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Finance in Africa 2022: Navigating the financial landscape in turbulent times

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European Investment Bank

Banks weathered the pandemic well, showing the resilience of the sector

ABIDJAN, Ivory Coast, October 20, 2022/APO Group/ — 

The European Investment Bank (EIB) (https://www.EIB.org) has completed its annual survey of banks in Africa in 2022, supported by Making Finance Work for Africa. In Finance in Africa in 2022: Navigating the financial landscape in turbulent times (https://bit.ly/3goYM2l), the seventh report in this series, we surveyed 70 banks in sub-Saharan Africa between April and June 2022 to understand how the war in Ukraine is impacting banks and to learn their views on climate lending, gender lending and the accelerating digitisation of the sector.

Banks weathered the pandemic well, showing the resilience of the sector. However, the war in Ukraine is leading to new concerns. With central banks in many countries raising domestic interest rates and bond funding becoming more expensive due to tighter global financial conditions, there has been a significant increase in banks worried about funding costs. This hardly featured in the survey last year, when banks were mainly concerned about the impact of the pandemic on asset quality.

“The slowdown of the global economy and the tightening of financing condition amplify the economic problems facing Africa. As public sector debt servicing costs are increasing, there is a risk of crowding out for the private sector. Investment needs remain however significant and countries in sub-Saharan Africa will need to keep focus on limiting the effects on private lending,” said EIB Chief Economist Debora Revoltella (https://bit.ly/3eRzNUJ). “It will be crucial to maintain access to finance for companies during a global downturn. The region has a strong partner with the European Investment Bank. We have been investing in Africa since 1965 and in 2021 alone, the EIB signed agreements for investments benefiting operations worth €2 billion in sub-Saharan Africa under a dedicated ACP Investment Facility”.

Banks cautiously optimistic

Asset quality remains a concern this year for many banks, especially for loans to small and medium enterprises. Headline non-performing loan figures do not tell the whole story — there are significant shares of loans under moratoria or restructuring. Banks’ concerns about asset quality deterioration suggest that the size of the problem may be bigger than official data suggest and, correspondingly, that non-performing loan ratios are likely to increase in some countries as support measures are wound down and tough global economic conditions persist. Banks expect to see increased credit demand, and they also plan to expand their own operations, which in turn requires an expansion of their funding. The share of banks planning to expand lending operations is somewhat higher in the survey for 2022 compared to 2021. Despite clear concerns about asset quality, the mood that seems to characterise the sector is one of cautious optimism.

Banks are stepping up efforts on gender lending

Progress is being made to increase access to finance for women: 70% of the banks in our survey have a gender strategy in place and sponsor women and gender-focused initiatives in the community, an increase of 10 percentage points on the share in the 2021 survey. When it comes to women and asset quality, four in ten banks found that non-performing loan rates for women-led businesses were lower than the average rate of their loan portfolios. In some countries, the difference was even greater. For example, in Nigeria, 71% of banks observed lower non-performing loan ratios for women, as did 50% of banks in Kenya.

The slowdown of the global economy and the tightening of financing condition amplify the economic problems facing Africa

Accelerating digital transformation

The pandemic led to an acceleration in the rate of digitalisation of the banking sector, as banks were forced to use digital channels to reach customers. Ninety percent of banks agree that the pandemic has accelerated their internal digitalisation transformation and 70% say that they increased the range of digital services available to customers. However, there are constraints to increasing digitalisation, with three-quarters of banks ranking cybersecurity risks as the biggest issue. The rapid growth of the FinTech sector has been another catalyst for increased digitalisation. The entire FinTech ecosystem in Africa has grown to more than 1 000 active companies in April 2022, up from 450 in 2020. Of these, 80% are homegrown and 20% come from outside Africa. Payments and lending services are still the dominant products, but the sector has diversified. The increasing competition from this sector is a key concern for banks, with more than half of banks listing it among their top three issues.

Climate issues still in focus

Almost 42% of banks assessed the climate exposure of their portfolio in 2021. In 2022, this has increased to 46% but with an additional 26% now planning to do so – none were planning this in 2021. Nearly 70% of banks see climate lending as an opportunity to fight climate change. To date, only one-fifth of banks have introduced green lending products, meaning there is significant scope to expand green lending – provided banks obtain support to do this. About 60% cite lack of expertise, data and tools for climate risk as a barrier to doing more on identifying climate risks and opportunities. In addition, two-thirds of banks think that IFIs can help them expand green lending by providing training and technical assistance. This sets out a clear policy objective for IFIs in terms of growing green lending.

