Africa, Rising Again

Africa has shown strong resilience in a challenging environment as reforms and a new local value and growth mindset begins to take root.  Olusoji Elias, a global markets expert and Chief Counsel at Greyhorse Financial Corp., continues an earlier conversation on Africa’s role in global markets. He argues that effective regulatory and policy frameworks, whether for banks or other industries, must directly address development obligations and local realities—not only global best practices. Plus other business headlines.

Transcript

A tougher environment can be a wake-up call, provided it does not overwhelm those facing it. Africa has shown remarkable resilience and, in recent years, has awakened to its potential as never before. Every gap can become an opportunity when the ecosystem has the right growth and development mindset. Yet familiar obstacles — corruption, cronyism, insecurity, social and political instability, and short-term populism — which have long cut aspirations short, remain unresolved. Last week, Nigeria’s Federal High Court ordered the final forfeiture of 48 properties linked to former attorney-general Abubakar Malami over suspicions that the assets were not acquired through legitimate income.

Let’s start with mining. Ghana’s artisanal and small-scale gold sector could beat its 2025 record after the Ghana Gold Board bought 50–54 tonnes in the first half of 2026. Artisanal miners produced 104 tonnes in 2025, overtaking large-scale mining for the first time and lifting gold export earnings to record levels.

Also, five major miners are advancing copper, cobalt and gold projects in Zambia, the DRC, Ghana and South Africa. KoBold Metals and ZCCM-IH have begun work on Zambia’s Mingomba copper mine; Makor Resources is developing its Zambian copper portfolio; Buenassa is pursuing copper and cobalt refining in the DRC; Typhoon Greenfield is supporting artisanal miners in Ghana; and Gold Ore is progressing gold projects in Gauteng. Better finance, responsive regulation and technology could turn these projects into measurable gains for host economies.  McKinsey says Africa can turn its mineral wealth into lasting competitive advantage through coordinated clustering, stronger project execution, operational excellence and technology-led innovation. Its research estimates this could unlock $40 billion across the mining ecosystem, lift GDP by 4 percent and create more than three million jobs by 2035.

Other sectors are also pursuing Africa-specific development paths. In Ghana, a proposed Women’s Development Bank could soon expand affordable finance for women entrepreneurs. Nigeria is also targeting rising poverty, with $3.5 billion planned for schools, healthcare, public systems, livelihoods, community infrastructure and services. The aim is to reduce poverty, strengthen resilience and invest in human capital, with benefits reaching citizens through better services and local development rather than direct cash payments.

Weak intra-African connectivity remains a major barrier to the Africa-rising story. A recent study says the continent now has a 55-route direct-flight deficit despite rising passenger demand. Embraer’s 2026 Africa Connectivity Report says limited fleet capacity, low frequency, high operating costs and fragmented regulation must be addressed before airlines can deliver expanded sustainable services. Yet these barriers have not deterred potential development partners from seeking a stronger presence in Africa. After talks in Moscow last week with Guinea-Bissau’s Foreign Minister Fatumata Djau Baldeth, Russian Foreign Minister Sergey Lavrov outlined priorities for a planned Russia-Africa summit, with artificial intelligence, alternative payment systems and Africa-based fertiliser production central to discussions as Moscow seeks to turn its growing political influence on the continent into deeper economic ties.

In Nigeria, Dangote Petroleum Refinery company executive Devakumar Edwin has confirmed last week that it raised $2.5 billion through ​a private placement as strengthens its financing structure. This comes ahead of a ​planned IPO this year expected ⁠to help fund the refinery's expansion ​as it ramps up operations and ​expands in domestic and export fuel markets.

Nigeria is also banking on stronger, healthier institutions to finance larger ventures and accelerate growth.  The central bank says reforms are restoring confidence, with external reserves rising to about US$51.86 billion as of 14 July 2026 — their highest level in more than 17 years. 

The apex bank has also introduced higher capital requirements for banks and holding companies to strengthen capital adequacy and place the industry on firmer footing to support an ambitious growth agenda.

President Bola Ahmed Tinubu also recently signed the Presidential Executive Order on Virtual Assets Coordination, 2026, to align virtual-asset regulation, improve cooperation among financial, revenue and capital-market agencies, protect citizens from fraud, safeguard financial-system integrity and support responsible innovation.

Joining us today is Soji Elias, a global markets expert and Chief Counsel at Greyhorse Financial Corp. He continues an earlier conversation on Africa’s place in global markets and how the continent can seize rising opportunities as its investment ecosystem becomes more attractive.

He argues that the best regulatory and policy environment whether for banks or other industries are aligned with development obligations and realities and not just best practices.

Hello and welcome to Global Business Insights, where we offer perspectives to help you navigate today’s increasingly complex business landscape.

To more stories …this time international headlines. Apple briefly overtook Nvidia as the world’s largest company after Nvidia’s value fell to $4.86 trillion before recovering to about $4.92 trillion. Apple shares are up 23% this year.  And Elon Musk, no more a trillionaire, saw SpaceX experience a sharp market correction just over a month after its historic $86 billion initial public offering (IPO) in June. The stock is under its $135 debut price, dipping into the low $120s - a significant drop from its post-listing peak. The fall is attributed to several factors including rising investor caution, cooling market sentiment and a recent technical glitch.

Global stocks on the backfoot as investors sold off semiconductor shares, signalling a familiar on and off scepticism about the AI boom. Earlier, European and Asian stocks also lower with South Korea’s KOSPI down by over 6% and Japan’s Nikkei 225 lower by 4%.

That’s it for this special episode of Global Business Insights. You can now find us on Spotify, Apple, YouTube Podcasts and most major podcast platforms. If you subscribe on YouTube, remember to turn on notifications. Global Business Insights will take a short break and return in September. In the meantime, I encourage you to visit the channel for more topics and guest insights. This is Bode ososami. Thanks for watching. Bye-bye.