a good example for other nations of the world in terms of repatriation of lost or looted antiquities,&#8221; Holloway reportedly said.



The Benin Bronzes are an essential part of Nigeria&#8217;s history and cultural identity, and their return is seen as a significant step towards rectifying the historical injustices of the past, according to Netherlands&#8217; Minister of Education, Culture and Science, Eppo Bruins who made the decision.

British Museum’s Security In Question After Revelations Of Missing Treasures

Nigeria Set To Receive Single Largest Return Of Benin Antiquities Linked To 1897 British Expedition

Nigerians don’t just sip ruby-red cocktails — they tell stories with them. And in the country’s bustling party capitals, those stories are getting more exciting by the day, and night.



The sun has barely set over Nigeria&#8217;s commercial capital Lagos, but the rooftop bar in Victoria Island is already alive with laughter, the clinking of glasses, and the hypnotic hum of Afrobeats.



A mixologist with a flair for theatrics, twirls a bottle of palm wine midair, before pouring a smooth stream into a glass rimmed with hibiscus dust. This isn’t just a drink; this is Lagos in a sip.



Cocktail culture in Nigeria’s party capitals — Lagos, Abuja, and Port Harcourt—is undergoing a renaissance.



Beyond the classic mojitos and margaritas, bartenders and enthusiasts alike are infusing tradition, artistry, and innovation into their drinks.



From locally-inspired ingredients to experiential mixology, here are five cocktail trends taking over the scene:



Palm Wine Cocktails: A Nod To Tradition



No longer just a staple at village gatherings, palm wine has found its way into the high-end bars of Lagos and Abuja.



This naturally fermented drink is now the base for creative cocktails, often mixed with tropical fruits, honey, and even a splash of gin for an extra kick.



The ‘Palm Royale’, featuring palm wine, passion fruit, and prosecco, is a favorite among those looking for a taste of nostalgia with a modern twist.



Zobo-Infused Spirits: The Hibiscus Revolution



Zobo, a beloved Nigerian hibiscus drink, is no longer just for street vendors.



Mixologists are experimenting with zobo-infused rum, vodka, and even whiskey, creating deep, ruby-red cocktails with a tart and floral undertone.



The ‘Zobo Spritz,’ a mix of zobo-infused gin, tonic, and a dash of bitters, is fast becoming a go-to for sophisticated palates.



Smoke &amp; Fire: The Rise Of Spicy Cocktails



Nigerians love their spice, and now it’s making its way into their drinks.



Cocktails infused with scotch bonnet peppers, smoky suya spice, and even ginger-infused tequila are adding an adventurous edge to the nightlife.



The ‘Pepper Punch’ — a blend of mezcal, lime, and a scotch bonnet syrup — is not for the faint of heart but is a guaranteed conversation starter.



Sustainable &amp; Zero-Waste Mixology



With sustainability on the rise, Nigerian bartenders are making use of every part of their ingredients.



From repurposing pineapple skins for syrup to dehydrating fruit peels for garnishes, eco-conscious cocktails are becoming a movement.



One of the most creative is the ‘Eco Tonic’, a gin and tonic made with upcycled citrus scraps and locally sourced botanicals.



High-Tech Mixology: Molecular Cocktails



For those who love a bit of spectacle, molecular mixology is making waves in Nigeria’s upscale bars.



Imagine sipping on a ‘Cloud Martini’ with a floating citrus foam or watching a cocktail transform colors before your eyes.



Using techniques like liquid nitrogen and edible bubbles, bartenders are turning drinks into an experience that’s as Instagrammable as it is delicious.



As the party never stops, expect even more bold innovations in the glasses of the country’s trendsetters.

After party at Lagos design and fashion week 2013

Nigeria’s Party Capitals Raising The Bar With Top Five Cocktail Trends

This marks a shift from six rate hikes in 2024.



Nigeria&#8217;s central bank has opted to maintain its benchmark lending rate at 27.50%, as announced by Governor Olayemi Cardoso.



The bank made the decision at its 299th Monetary Policy Committee (MPC) meeting concluded today.



