<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/09/GettyImages-1258640786-1-820x547.jpg" alt="" class="wp-image-427449" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/09/GettyImages-1258640786-1-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/GettyImages-1258640786-1-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/GettyImages-1258640786-1-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/GettyImages-1258640786-1-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/GettyImages-1258640786-1-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/09/GettyImages-1258640786-1-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Bill Gates, co-chairman of the Bill and Melinda Gates Foundation, during the EEI 2023 event in Austin, Texas, US, on Monday, June 12, 2023. The event aims to address the major challenges and opportunities facing electric companies today. Photographer: Jordan Vonderhaar/Bloomberg via Getty Images</figcaption></figure>



April 29 (Reuters)&nbsp;&#8211;&nbsp;A group of philanthropies including the Gates Foundation has set up a fund backed with nearly $500 million to help save the lives of newborn babies and mothers in sub-Saharan Africa, standing out against a bleak global health funding landscape.



The Beginnings Fund was launched on Tuesday in Abu Dhabi, the home of another key backer &#8211; the United Arab Emirates&#8217; recently established Mohamed Bin Zayed Foundation for Humanity.



The project has been in the works for at least a year. But its role has become more important as governments worldwide follow the U.S. in&nbsp;pulling back from international aid, its chief executive Alice Kang’ethe told Reuters in an interview.



“It is an opportune moment,” she said earlier this month, stressing that the fund aimed to work alongside African governments, experts and organizations rather than parachuting in experts or technologies, an approach she said differed from many traditional donor programmes.



The Beginnings Fund aims to save the lives of 300,000 mothers and newborn babies by 2030, and expand quality care for 34 million mothers and babies.



The partners also pledged $100 million in direct investments in maternal and child health, separate to the fund.



It plans to operate in Ethiopia, Ghana, Kenya, Malawi, Lesotho, Nigeria, Rwanda, Tanzania, Uganda, and Zimbabwe, focusing on low-cost interventions and personnel in high-burden hospitals. The work will track and target the key reasons babies and mothers die, including infection, severe bleeding for mothers, and respiratory distress for infants.



The world has made major progress in reducing newborn and maternal deaths, halving the neonatal mortality rate between 1990 and 2022. But that&nbsp;progress has stagnated or even reversed&nbsp;in nearly all regions in the last few years, according to the World Health Organization, which has warned that aid cuts could&nbsp;make this worse.



“Mothers and newborns should not be dying from causes we know how to prevent,” said Dr. Mekdes Daba, minister of health for Ethiopia, stressing that the majority of deaths are avoidable.



Kang’ethe said the Beginnings Fund, like other philanthropies, was getting calls to fill gaps in global aid funding, but remained focused on its long-term aim of changing the trajectory of mother and newborn survival.



The fund is also backed by the Children’s Investment Fund Foundation, Delta Philanthropies and the ELMA Foundation, among others. It will be led from Nairobi, Kenya.

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Gates, others launch $500 million maternal, newborn health fund, bucking aid cuts trend

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="615" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/7556639200_1b374f684f_b-820x615.jpg" alt="" class="wp-image-615118" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/7556639200_1b374f684f_b-820x615.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/7556639200_1b374f684f_b-300x225.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/7556639200_1b374f684f_b-120x90.jpg 120w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/7556639200_1b374f684f_b-768x576.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/7556639200_1b374f684f_b.jpg 1024w" sizes="auto, (max-width: 820px) 100vw, 820px" /></figure>



April 29 (Reuters)&nbsp;&#8211;&nbsp;The Uganda shilling&nbsp;UGX=&nbsp;strengthened slightly on Tuesday, bolstered by month-end inflows of hard currency from charities, according to traders.



As of 0801 GMT, commercial banks quoted the shilling at 3,660/3,670, an improvement from Monday&#8217;s close of 3,665/3,675.