Financial markets are also supporting climate change. The issuance of ESG bonds by African entities increased substantially to almost $5.1 billion in 2021, eclipsing the previous high of $3 billion set in 2018 before the pandemic, with a significant increase in the issuance of sustainability-linked loans and sustainability bonds. Banks and sovereigns were the principal issuers of ESG financial instruments in Africa in 2021. Historically, ESG issuance in Africa has been dominated by corporate issuers so recent developments point to a wider range of actors getting involved in ESG financing.

Nonetheless, the size of the green debt market in Africa is still small on a global scale and green funding costs are inflated by high sovereign risk.

Private capital

African private capital markets had a strong year in 2021. Fundraising reached pre-pandemic levels, following a significant fall during the pandemic. Private investment, which had remained quite resilient during the pandemic, grew by 48% annually to reach $6.3 billion, surpassing the previous peak of $5.4 billion set in 2014/2015. The increase in investment in 2021 was driven largely by the venture capital side, which saw deal value increase from $485 million in 2020 to $3.23 billion in 2021. Roughly half of this investment was in FinTech. Nigeria was the largest market for private equity/venture capital investment in 2021, followed by South Africa. Private equity is also contributing to the growth of green financing. There has been a surge in fundraising for climate-focused investing in recent years. However, like green financing, tougher market conditions in 2022 mean the record volumes seen in 2021 are unlikely to be repeated.

Distributed by APO Group on behalf of European Investment Bank (EIB).

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Nigeria and Senegal Must Follow Ghana and Mozambique Against Exclusionary Practices

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African Energy Chamber

African private sector leaders call for withdrawal from Frontier Energy events that marginalize local talent, championing inclusion, fair contracting and the Alliance model of partnership

JOHANNESBURG, South Africa, April 10, 2026/APO Group/ –The African private sector is raising the alarm over Frontier Energy Network’s policies that systematically exclude African professionals and service providers from meaningful roles in major energy forums. Such exclusionary practices threaten decades of progress in African energy development, including local capacity building, knowledge transfer and economic participation.

Frontier’s approach, framed as a global platform for Africa, is in practice a system that extracts value from the continent while denying Africans the opportunities to lead, participate and benefit. Marginalizing the very people who build, operate and sustain energy projects is not partnership – it is structural exclusion masquerading as opportunity.

African businesses – particularly in Nigeria and Senegal, which drive regional growth – must reassess their participation in platforms that perpetuate these policies. African capital, sponsorship and attendance cannot continue to legitimize forums where local stakeholders are systematically sidelined. Market access must be earned and mutually respected.

Mozambique and Ghana have already set a precedent. In March 2026, Mozambique’s oil and gas industry withdrew from the Africa Energies Summit in London, citing repeated failures by the organizers to improve diversity, transparency and inclusion of Black professionals in leadership, contracting and deal-making roles. In early April 2026, the Ghana Energy Chamber followed suit, formally pulling out of the same summit over discriminatory hiring practices that sidelined African professionals, executives and service providers. These coordinated actions send a clear message: Africa will no longer support platforms that deny its talent the right to lead, contribute and benefit.

Africa will no longer sit quietly while its talent is excluded from opportunities on its own continent

The gold standard for companies to thrive in Africa is robust collaboration with international partners while building local capacity – exemplified by Senegal-based energy services company Alliance Energy. Alliance has advanced African expertise in the sector, notably supporting the launch of the National Institute for Petroleum and Gas in Senegal to train young professionals for leadership roles, while backing diverse energy initiatives across power, solar, gas and wind that strengthen Senegal’s position as a regional energy hub.

This success demonstrates that African companies flourish when local talent, leadership, contracting and workforce development are central to execution, alongside strategic partnerships with the US, UK and Europe. Any entity attempting to operate in Africa without a commitment to hiring or contracting local professionals threatens not only the ecosystem that nurtured companies like Alliance Energy but also the continent’s broader ambition to grow regional capability, ownership and sustainable energy development.

“The message is simple,” says Dr. Ndjuga Dieng, Managing Director of Alliance Energy. “Africa will no longer sit quietly while its talent is excluded from opportunities on its own continent. Nigeria, Senegal and all African nations must follow the lead of Ghana and Mozambique by standing against platforms that discriminate. Protect your people, your companies and your energy future. Inclusion is not optional – it is the foundation of growth.”