This development comes on the heels of the rebasing exercise by the west African nation statistics agency recently, revealing a significantly lower annual inflation rate of 24.48% last month from 34.80% in December last year.



The rate hikes in 2024 cumulatively totaled 875 basis points, aimed at reining in inflation.

Nigeria’s Dying ATMs Leave a Cash-Shaped Hole Filled by Agents

Nigeria Holds Benchmark Rate Steady At 27.50% Amid Lower Inflation

Africa’s next wave of innovation will likely emerge not from Lagos or Nairobi but from Kigali, Dakar, Or Tunis &#8211; offering global investors the chance to discover untapped potential in the continent’s diverse and rapidly-evolving markets.



LATE LAST YEAR, Penelope Terranova posted a call to action on LinkedIn. Her post wasn’t just another entry in the digital ether; it was a rallying cry to experts. She sought professionals skilled in accounting, legal, and business growth to help transform Africa’s overlooked startup ecosystems. The post, which listed 18 priority countries — excluding the continent’s ‘Big 4’ of Nigeria, Egypt, Kenya, and South Africa — sparked a reaction.



One comment from a Nigerian LinkedIn user encapsu- lated a common sentiment: “Coming to Africa and leaving out Africa’s most populous nation and biggest economy, which is Nigeria, is very strange.”



Terranova responded with a measured explanation. “The Big 4 capture over 80% of all investment on the con- tinent,” she wrote. “That is why they are not in our prior- ity of countries to invest in.”



Her reasoning was clear: Africa’s startup landscape is evolving, but much of the attention — and funding — re- mains concentrated in a handful of countries.



Initiatives are now on the rise with a mission to bridge that gap, focusing on regions often ignored by mainstream investors.



The Shit To Emerging Markets



This new approach reflects a broader trend. In 2024, startup funding across Africa dropped by 25%, down to $2.2 billion. How- ever, beneath the surface of this contraction, new markets were emerging as hotbeds of in- novation.



Ghana and Tanzania led the charge outside the Big 4, securing 26 deals each and raising $67 million and $53 million, respectively.



Senegal and the Ivory Coast, bolstered by regional trade integration and supportive policies, com- peted for leadership in Francophone West Africa.



In North Africa, the Tunisian Startup Act continued to bear fruit, making the country a leader in deep tech, spanning AI, biotech, and cloud computing, which shows promise for global adoption.



Emmanuel Adegboye, Head of Madica, a structured investment program for African pre-seed stage compa- nies, highlights the unique advantages of North African markets like Tunisia. “These regions have an abundance of technical talent, a low cost of living, and proximity to major markets,” Adegboye notes to FORBES AFRICA.



Morocco, with its robust research and development (R&amp;D) infrastructure and proximity to European mar- kets, remained a magnet for deal activity.



Meanwhile, in East Africa, Rwanda’s innovation- friendly policies and Uganda’s steady investment attraction turned them into rising stars. Terranova shares with FORBES AFRICA: “Sectorally, fintech remains the clear leader and is likely to remain so, even in untapped markets, as we see the rapid expansion of digital payments, lending platforms, and financial inclusion initiatives. However, other sectors such as agritech, healthtech and edtech are advancing quickly, addressing Africa’s pressing challenges of affordable and scalable solutions in those industries, with AI as a com- mon thread driving innovation across these sectors.’’



Untapped Potential In Underserved Regions



Terranova’s team at Digital Africa focuses on pre-seed and seed-stage startups, the most vulnerable phases in a company’s journey. Their model combines funding with robust support systems: mentorship, tools, and networking opportunities tailored to the unique challenges of operating in underserved markets. In 2024, their investment in media startup Makifaa reportedly marked the only re- corded startup deal in Togo.



The impact of this strategy is two-fold. It fosters localized growth, reducing dependency on the Big 4, while also presenting new opportunities for global investors.



“Several countries shine as bright spots for invest- ment,’’ Terranova explains. “Countries possess varying levels of the essential ‘ingredients’ for success, which can enhance or limit the chances of local startups to thrive – such as the quality of the infrastructure, the ease of doing business, the availability of capital, the market depth, or the level of education and availability of talent.’’