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Uganda shilling strengthens due to month-end charity inflows

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="461" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/kenya-kitale-september-9-2023-parked-motorcycles-along-road-and-groups-of-african-men-SBI-349544181-820x461.jpg" alt="" class="wp-image-615115" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/kenya-kitale-september-9-2023-parked-motorcycles-along-road-and-groups-of-african-men-SBI-349544181-820x461.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/kenya-kitale-september-9-2023-parked-motorcycles-along-road-and-groups-of-african-men-SBI-349544181-300x169.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/kenya-kitale-september-9-2023-parked-motorcycles-along-road-and-groups-of-african-men-SBI-349544181-160x90.jpg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/kenya-kitale-september-9-2023-parked-motorcycles-along-road-and-groups-of-african-men-SBI-349544181-768x432.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/kenya-kitale-september-9-2023-parked-motorcycles-along-road-and-groups-of-african-men-SBI-349544181-1536x864.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/kenya-kitale-september-9-2023-parked-motorcycles-along-road-and-groups-of-african-men-SBI-349544181-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /></figure>



April 29 (Reuters)&nbsp;&#8211;&nbsp;The Kenyan Shilling&nbsp;KES=&nbsp;was steady against the dollar in early trade on Tuesday with traders noting minimal activity on both the demand and supply sides.



As of 0745 GMT, commercial banks quoted the shilling at 129.00/129.50, unchanged from Monday&#8217;s closing rate.

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Kenyan shilling steady amid scant activity

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="728" height="487" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/12/rand2-1.jpg" alt="" class="wp-image-568119" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/12/rand2-1.jpg 728w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/rand2-1-300x201.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/12/rand2-1-135x90.jpg 135w" sizes="auto, (max-width: 728px) 100vw, 728px" /><figcaption class="wp-element-caption">South African bank notes featuring an image of former South African President Nelson Mandela are displayed at an office in Johannesburg, File. REUTERS/Siphiwe Sibeko</figcaption></figure>



&nbsp;April 29 (Reuters)&nbsp;&#8211;&nbsp;The South African rand weakened slightly in early trade on Tuesday as investors waited for the finance minister to say when he will present another revised national budget.



Finance Minister Enoch Godongwana has to make further adjustments after scrapping&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL8N3R12UQ&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">a contentious hike</a>&nbsp;in value-added tax (VAT) that was fiercely opposed across the political spectrum.



The high court on Sunday issued an order suspending the VAT hike and setting aside the adoption of the fiscal framework, paving the way for Godongwana to table new budget instruments in parliament.



At 0741 GMT, the rand traded at 18.57 against the dollar&nbsp;ZAR=D3, down 0.43% on its previous close.



Wrangling over the 2025 budget has been the biggest test yet of the Government of National Unity coalition formed last year when the African National Congress lost its parliamentary majority in an election.



Godongwana initially proposed a two percentage-point hike in VAT in a February budget that was&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AS8N3OJ0E4&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">postponed at the last minute</a>&nbsp;because of disagreements in the coalition.



He watered that down to a one point VAT increase spread over two years in an amended March budget, but most political parties continued to reject the plan and last week Godongwana caved to pressure to withdraw it.



No major domestic economic data releases are expected on Tuesday, but on Wednesday March credit extension&nbsp;ZACRED=ECI, budget&nbsp;ZABUDM=ECI&nbsp;and trade&nbsp;ZATBAL=ECI&nbsp;figures are scheduled for release.



The benchmark 2030 government bond&nbsp;ZAR2030=&nbsp;was marginally stronger in early deals, as the yield fell 5 basis points to 8.815%.

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South African rand slips as investors wait for another revised budget

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="534" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/08/PGUGJF2EGROX3BP7ZXEH6ITAYM-820x534.jpg" alt="" class="wp-image-426938" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/08/PGUGJF2EGROX3BP7ZXEH6ITAYM-820x534.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/08/PGUGJF2EGROX3BP7ZXEH6ITAYM-300x195.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/08/PGUGJF2EGROX3BP7ZXEH6ITAYM-138x90.jpg 138w, https://cms.cnbcafrica.com/wp-content/uploads/2023/08/PGUGJF2EGROX3BP7ZXEH6ITAYM-768x500.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/08/PGUGJF2EGROX3BP7ZXEH6ITAYM-1536x1000.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/08/PGUGJF2EGROX3BP7ZXEH6ITAYM-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: A delegate walks past a BRICS logo ahead of the 10th BRICS Summit, in Sandton, South Africa, July 24, 2018. REUTERS/Siphiwe Sibeko</figcaption></figure>



April 27 (Reuters)&nbsp;&#8211;&nbsp;Foreign ministers from the BRICS group of developing nations met on Monday to discuss a shared defense of the global trade system, coordinating their response to the barrage of new&nbsp;<a href="https://www.reuters.com/business/tariffs/" target="_blank" rel="noreferrer noopener">tariffs</a>&nbsp;from U.S. President&nbsp;<a href="https://www.reuters.com/world/us/donald-trump/" target="_blank" rel="noreferrer noopener">Donald Trump</a>.