African energy markets have historically thrived on collaboration, both within the continent and with international partners. Events such as the Offshore Technology Conference (OTC) and the Invest in African Energy (IAE) Forum exemplify this model, integrating African executives, policymakers and service providers into core programming, deal-making and knowledge transfer.

African stakeholders must prioritize platforms that respect local content, equitable hiring and fair contracting. Strategic withdrawal from exclusionary events is not isolationism – it is a stand for principle, economic logic, and the future of Africa’s energy sector. The continent defines its own trajectory and will engage only with partners that recognize African talent as integral, not optional, to the industry’s future.

The position advanced by Alliance Energy aligns with broader advocacy across the continent, including that of the African Energy Chamber, which has consistently called for stronger local content policies, fair contracting practices and greater inclusion of African professionals across the energy value chain. This alignment underscores a growing consensus among African private sector leaders that sustainable industry growth depends on meaningful participation by local companies and talent, not their exclusion.

Distributed by APO Group on behalf of African Energy Chamber.

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Sheraton Nouakchott marks the entry of Marriott International in Mauritania

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Nouakchott

As Mauritania’s cultural and economic heart, Nouakchott offers visitors a glimpse into the serene beauty and rich heritage that define this remarkable Northwest African nation

We are proud to have brought Marriott International to Mauritania with the opening of Sheraton Nouakchott, the first internationally operated and branded hotel in the country

NOUAKCHOTT, Mauritania, April 10, 2026/APO Group/ –Sheraton Hotels & Resorts, part of Marriott Bonvoy’s (www.Marriott.com) portfolio of more than 30 hotel brands, recently celebrated the opening of Sheraton Nouakchott Hotel (https://apo-opa.co/4t3YGO4), marking the entry of Marriott International into a new territory, Mauritania. Since opening its doors, Sheraton Nouakchott has, positioned itself as a new hub for business, events and leisure in the Mauritanian capital.

 

Nouakchott, the capital of Mauritania, is a coastal city where tradition and modernity meet. Nestled between the vast Sahara and the Atlantic Ocean, it serves as a gateway to the country’s breathtaking natural landscapes, from golden dunes and tranquil oases to rugged coastlines and untouched desert plains. As Mauritania’s cultural and economic heart, Nouakchott offers visitors a glimpse into the serene beauty and rich heritage that define this remarkable Northwest African nation.

Ideally located near iconic landmarks such as the Marché Capitale and the National Museum of Mauritania, as well as Nouakchott’s beaches and fishing port — and just a short distance from the desert — Sheraton Nouakchott offers an ideal base from which to discover the destination.

“We are proud to have brought Marriott International to Mauritania with the opening of Sheraton Nouakchott, the first internationally operated and branded hotel in the country. Since welcoming our first guests, the hotel has quickly established itself as a destination for both travellers and the local community. This milestone underscores our commitment to delivering exceptional hospitality experiences in emerging markets, while celebrating the culture and character of each destination,” said Sandra Schulze‑Potgieter, Vice President, Premium, Select & Midscale Brands, Europe, Middle East & Africa, Marriott International.

Local design inspiration

Traditional crafts, from wood carving to metalwork, are woven throughout the hotel’s materials and furnishings, creating spaces that feel both rooted and refined. Every detail tells a story of local artistry, heritage and place, offering guests an immersive experience inspired by Mauritania’s cultural and natural beauty.

Inspired by the legendary landmarks along the Trans‑Saharan trade route, the hotel’s design blends regional heritage with contemporary elegance. The circular ceiling of Feast restaurant draws inspiration from the Richat Structure, also known as the Eye of Africa. Earthy tones and organic materials reference the dramatic landscapes of the Adrar Mountains, while patterns inspired by Chinguetti and Oualata are reinterpreted throughout guest rooms, public spaces and Bene restaurant.

Meeting spaces echo the stone architecture of Tichitt, one of West Africa’s oldest towns and a historic caravan hub.

Guest rooms and suites with local charm

Sheraton Nouakchott features 200 spacious guest rooms and suites, including two Presidential Suites, combining contemporary comfort with subtle local touches. All rooms are equipped with the latest technology and Sheraton signature amenities, including the iconic Sheraton Sleep Experience.

The Sheraton Club offers Marriott Bonvoy Elite members and Club guests an elevated, all‑day experience, with curated food and beverage offerings, premium amenities, enhanced connectivity and a private environment designed for both productivity and relaxation.