Catalyzing Inclusive Innovation



For Adegboye, the approach goes beyond financial invest- ment. “It requires building the ecosystem— strengthening local leaders, providing patient capital, and offering guid- ance on governance and scalability. This model ensures the long-term sustainability of startups, even in the most challenging markets.’’



Inclusivity is at the heart of Digital Africa’s mission. Gender diversity is a key metric; 50% of its portfolio consists of gender-diverse teams. The Talent 4 Startups initiative has trained tech professionals, bridging the talent gap for startups. “As a subsidiary of Proparco within the AFD Group and in collaboration with 60+ Startup Support Organizations across the continent, we amplify our reach, including co-investment opportunities, aligning with both financial sustainability and our mission to propel African startups,’’ Terranova explains. The future of African startups lies not in a few dominant markets but in the collective rise of many. Channeling resources to underserved regions, promoting inclusivity, and investing in early-stage ventures, initiatives are reshaping the narrative.

Business colleagues discussing project in office

In The Spotlight: Africa’s New Tech Centers Coming Into View

The cement producer is expanding in theEast African nation despite past security challenges.



Aliko Dangote, founder of Dangote Industries with the subsidiary Dangote Cement, recently announced a $400 million investment to revive a second production line at the Mugher cement plant in Ethiopia.



The expansion, projected to be completed within the next 30 months, is expected to double the nine-year-old plant’s capacity to 5 million metric tons annually.



The plant, which is one of the Dangote cement plants operational in 10 countries across the continent, was reportedly plagued by violence and political instability.



“Despite the ups and downs, we have successfully repaid all our loans and repatriated our profit,” Africa&#8217;s richest man reportedly confirmed.



He also revealed plans for a new greenfield cement grinding unit with a capacity of 3 million tons per annum.



In partnership with state-owned Ethiopian Investment Holdings, Dangote&#8217;s company will invest in the Omo Kuraz sugar factory.

30th Afreximbank Annual Import-Export Fair In Ghana

Sub-Saharan Africa’s Largest Cement Producer Bets Big On Ethiopia With Expansion Plans And New Greenfield Grinding Unit

The new credit rating agency is part of the African Union’s push for fairer credit ratings that better reflect the continent’s economic realities.



In June, Africa will officially launch its own credit rating agency, the Africa Credit Rating Agency (AfCRA).



“It is time for Africa to use the right scale, one that reflects its true weight,” Kenyan President William Ruto said today at the presidential breakfast dialogue on the establishment in Ethiopian capital Addis Ababa.



The event brought together other African leaders, including Algeria’s President Abdelmadjid Tebboune, Ethiopia’s Taye Atske Selassie, and Zambia’s Hakainde Hichilema.



Currently, African nations rely on global rating agencies that critics say undervalue their economies, leading to higher borrowing costs.



AfCRA aims to address this by providing transparent, development-focused assessments.



A one-notch rating improvement could unlock $15.5 billion in additional funding — funds that could reduce reliance on aid and boost infrastructure, Ruto reportedly noted in statement.



Global credit rating agencies play a crucial role in determining how much it costs countries to borrow money from international markets.



However, African leaders and economic experts have long criticized these agencies for issuing ratings that they argue fail to reflect the true economic potential of African nations.



Critics claim that structural biases and outdated risk assessments result in lower-than-warranted ratings, making borrowing more expensive for African countries.



A study by the United Nations Development Programme (UNDP) found that African nations pay an estimated $75 billion more in interest payments than they would if they were rated more fairly.



Lower credit ratings mean African countries often face higher borrowing costs, limiting their ability to fund infrastructure projects, social services, and economic development.

The New York Times Climate Forward Summit 2023

Africa To Launch Own Credit Rating Agency In June Amid Calls For Fairer Assessments

Drone delivery and logistics company Zipline&#8217;s expansion comes at a time when the Nigerian government is seeking to improve healthcare outcomes nationwide.