The meeting in Rio de Janeiro is expected to produce a joint statement criticizing &#8220;unilateral measures&#8221; on trade from the group formed by Brazil, Russia, India, China and South Africa and recently expanded to include six more nations.



&#8220;The ministers are negotiating a declaration to reaffirm the centrality of&#8230; multilateral trade negotiations as the main axis of action in trade,&#8221; Brazilian Ambassador Mauricio Lyrio said. &#8220;They will reaffirm their criticism of unilateral measures of any origin, which has been a longstanding position of BRICS countries.&#8221;



The expanded BRICS group, which added Egypt, Saudi Arabia, the United Arab Emirates, Ethiopia, Indonesia and Iran last year, faces daunting challenges from U.S. trade actions.



China, which was hit with 145% tariffs on its exports to the United States, has pushed for a harsher tone in the communique but, according to a source familiar with negotiations, the final text will be critical but not confrontational.



The BRICS group as a whole has come under fire from Trump, who threatened another 100% in tariffs if the bloc moves ahead with a single currency to replace the dollar in trade relations.



Brazil has already&nbsp;<a href="https://www.reutersconnect.com/all?search=all%3AL1N3P41EI&amp;linkedFromStory=true" target="_blank" rel="noreferrer noopener">dropped the pursuit of a common currency</a>&nbsp;in its BRICS presidency, Reuters reported in February, although its agenda may pave the way for less reliance on the U.S. dollar in global trade.



With an eye on the United Nations climate summit Brazil is hosting in November, the BRICS ministers also will discuss a shared position on climate finance, a key priority for Brazil&#8217;s presidency.



Major developing nations including China face growing pressure from wealthier nations to contribute to financing adaptation and mitigation initiatives in the poorest countries.



&#8220;What is not on the agenda is the revision of which countries have to pay for the energy transition and the countries that can eventually, voluntarily, also finance it. This distinction is absolutely fundamental,&#8221; said Lyrio.



&#8220;The financial obligation to finance the fight against climate change and the energy transition in developing countries lies with rich countries,&#8221; he added.

A delegate walks past a BRICS logo ahead of the 10th BRICS Summit, in Sandton

BRICS nations discuss shared response to Trump trade policies

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<figure class="aligncenter size-large"><img loading="lazy" decoding="async" width="820" height="261" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/AFNIS-2025-Full-Logo-820x261.png" alt="" class="wp-image-613544" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/AFNIS-2025-Full-Logo-820x261.png 820w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/AFNIS-2025-Full-Logo-300x95.png 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/AFNIS-2025-Full-Logo-160x51.png 160w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/AFNIS-2025-Full-Logo-768x244.png 768w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/AFNIS-2025-Full-Logo.png 1067w" sizes="auto, (max-width: 820px) 100vw, 820px" /></figure></div>


ABUJA, NIGERIA – The African Natural Resources and Energy Investment Summit (AFNIS) is poised to return for its 4th edition in Abuja from July 15–17, 2025 at the State House Conference Centre, Presidential Villa. Hosted by the Federal Government of Nigeria — alongside key Ministries spanning Solid Minerals Development (designated as Chief Host), Steel Development, Petroleum Resources, Finance, Power, Environment, Foreign Affairs, and Industry, Trade &amp; Investment — AFNIS 2025 convenes under the pivotal theme: &#8220;Harnessing Local Content for Sustainable Development.&#8221;



Since its inception in 2022, AFNIS has rapidly grown into a premier platform, bringing together African ministers, global institutions, financiers, and industry leaders spanning the mining, oil &amp; gas, power, renewables, agriculture, and finance. The successful 2024 edition was officially opened by His Excellency Bola Ahmed Tinubu, GCFR, President of the Federal Republic of Nigeria, who was ably represented by His Excellency Kashim Shettima, GCON, Vice President of the Federal Republic of Nigeria. Following the summit’s opening, His Excellency Bola Ahmed Tinubu GCFR hosted a high-level meeting with a delegation of visiting African Ministers at the Presidential Villa, reinforcing the strategic importance of regional collaboration in advancing Africa’s natural resource and energy agenda.



