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Top 5 Fastest-growing Sectors In Africa

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Africa is a large and vibrant continent with many cultures, natural resources, and a big potential for growth. Many African countries are making changes to improve their economies and investing in important industries. This effort is helping jobs grow fast, raising productivity, and boosting local economies.

Africa’s economy is growing quickly, with more people and expanding cities adding to the momentum. Key countries like Nigeria, South Africa, and Kenya are attracting investments from around the world. Here are some of the top sectors driving Africa’s economic growth.

1. Fintech

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Fintech is one of Africa’s fastest-growing sectors. Fintech startups are making banking and payments more accessible for millions of people across the continent. Africa is now home to several “unicorn” fintech startups, including Flutterwave, ChipperCash, and Fawry. Many other startups, such as TeamApt and Kuda Bank, are close to achieving unicorn status. Fintech has strong growth potential and attracts substantial investment.

READ ALSO: Top 10 Countries In Africa Where Workers Earn Highest Salaries

2. Transport and Logistics

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Africa’s transport and logistics sector is expanding due to urban growth and increased trade. More goods and people are moving across the continent, raising the need for efficient logistics. Investments in infrastructure are also increasing, which is strengthening the logistics sector in Africa.

3. Telecommunications

Telecommunications is one of Africa’s most promising sectors, with a large gap in internet access and mobile connectivity. More people are gaining access to affordable data and mobile services. Companies like MTN Group, Orange Africa, and Vodafone are expanding quickly. In 2021, MTN Group made $5.6 billion, with 277 million users, while Orange Africa and Vodafone had revenues of $6.8 billion each. This sector is expected to keep growing as demand rises.

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READ ALSO: Top 10 Richest Black People In The World

4. Real Estate

As Africa’s population grows, so does the demand for housing and commercial spaces. Many new projects, like residential developments and co-working spaces, are appearing across the continent. Both residential and commercial real estate are expected to keep expanding to meet the needs of Africa’s cities.

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5. AgriTech

Agriculture is a large part of Africa’s economy, and technology is transforming the sector. AgriTech startups use digital solutions to improve efficiency, reduce costs, and solve supply chain issues. For example, Nigerian startup ThriveAgric raised $58 million in 2023 to help small farmers, and Ghana’s Farmerline secured $12.9 million to provide farmers with quality supplies and financial resources. AgriTech is making agriculture more efficient and attractive to investors.

 

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UK Supported US Mission To Seize Russian-flagged Oil Tanker – Defense Ministry

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The British Ministry of Defence said on Wednesday that it provided support to the United States in its operation to seize a Russian-flagged oil tanker in the North Atlantic.

US seized the tanker, which was being shadowed by a Russian submarine on Wednesday, after pursuing it for more than two weeks across the Atlantic as part of Washington’s efforts to block Venezuelan oil exports.

According to Britain, its armed forces gave pre-planned operational support, including basing following a US request for assistance.

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READ ALSO:UK Introduces Powers To Seize Phones, SIM Cards From Illegal Migrants

The UK also said a military vessel provided support for the US forces pursuing the tanker, and the Royal Air Force provided surveillance support from the air.

Defence Secretary John Healey stated that the operation targeted a vessel with a nefarious history linked to Russian and Iranian sanctions evasion networks.

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This action formed part of global efforts to crack down on sanctions busting,” he said in a statement.

READ ALSO:Venezuelan Deportees: US Embassy Gives Reason For Reducing Visa Validity For Nigerians

According to him, the US was Britain’s closest defence and security partner.

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The depth of our defence relationship with the US is an essential part of our security, and today’s seamlessly executed operation shows just how well this works in practice,” he added.

The British government said that the Bella-1 tanker, now renamed Marinera, is sanctioned by the US under its counter-Iran sanctions,

The MoD statement said the support was provided in full compliance with international law.

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Russia Deploys Navy To Guard Venezuelan Oil Tanker Chased By US In Atlantic

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Russia has deployed naval assets to escort a sanctioned oil tanker across the Atlantic following reported moves by the United States to seize the vessel.

US forces were said to be preparing to board the ship, which has a history of transporting Venezuelan crude oil and was last believed to be sailing between Scotland and Iceland.

CBS News reported that Russia stepped in to protect the tanker, raising the prospect of a direct confrontation between the two powers at sea.

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READ ALSO:Russia Calls up 135,000 Military Personnel

By sending naval ships into the North Atlantic, Russian President Vladimir Putin is signalling to United States President Donald Trump that any US action would carry consequences, coming after the US president threatened that he might use the military to seize Greenland.

The tanker, currently empty, previously operated under the name Bella 1. Last month, the US Coast Guard attempted to board it in the Caribbean with a warrant over alleged breaches of US sanctions and claims that it had shipped Iranian oil.

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The vessel later changed course, renamed itself Marinera and reportedly reflagged from Guyana to Russia.

READ ALSO:Venezuela Frees Eight Opposition Leaders

Trump last month said he had ordered a ‘blockade’ of sanctioned oil tankers entering and leaving Venezuela, a policy the government in Caracas branded ‘theft’.

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Ahead of the US seizure of ousted Venezuelan leader Nicolás Maduro on Saturday, Trump accused the country’s government of using ships to smuggle drugs into the United States.

Two US officials told CBS News on Tuesday that American forces were planning to board the Marinera, adding that Washington would prefer to seize the tanker rather than sink it.

Russia’s Foreign Ministry said it expects Western countries to respect principles of freedom of navigation.

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(Daily Mail News)

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UK Introduces Powers To Seize Phones, SIM Cards From Illegal Migrants

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The United Kingdom has rolled out expanded enforcement powers allowing authorities to confiscate mobile phones and SIM cards from migrants who enter the country illegally.

The new measures, which do not require an arrest, came into force on Monday at the Manston migrant processing centre in Kent and represent a significant tightening of border controls.

According to the Home Office, the powers are intended to support intelligence-gathering operations aimed at disrupting criminal networks that organise and profit from dangerous Channel crossings.

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Officials at the centre are equipped with technology that enables them to extract and analyse data from seized devices, a move the government says will help track and dismantle smuggling rings.

READ ALSO:Russia-Ukraine War: Pope Leo Calls For Global Christmas Truce

Under the revised rules, migrants are permitted to be asked to remove outer garments if there is suspicion that phones are being concealed.

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In certain circumstances, officers may also check mouths for hidden SIM cards or small electronic items.

The National Crime Agency said information recovered from devices could accelerate investigations and improve the effectiveness of action against organised crime groups.

Border Security Minister Alex Norris said the policy was necessary to regain control of the UK’s borders and confront human trafficking operations.

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We are committed to restoring order and tackling the people-smuggling gangs behind this lethal trade,” Norris said.

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These stronger laws give authorities the tools to disrupt, intercept and dismantle these networks more quickly and effectively,” he added.

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The legislation also introduces tougher criminal penalties linked to illegal crossings.

Individuals found storing or supplying boat engines for unauthorised journeys could face prison terms of up to 14 years, while those involved in researching equipment or plotting routes may be liable to sentences of up to five years.

Government officials stressed that the powers would be exercised with discretion.

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The Minister for Migration and Citizenship, Mike Tapp, said devices could be returned depending on individual circumstances and the relevance of the information obtained.

“If a device may contain intelligence that helps combat smuggling, it is right that it can be seized,” Tapp said, adding that the approach would not undermine compassion toward migrants.

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However, humanitarian organisations have expressed unease about the impact of the policy.

The Refugee Council warned that mobile phones often serve as vital lifelines for migrants, enabling contact with family members and access to support services, and urged authorities to ensure the measures are applied in a proportionate and humane manner.

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