A drone logistics distribution center, operated by Zipline, is expected to serve health facilities and community delivery sites within a 38,000-square-kilometer area of Southern Nigeria’s Bayelsa.



The center, marked by a ceremony attended by Nigeria’s Minister of Health and Social Welfare, Professor Muhammad Ali Pate, and Bayelsa State Governor Douye Diri, increases Zipline’s coverage in the state since 2023, now reaching 73 out of the state’s 83 wards.



‘’From its current facilities in Cross River and Bayelsa, it can serve the bordering states of Akwa Ibom and Abia, and Delta and Rivers, respectively. By sharing flight capacity (which surpasses 300 autonomous flights per day per facility), the operating expense for the system is spread across more users, bringing it down for everyone,’’ Akin Oyediran, Zipline’s Partnerships Executive in Nigeria, explains to FORBES AFRICA.



Through a Memorandum of Understanding signed last year with Nigeria’s Federal Ministry of Health, Zipline operating in the country since 2022 will support the country’s broader health infrastructure, with projections to reduce zero-dose children by 50%, avert 1.7 million disease cases, and save hundreds of thousands of lives over the next several years.



‘’This infrastructure will represent the world&#8217;s largest autonomous logistics system and will help deliver health and economic impact in Nigeria akin to other major historical infrastructure upgrades. The project is expected to enable access to high-quality, reliable healthcare for more than 60% of the country&#8217;s non-urban population, and unlock a myriad of health and societal benefits,’’ says Oyediran.



In addition to its health initiatives, Zipline is exploring ways to extend its reach into Nigeria’s agriculture sector. Its success in Rwanda, where drones have been used to deliver livestock vaccines and artificial insemination products, has provided a model that Zipline hopes to replicate in Nigeria.



In 2022, Zipline partnered with the Government of Rwanda, which included the Rwanda Agriculture and Animal Resources Development Board (RAB), to up the delivery of both healthcare and animal care goods in the country.



That year alone, the Ministry of Agriculture reportedly delivered more than 500,000 doses of animal health vaccines and more than 8,000 units of swine semen to vets and farmers, using Zipline

Zipline Aircraft

Agriculture Is Next For Drone Logistics Company Expanding Healthcare Access In Southern Nigeria

Tems joins other members of the ownership group, including actor Issa Rae and footballer Juan Mata.



Two-time Grammy winner Temilade &#8216;Tems&#8217; Openiyi has joined the ownership group of San Diego FC as a club partner.



The Nigerian singer-songwriter made the announcement today on X (formerly Twitter), expressing her excitement: &#8220;Proud to support SDFC’s @right2dream initiative, empowering young talent on and off the field. Can’t wait for what’s ahead @mls!&#8221;



San Diego FC, also known as San Diego Wave FC, is a professional soccer team based in San Diego, California. The team competes in Major League Soccer (MLS).

The Fashion Awards 2024 Presented by Pandora –  Show

Two-Time Grammy Winner Tems Joins San Diego FC Ownership Group As Club Partner

Nigeria won the hosting right for the establishment of the Africa Energy Bank (AEB) Headquarters in July 2024, after it competed with Ghana, Algeria, South Africa, and Benin Republic.



The Africa Energy Bank (AEB) is set to launch in the first quarter of 2025, with an initial equity investment of $5 billion from member nations and shareholders.



Following the January 28 operationalization deadline, Nigerian Minister of State for Petroleum Resources Heineken Lokpobiri confirmed at a conference today that the bank will begin operations in the country&#8217;s capital Abuja.



&#8220;The building is ready, and we are only putting finishing touches to it, by the end of this quarter, this bank will take off,&#8221; Lokpobiri reportedly said.



The bank, a joint initiative between African Export-Import Bank (AfreximBank) and the African Petroleum Producers Organization (APPO), aims to support Africa&#8217;s energy transition goals and fund oil and gas projects across the continent.



According to Lokpobiri, the AEB is expected to reach an asset base of $120 billion within the next five years.

Oluwatomisin Amokeoja

FORBES AFRICA SOCIAL MEDIA