AFNIS frequently brings together senior dignitaries from over 25 nations, along with executives from leading organizations such as the United Nations, ECOWAS, African Development Bank, World Health Organization (WHO), International Finance Corporation (IFC), Africa Finance Corporation (AFC), Development Bank of Southern Africa (DBSA), &nbsp;Sustainable Energy for All (SEforALL), the Africa Minerals Strategy Group, and the African Petroleum Producers&#8217; Organization.



The private sector is equally well represented, with participation from leading companies including BUA Group, Sabic, Engie, Société Nationale des Hydrocarbures (SNH), Nigerian Content Development and Monitoring Board, Saudi Aramco, Matrix Energy Group, Oando, Segilola Operating Resources Limited, Ganfeng Lithium, FG Gold, Woodcross Resources, Xcalibur Multiphysics, Victoria Falls Stock Exchange among others, highlighting AFNIS&#8217;s role as a premier meeting ground for Africa’s natural resources and energy industries.


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<figure class="aligncenter size-large"><img loading="lazy" decoding="async" width="820" height="461" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/Fig-1-President-Bola-Tinubu-is-greeted-by-a-delegation-from-AFNIS-2024-including-Ministers-from-Sierra-Leone-Liberia-Chad-Malawi-Uganda-and-South-Sudan-820x461.jpeg" alt="" class="wp-image-613540" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/Fig-1-President-Bola-Tinubu-is-greeted-by-a-delegation-from-AFNIS-2024-including-Ministers-from-Sierra-Leone-Liberia-Chad-Malawi-Uganda-and-South-Sudan-820x461.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/Fig-1-President-Bola-Tinubu-is-greeted-by-a-delegation-from-AFNIS-2024-including-Ministers-from-Sierra-Leone-Liberia-Chad-Malawi-Uganda-and-South-Sudan-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/Fig-1-President-Bola-Tinubu-is-greeted-by-a-delegation-from-AFNIS-2024-including-Ministers-from-Sierra-Leone-Liberia-Chad-Malawi-Uganda-and-South-Sudan-160x90.jpeg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/Fig-1-President-Bola-Tinubu-is-greeted-by-a-delegation-from-AFNIS-2024-including-Ministers-from-Sierra-Leone-Liberia-Chad-Malawi-Uganda-and-South-Sudan-768x432.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/Fig-1-President-Bola-Tinubu-is-greeted-by-a-delegation-from-AFNIS-2024-including-Ministers-from-Sierra-Leone-Liberia-Chad-Malawi-Uganda-and-South-Sudan-1536x864.jpeg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/Fig-1-President-Bola-Tinubu-is-greeted-by-a-delegation-from-AFNIS-2024-including-Ministers-from-Sierra-Leone-Liberia-Chad-Malawi-Uganda-and-South-Sudan-scaled.jpeg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">President Bola Tinubu is greeted by a delegation from AFNIS 2024 including Ministers from Sierra Leone Liberia Chad Malawi Uganda and South Sudan</figcaption></figure></div>


Building on this momentum, AFNIS 2025 aims to be the &#8220;most impactful of all the editions,&#8221; according to AFNIS Co-Chair Suleiman Zakari. The organizers are &#8220;anticipating more participation from industry leaders, government officials, and investors as the platform has grown consistently&#8221;. The summit is honoured to once again have His Excellency Bola Ahmed Tinubu, GCFR, President of the Federal Republic of Nigeria, as the Guest of Honour declaring the summit open, and Dr. Oladele Alake, Honourable Minister of Solid Minerals Development, as the Chief Host.


