Business & Economy: Latest News & Updates

  • Kenyan start-ups raised KES 43.5 billion (approx. USD 431 million) last year, a fundraising tracking firm has revealed.
  • British oil explorer Tullow has set the capital expenditure for its Kenyan operations at KES 4.06 billion (approx. USD 40 million) for this year, a reduction of 43 percent compared to last year as the firm continues its shift in focus from exploration to production.
  • The Jospong Group of Companies intends to move into Nigeria and Liberia as part of its objectives to go international and consolidate its presence on the African continent. This will bring to seven the number of African countries it has established its presence, having set up in Angola, Sierra Leone, Guinea, Zambia and Togo.
  • Kenya has been tipped among the next investment hot-spots in Africa for profitable investments by British firms. New research by the Overseas Development Institute funded by the UK Department for International Development released last week said UK firms should see Kenya and four other African countries including Nigeria, Ghana and South Africa as a place where they can make a profit.
  • Rwanda’s economy is expected to grow by 8 percent this year and in 2021 versus an estimated 8.5 percent in 2019, boosted by private investment and trade, the International Monetary Fund said.