Local flavours meet international influence

The hotel features two restaurants, a Lobby Bar and a Pool Bar. Feast, the all‑day dining restaurant, serves locally inspired and international dishes made with seasonal ingredients. Bene offers an immersive Italian dining experience in a warm, inviting setting. The Lobby Bar provides a relaxed meeting point from morning coffee to evening gatherings, while the Pool Bar offers refreshing drinks and light bites by the outdoor pool.

 

Facilities offering a resort feel in the heart of the city

Despite its central urban location, Sheraton Nouakchott delivers a resort‑like atmosphere, centred around an expansive outdoor pool. Guests can maintain their fitness routines in the fully equipped fitness centre — featuring separate floors for women and men, hammam and sauna — or enjoy the outdoor tennis court. The Sheraton Spa features three treatment rooms, offering a peaceful retreat after a day of exploration or meetings.

Meetings & events curated to perfection

Sheraton Nouakchott offers more than 2,600 square metres of flexible Meetings & Events space, including a Grand Ballroom, a Ballroom and four additional meeting rooms. A signature Sheraton Community Table sits at the heart of the hotel, providing a welcoming space for informal meetings, remote work and collaboration. A dedicated events team ensures seamless delivery from concept to execution.

Gatherings by Sheraton

In line with Sheraton’s global community‑centred approach, Sheraton Nouakchott hosts Gatherings by Sheraton, curated weekly experiences designed around enrichment, renewal and local stories. Guests and locals can take part in Mauritanian mixology sessions using local mint tea and fruits, or storytelling evenings inspired by Saharan traditions.

Distributed by APO Group on behalf of Marriott International, Inc..

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African Energy Chamber (AEC) Supports Perenco Partnership to Advance Industry 4.0 Skills in Central Africa

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African Energy Chamber

The African Energy Chamber welcomes Perenco Cameroon and Perenco Gabon’s partnership with UCAC-ICAM to launch an Industry 4.0 lab, advancing local skills development and strengthening Africa’s industrial future

JOHANNESBURG, South Africa, April 9, 2026/APO Group/ –A new partnership between Perenco Cameroon, Perenco Gabon and the UCAC-ICAM Institute in Douala to establish an Industry 4.0 laboratory marks a significant step toward aligning academic training with the evolving needs of the energy and industrial sectors. The facility will give students access to advanced automation, digital simulation and smart production technologies, helping close the gap between academic learning and the practical, industry-ready skills required across Central Africa’s industrial landscape.

 

As the voice of Africa’s energy sector, the African Energy Chamber (AEC) welcomes the initiative as a scalable model for local content development. By equipping students with Industry 4.0 capabilities, the laboratory directly supports the Chamber’s mandate to ensure greater in-country value creation and workforce participation across Africa’s energy value chain. The initiative also addresses critical skills shortages, enabling operators to increasingly rely on locally trained talent.

 

Developing local skills is fundamental to building a competitive and sustainable energy sector in Africa

The partnership underscores Perenco’s long-term commitment to sustainable development and capacity building in Cameroon and Gabon. Designed as a mini-factory, the UCAC-ICAM laboratory enables students to engage with real-world industrial tools and processes. This hands-on approach will support the development of engineers and technicians capable of contributing to key projects, including operations in the Rio del Rey Basin and infrastructure developments such as the Cap Lopez LNG terminal in Gabon.

 

Students across multiple disciplines will benefit from hands-on exposure to the lab’s advanced technologies. General Engineering students will train using robotic systems and virtual reality simulations, while Computer Science Engineering students will focus on industrial IoT and smart technologies. Process Engineering students will gain experience in automated production systems, and Petroleum program students will develop expertise in energy systems and instrumentation control. Graduates from UCAC-ICAM are being actively recruited by leading companies operating in Douala, reflecting growing demand for locally trained, industry-ready talent.

“Developing local skills is fundamental to building a competitive and sustainable energy sector in Africa,” says NJ Ayuk, Executive Chairman of the AEC. “This partnership demonstrates how industry and academia can work together to create a highly skilled workforce that will drive Africa’s industrialization and energy future. It is exactly the type of initiative needed to ensure Africans play a leading role in developing the continent’s resources.”

The UCAC-ICAM laboratory represents a strategic investment in Africa’s industrial and energy future. By strengthening local capacity, advancing technology adoption and supporting independent operators, the initiative aligns with the AEC’s broader vision of a self-sufficient and globally competitive African energy sector.

Distributed by APO Group on behalf of African Energy Chamber.

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