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<figure class="aligncenter size-large"><img loading="lazy" decoding="async" width="820" height="508" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/Fig-2-Minister-for-Solid-Minerals-Development-Dr-Oladele-Alake-2-820x508.jpeg" alt="" class="wp-image-614766" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/Fig-2-Minister-for-Solid-Minerals-Development-Dr-Oladele-Alake-2-820x508.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/Fig-2-Minister-for-Solid-Minerals-Development-Dr-Oladele-Alake-2-300x186.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/Fig-2-Minister-for-Solid-Minerals-Development-Dr-Oladele-Alake-2-145x90.jpeg 145w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/Fig-2-Minister-for-Solid-Minerals-Development-Dr-Oladele-Alake-2-768x476.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/Fig-2-Minister-for-Solid-Minerals-Development-Dr-Oladele-Alake-2.jpeg 1440w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Minister for Solid Minerals Development Dr Oladele Alake</figcaption></figure></div>


A Vision Anchored in Local Content



The 2025 theme, &#8220;Harnessing Local Content for Sustainable Development,&#8221; goes to the heart of Africa&#8217;s economic aspirations. As the AFNIS Co-Chair notes, &#8220;we expect the summit to spotlight actionable strategies for transforming Africa’s resource wealth into sustainable economic growth”. &nbsp;AFNIS 2025 will champion an achievable vision where Africa&#8217;s immense natural resource wealth does more than drive exports; it actively fuels the growth of robust local industries and value chains.



This year, the focus is on promoting home-grown industries across mining, oil and gas, power, and renewables, enabling them to create integrated value chains while strategically embracing global partnerships for capital, &nbsp;technology transfer and capacity building. &nbsp;



The Cross-Sectoral Advantage: Building Bridges for Impact



Unlike many industry-specific conferences, AFNIS distinguishes itself through its unique cross-sectoral approach. It provides a vital platform where key players from mining, oil and gas, power, renewables, and finance converge to explore synergies and foster collaboration across the entire natural resource value chain.



This collaborative spirit is central to the AFNIS mission. &#8220;Our main motivation for AFNIS is really to provide a platform where we find sustainable solutions to our development challenges,&#8221; explains Suleiman Zakari, AFNIS Co-Chair. &#8220;We have tremendous wealth hidden in silos whether its the Oil and Gas sector or Nigeria compared to its neighbours, we want to build bridges for that wealth to be channelled and pooled for impactful change. That&#8217;s the mission and vision of AFNIS, that is why it brings different sectors and ministries together&#8221;.


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<figure class="aligncenter size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/Fig-3-Prof-Kevin-Chika-Urama-Vice-President-and-Chief-Economist-from-African-Development-Bank-dives-into-the-financial-state-of-African-natural-resources-1-820x547.jpeg" alt="" class="wp-image-614767" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/Fig-3-Prof-Kevin-Chika-Urama-Vice-President-and-Chief-Economist-from-African-Development-Bank-dives-into-the-financial-state-of-African-natural-resources-1-820x547.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/Fig-3-Prof-Kevin-Chika-Urama-Vice-President-and-Chief-Economist-from-African-Development-Bank-dives-into-the-financial-state-of-African-natural-resources-1-300x200.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/Fig-3-Prof-Kevin-Chika-Urama-Vice-President-and-Chief-Economist-from-African-Development-Bank-dives-into-the-financial-state-of-African-natural-resources-1-135x90.jpeg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/Fig-3-Prof-Kevin-Chika-Urama-Vice-President-and-Chief-Economist-from-African-Development-Bank-dives-into-the-financial-state-of-African-natural-resources-1-768x512.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/Fig-3-Prof-Kevin-Chika-Urama-Vice-President-and-Chief-Economist-from-African-Development-Bank-dives-into-the-financial-state-of-African-natural-resources-1.jpeg 1413w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Prof Kevin Chika Urama Vice President and Chief Economist from African Development Bank dives into the financial state of African natural resources</figcaption></figure></div>


Why Participate in AFNIS 2025? Unlocking Value Across Sectors



AFNIS 2025 offers compelling value propositions across the natural resources and energy spectrum. For Mining and Renewables players, it&#8217;s a prime venue to forge partnerships for local value addition – from refining minerals to manufacturing components like batteries and solar panels – and to gain insights into supportive policies and financing. Oil &amp; Gas participants can explore strategies for reinvesting revenues into sustainable infrastructure and cross-sector collaborations, balancing current demands with future energy goals.



The Power sector will find opportunities to develop integrated solutions crucial for industrialization and electrification. For the Finance industry, AFNIS serves as a strategic hub to discover and structure deals across multiple converging sectors; it represents a critical opportunity, as one CEO noted, for those seeking to actively shape and &#8220;own Africa’s next growth story, not just fund it passively.&#8221; By engaging with local content initiatives and cross-sector opportunities, financiers can secure new clients, deepen portfolios, and align their business models with a major shift in the continent&#8217;s investment landscape.



