Top 10 business news stories across Africa for the week of February 14, 2025

DR Congo Urges F1 to Cancel Rwanda Grand Prix: The Democratic Republic of Congo’s foreign minister has called on Formula 1 to cancel plans for a Grand Prix in Rwanda, citing ongoing conflicts in eastern DRC and alleging Rwandan support for rebel groups. thetimes.co.uk

The Democratic Republic of Congo (DRC) has urged Formula 1 (F1) to cancel discussions with Rwanda over hosting a Grand Prix, citing Rwanda’s alleged support for the M23 rebel group, which has caused mass displacement and violence in eastern DRC. DRC’s Foreign Minister, Thérèse Kayikwamba Wagner, warned F1 that associating with Rwanda could tarnish its reputation, calling it a “blood-stained” deal.

Rwanda, under President Paul Kagame, aims to position itself as “Africa’s Singapore” by hosting global sporting events, including F1. The country has proposed a new race track near Kigali as part of this initiative. However, DRC has suggested South Africa as a more suitable host, citing its existing motorsport infrastructure.

F1 has stated it is monitoring the situation and will make decisions aligned with its values.

UAE Emerges as Major Investor in Africa: The United Arab Emirates has become a significant investor in Africa, with investments totaling $97 billion over the past two years. These investments span renewable energy, agriculture, ports, and mining sectors, positioning the UAE as a key player in the continent’s economic landscape. wsj.com

Fortescue’s Gabon Iron Ore Project Faces Challenges: Fortescue’s iron ore project in Gabon is encountering difficulties due to strained relations with the country’s new military rulers and reduced contractor activity. Despite these challenges, the company remains committed to the Belinga project, emphasizing its long-term potential. theaustralian.com.au

China Square’s Expansion in Kenya Sparks Debate: Chinese-owned retail chain China Square has opened its sixth branch in Nairobi, Kenya. While consumers benefit from competitively priced products, local retailers express concerns over unfair competition and potential job losses. theguardian.com

South Africa’s Business Confidence Stabilizes: In January, South Africa’s business confidence index slightly decreased from 121.0 to 120.0, following a surge in late 2024. The stabilization reflects optimism about the economic outlook under the new coalition government, despite challenges such as lower export volumes and reduced U.S. financial assistance. reuters.com

African Development Bank Proposes Financial Stability Mechanism: The African Development Bank is set to present the African Financing Stability Mechanism at the African Union Summit. This initiative aims to address the continent’s liquidity needs for debt refinancing, promoting financial stability and sustainable development. afdb.org

BP Shifts Focus Back to Oil and Gas: BP has reversed its strategy of scaling up renewables, refocusing on oil and gas to meet growth targets. This shift comes after poor returns in the renewable sector and pressure from activist investors to reduce costs and increase shareholder payouts. ft.com

Trump’s Dismantling of USAID Affects African Aid: U.S. President Donald Trump’s abrupt dismantling of the United States Agency for International Development (USAID) has led to significant disruptions in global health and food security programs in Africa. The closure has resulted in American-grown food aid stranded and at risk of spoiling, affecting countries like Sudan and Ghana. time.com

South Africa’s Wine Industry Seeks Revival: South Africa’s wine industry, historically challenged by overproduction and apartheid-era boycotts, is urging consumers to rediscover its offerings. Emphasis is placed on quality wines produced with ecological and social consciousness, aiming to revitalize the sector. theguardian.com

Access Bank Group Expands Across Africa: Nigeria’s Access Bank Group is pursuing expansion into eight new African countries, including Morocco, Egypt, and Ethiopia. This strategic move aims to capitalize on the continent-wide free trade agreement, extending the bank’s presence to 18 countries. en.wikipedia.org