AFNIS: A Catalyst for Action and Impact AFNIS continues to serve as a crucial catalyst, translating dialogue into tangible outcomes. Initiatives born from previous summits demonstrate this impact. For example, the Africans for Africa (AforA) initiative — conceived at AFNIS 2024 to mobilize African industry and capital — will see the formal launch and first industry outing of its Fund at AFNIS 2025. Similarly, following a key partnership facilitated at AFNIS 2024 between Nigeria’s Ministry of Solid Minerals Development and SEforALL’s Global Council on Critical Minerals, AFNIS 2025 will feature the official unveiling of a major report, including findings from a Council-funded study on Nigeria’s mineral and renewable energy value chains. Beyond these milestones, AFNIS continues to drive high-level connections and transactions among participants. These successes underscore AFNIS’s role as an incubator for vital collaborations that are advancing Africa’s sustainable development.


<div class="wp-block-image">
<figure class="aligncenter size-large is-resized"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/Fig-4-Vice-President-Kashim-Shettima-tours-the-exhibition-hall-greeted-by-exhibitors-1-820x547.jpeg" alt="" class="wp-image-614768" style="width:820px;height:auto" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/Fig-4-Vice-President-Kashim-Shettima-tours-the-exhibition-hall-greeted-by-exhibitors-1-820x547.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/Fig-4-Vice-President-Kashim-Shettima-tours-the-exhibition-hall-greeted-by-exhibitors-1-300x200.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/Fig-4-Vice-President-Kashim-Shettima-tours-the-exhibition-hall-greeted-by-exhibitors-1-135x90.jpeg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/Fig-4-Vice-President-Kashim-Shettima-tours-the-exhibition-hall-greeted-by-exhibitors-1-768x512.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/Fig-4-Vice-President-Kashim-Shettima-tours-the-exhibition-hall-greeted-by-exhibitors-1.jpeg 1440w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Vice President Kashim Shettima tours the exhibition hall greeted by exhibitors</figcaption></figure></div>


Summit Highlights and Enhanced Experiences



AFNIS 2025 promises a dynamic agenda filled with strategic discussions, exhibitions, deal-making opportunities, and expanded networking experiences. The program kicks off with the exclusive High-Level Ministerial &amp; CEO Retreat (July 14–15), where African mining ministers and CEOs will engage in strategic dialogue and team-building activities, the AFNIS 2025 Golf Tournament. The Strategic Partnerships &amp; Policy Summit (July 16) will feature keynote addresses, masterclasses, country spotlights, and panels on topics such as local content development, empowering Africa’s green economy, and the linkages between mining and agriculture. The Technical Summit (July 17) will offer deep dives into Africa’s economic outlook, mobilizing domestic capital, responsible sourcing, energy transitions, and building financial confidence in mining investments, alongside the unveiling of the SEforALL study on critical minerals. In a major highlight, AFNIS 2025 will also witness the commissioning of a landmark lithium processing facility, further underscoring the summit&#8217;s focus on translating dialogue into tangible industrialization outcomes.



Join the Conversation: Participate in AFNIS 2025



AFNIS 2025 invites visionary leaders, project developers, investors, innovators, and stakeholders from across the natural resources and energy ecosystem to Abuja this July. Whether you aim to speak, attend, partner, or exhibit, AFNIS offers a unique opportunity to connect with key decision-makers, forge strategic alliances, and contribute to shaping Africa&#8217;s sustainable future.



Don&#8217;t miss this pivotal summit dedicated to transforming Africa&#8217;s natural wealth into lasting economic prosperity through the power of local content.



For more information on participation and partnerships:



<ul class="wp-block-list">
<li>Website: <a href="http://www.afnisummit.com" target="_blank" rel="noreferrer noopener">www.afnisummit.com</a></li>



<li>Speaker Enquiries: <a href="mailto:speak@afnisummit.com">speak@afnisummit.com</a></li>



<li>Media Enquiries: <a href="mailto:media@afnisummit.com">media@afnisummit.com</a> &nbsp;</li>



<li>General &amp; Partnership Enquiries: <a href="mailto:help@afnisummit.com">help@afnisummit.com</a></li>
</ul>



Join us in Abuja for AFNIS 2025 – Building Africa sustainably through local industries.


<div class="wp-block-image">
<figure class="aligncenter size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/image-4-1-820x547.png" alt="" class="wp-image-614769" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/image-4-1-820x547.png 820w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/image-4-1-300x200.png 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/image-4-1-135x90.png 135w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/image-4-1-768x512.png 768w, https://cms.cnbcafrica.com/wp-content/uploads/2025/04/image-4-1.png 1089w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Secretary General of Africa Minerals Strategy Group Moses Engadu announces landmark Africans for Africa Initiative with cofounders Motimose Metals and Core International Directors Tim Tokun and Suleiman</figcaption></figure></div>

Fig 1 President Bola Tinubu is greeted by a delegation from AFNIS 2024 including Ministers from Sierra Leone Liberia Chad Malawi Uganda and South Sudan

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<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/KC4JBNQVH5KDFMNHV4IGIF4FRY-820x547.jpg" alt="" class="wp-image-546353" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/10/KC4JBNQVH5KDFMNHV4IGIF4FRY-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/KC4JBNQVH5KDFMNHV4IGIF4FRY-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/KC4JBNQVH5KDFMNHV4IGIF4FRY-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/KC4JBNQVH5KDFMNHV4IGIF4FRY-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/KC4JBNQVH5KDFMNHV4IGIF4FRY-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/10/KC4JBNQVH5KDFMNHV4IGIF4FRY-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: IMF African Department Director Abebe Aemro Selassie listens to a question during an interview with Reuters at the annual meeting of the International Monetary Fund and the World Bank, in Marrakech, Morocco October 9, 2023. REUTERS/Susana Vera/File Photo</figcaption></figure>



April 25 (Reuters)&nbsp;&#8211;&nbsp;Sub-Saharan African economies should work to increase their domestic revenue collection to avoid having to take on debt amid &#8220;turbulent global conditions&#8221;, International Monetary Fund Africa Director Abebe Aemro Selassie said.



The region&#8217;s economy is likely to expand by 3.8% this year, the Fund said in its World Economic Outlook report this week, marking a cut from its previous forecast of 4.2% due to the potential impact of the U.S. administration&#8217;s stance on trade.



&#8220;There is a period where maybe relying on debt financing is not the right way to do development,&#8221; Abebe told Reuters, adding that policymakers have to also identify new sources of cheaper capital.



Investors sold off risky assets after President Donald Trump announced sweeping tariffs on dozens of U.S. trading partners, pushing up the yields of most issuers in sub-Saharan Africa into double digits, a sign that such so-called frontier economies could struggle to access capital markets.



&#8220;You have to look for internal resources to address the development and address social spending needs,&#8221; Abebe said. &#8220;These policies that are to enhance resilience, there is a higher premium on those.&#8221;



The average debt-to-economic-output ratio in the region was steady last year at less than 60% of GDP, the IMF said, but some economies like Kenya have been struggling with high debt-servicing costs.



Although the United States is not a major trading partner for many economies in the region, the knock-on effects from its approach to international trade are also piling pressure on the foreign exchange rates of economies, he said.



&#8220;We have already seen oil prices decline&#8230; Countries like Nigeria and Angola are going to see a mark-down in economic activity, and they are some of the largest economies in sub-Saharan Africa,&#8221; he said.



The projected setback could interrupt a &#8220;hard fought economic recovery&#8221; from the global pandemic, a worldwide inflation spike and an interest rate surge that effectively locked many African economies out of foreign capital markets, the IMF said.



Growth in the region, home to a wide range of economies, including fairly diversified ones like Tanzania and Senegal, reached 4% last year, surpassing the IMF&#8217;s forecast of 3.6%, the Fund said.



Last year&#8217;s robust economic expansion in the region was accompanied by an improvement in macroeconomic imbalances, the IMF said, citing lower average inflation and stable debt levels.



&#8220;We have seen quite a lot of resilience in the region,&#8221; Abebe said, adding that 11 out of the 20 fastest-growing economies in the world will be in sub-Saharan Africa.



(Reporting by Karin Strohecker in Washington DC and Duncan Miriri in Nairobi; Editing by Hugh Lawson)

FILE PHOTO: IMF African Department Director Selassie at interview with Reuters during International Monetary Fund and the World Bank meeting in Marrakech

Sub-Saharan Africa must lift revenue to ride out global turbulence – IMF Africa head

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="572" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/PHZVFDZVK5KOFC5CAW3CU3SPAI-820x572.jpg" alt="" class="wp-image-532434" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/PHZVFDZVK5KOFC5CAW3CU3SPAI-820x572.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/PHZVFDZVK5KOFC5CAW3CU3SPAI-300x209.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/PHZVFDZVK5KOFC5CAW3CU3SPAI-129x90.jpg 129w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/PHZVFDZVK5KOFC5CAW3CU3SPAI-768x535.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/PHZVFDZVK5KOFC5CAW3CU3SPAI-1536x1071.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/PHZVFDZVK5KOFC5CAW3CU3SPAI-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A vendor shows a ten Zimbabwe gold-backed (ZiG) note along a street in Harare, Zimbabwe, July 17, 2024. REUTERS/Philimon Bulawayo</figcaption></figure>



April 25 (Reuters)&nbsp;&#8211;&nbsp;Zimbabwe&#8217;s annual inflation rate was at 85.7% in April in local currency terms, statistics agency data showed.



Friday&#8217;s release is the first time Zimstat has given a year-on-year local currency inflation rate since authorities launched the Zimbabwe Gold (ZiG) currency in April 2024.



The ZiG is Zimbabwe&#8217;s sixth attempt at a stable currency in less than two decades after a bout of hyperinflation under former leader Robert Mugabe.



But the ZiG is down almost 50% since its launch, according to Friday&#8217;s exchange rate on the central bank website.



(Reporting by Tannur Anders; Editing by Alexander Winning)

A vendor shows a ten Zimbabwe gold-backed (ZiG) note along a street in Harare

Zimbabwe’s local currency inflation at over 85% y/y in April

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="720" height="474" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/04/INJ7YSACHNMCJGVADGR3LX4GQA.avif" alt="" class="wp-image-613563"/><figcaption class="wp-element-caption">Members of the M23 rebel group mount their vehicles after the opening ceremony of Caisse Generale d&#8217;epargne du Congo (CADECO) which will serve as the bank for the city of Goma where all banks have closed since the city was taken by the M23 rebels, in Goma, North Kivu province in the East of the Democratic Republic of Congo, April 7, 2025. REUTERS/Arlette Bashizi/File Photo</figcaption></figure>



April 25 (Reuters)&nbsp;&#8211;&nbsp;Congo and Rwanda plan to sign an agreement in Washington on Friday to promote peace and economic development, sources told Reuters, part of a diplomatic push to end violence after an advance by Rwandan-backed rebels in eastern Congo.



The agreement, expected to be signed by the two countries&#8217; foreign ministers at a ceremony with U.S. Secretary of State Marco Rubio, comes as Washington is in talks to invest billions of dollars in mineral-rich Congo. Rwanda said this week it was also speaking to Washington about a possible minerals deal.



Congo has seen a surge in violence after Rwandan-backed M23 rebels launched a major offensive in January that led to the capture of the two largest cities in the east.



The United Nations and Western governments say Rwanda has provided arms and troops to M23. Rwanda denies backing M23 and says its military has acted in self-defence against Congo&#8217;s army and a militia founded by perpetrators of the 1994 genocide.



Both Qatar and the U.S. have shown an interest in mediating a resolution. The Gulf state has long positioned itself as a peacemaker, while Washington is interested in accessing a greater share of Congo&#8217;s mineral wealth.



A diplomatic source said the agreement to be signed on Friday aims to foster a &#8220;pathway to peace, stability, and integrated economic development&#8221; in eastern Congo and &#8220;the resumption of normal bilateral relations&#8221;.



Another source briefed on the agreement said it was intended to build investor confidence.



The Trump administration has taken a special interest in Congo since a Congolese senator contacted U.S. officials to pitch a minerals-for-security deal this year.



Washington wants greater access to minerals like copper, cobalt and lithium, which are used in mobile phones and electric cars, and are currently exploited predominantly by China and its mining companies.



(Reporting by Sonia Rolley and Jessica Donati; Editing by Robbie Corey-Boulet, Alison Williams, Alexandra Hudson)

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Sub-Saharan Africa must lift revenue to ride out global turbulence – IMF Africa head

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