
<p>The &#8220;Doing Business Angola 2024&#8221; event, held this Tuesday in Lisbon, brought together key stakeholders to discuss Angola’s evolving business landscape. Organized by Forbes Africa Lusophone and Jornal Económico, the second edition of DBA emphasized Angola&#8217;s potential as a gateway to the Southern African Development Community (SADC) region and addressed critical infrastructure, economic, and tourism challenges.</p>



<h2 class="wp-block-heading" id="h-macro-perspective-on-business-environment"><strong>Macro Perspective on Business Environment</strong></h2>



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="513" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/NGunu-Tiny-2cee6cbb-820x513.webp" alt="" class="wp-image-498204" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/NGunu-Tiny-2cee6cbb-820x513.webp 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/NGunu-Tiny-2cee6cbb-300x188.webp 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/NGunu-Tiny-2cee6cbb-144x90.webp 144w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/NGunu-Tiny-2cee6cbb-768x480.webp 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/NGunu-Tiny-2cee6cbb.webp 960w" sizes="auto, (max-width: 820px) 100vw, 820px" /></figure>



<p>N’Gunu Tiny, founder of the Media9 group, opened the event by emphasizing a macro approach to Angola’s business environment, particularly the transportation sector&#8217;s role in linking to the regional economy. Highlighting Angola&#8217;s GDP growth from $14 billion to $70 billion, Tiny stressed the importance of infrastructure developments such as the Lobito Corridor and the new Luanda airport. He noted, &#8220;These infrastructures usher the country into a new era of growth, but access to markets remains a significant challenge.&#8221;</p>



<h2 class="wp-block-heading" id="h-investment-and-pragmatism"><strong>Investment and Pragmatism</strong></h2>



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="513" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/Joao-Afonso-Fialho-5d163a15-820x513.webp" alt="" class="wp-image-498203" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/Joao-Afonso-Fialho-5d163a15-820x513.webp 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/Joao-Afonso-Fialho-5d163a15-300x188.webp 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/Joao-Afonso-Fialho-5d163a15-144x90.webp 144w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/Joao-Afonso-Fialho-5d163a15-768x480.webp 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/Joao-Afonso-Fialho-5d163a15.webp 960w" sizes="auto, (max-width: 820px) 100vw, 820px" /></figure>



<p>João Afonso Fialho from Vieira de Almeida urged Portugal to enhance its investment support for Angola, moving from rhetoric to action. He praised the U.S. for its pragmatic investment policies, suggesting Europe, and specifically Portugal, should follow suit. &#8220;We need to put money behind these programs; it&#8217;s time to be pragmatic,&#8221; Fialho asserted, highlighting the strategic importance of the Lobito Corridor project and critical minerals.</p>



<h2 class="wp-block-heading" id="h-attracting-foreign-investment"><strong>Attracting Foreign Investment</strong></h2>



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/admin-ajax-820x547.webp" alt="" class="wp-image-498208" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/admin-ajax-820x547.webp 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/admin-ajax-300x200.webp 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/admin-ajax-135x90.webp 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/admin-ajax-768x512.webp 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/admin-ajax-1536x1024.webp 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/admin-ajax.webp 1600w" sizes="auto, (max-width: 820px) 100vw, 820px" /></figure>



<p>Arlindo Chagas Rangel, president of the Angolan Private Investment and Export Promotion Agency (AIPEX), underscored Angola’s competitive advantages and the country&#8217;s evolution into an attractive destination for foreign capital. He spotlighted the agro-food and pharmaceutical sectors as pivotal for diversifying Angola’s economy. Rangel highlighted ongoing legislative reforms and fiscal incentives, such as tax reductions, to entice investors. He also mentioned the recent waiver of visa requirements for 98 countries, including Portugal, as a step towards opening up the country to the world.</p>



<h2 class="wp-block-heading" id="h-tourism-and-economic-growth"><strong>Tourism and Economic Growth</strong></h2>



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="513" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/Pedro-Machado-94495edf-820x513.webp" alt="" class="wp-image-498205" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/Pedro-Machado-94495edf-820x513.webp 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/Pedro-Machado-94495edf-300x188.webp 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/Pedro-Machado-94495edf-144x90.webp 144w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/Pedro-Machado-94495edf-768x480.webp 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/Pedro-Machado-94495edf.webp 960w" sizes="auto, (max-width: 820px) 100vw, 820px" /></figure>



<p>Pedro Machado, Portugal’s Secretary of State for Tourism, highlighted the strong ties between Portugal and Portuguese-speaking countries. He noted Portugal&#8217;s improved standing in the IMD World Competitiveness Center (WCC) ranking, now at 36th place. Machado emphasized the strategic importance of tourism, citing that Portugal hosted over 30 million tourists in 2023, generating €21 billion in revenue.</p>



<p>The &#8220;Doing Business Angola 2024&#8221; event underscored the importance of strategic investments, infrastructure development, and international partnerships in fostering economic growth in Angola. As Angola opens its doors to global investors and tourists, the country&#8217;s commitment to creating a favorable business environment and reducing reliance on raw materials is evident. The collaborative efforts between Angola and Portugal, backed by pragmatic investment strategies, are expected to play a crucial role in shaping the future economic landscape of Angola and the broader SADC region.</p>



<p></p>


NGunu-Tiny-2cee6cbb

“Doing Business Angola 2024” Highlights Economic Opportunities and Strategic Partnerships

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<p>Analysts say they expect the renewed interest in banking stocks to continue as banks begin share issuance amid recapitalisation drive. Muktar Mohammed, an Analyst at Assar Investments, joins CNBC Africa for this discussion.</p>


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Investors renew interest in banks

<p><iframe loading="lazy" src="https://www.youtube.com/embed/DWfdS8C8VBg" width="640" height="360" frameborder="0" allowfullscreen="allowfullscreen"></iframe></p>
<p>The 31st Afreximbank Annual Meetings brought together key public and private sector figures to thrash out strategies to advance trade and investment between the Caribbean, Africa and the wider diaspora. This panel discussion explores the topic: Towards an Afri-Caribbean Free Trade Agreement: The Pathway to Self-Determination.</p>


AAM 2024: Towards an Afri-Caribbean Free Trade Agreement: The Pathway to Self-Determination

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<p>CNBC Africa’s Godfrey Mutiwa sat down with Tertius Zitzke, CEO of 4Sight for this discussion.</p>


AI Africa: Unlocking the power of AI

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<p>Envisioning Africa&#8217;s Economic Prospects is the topic of the keynote address delivered by Dr Akinwumi Adesina, President of the African Development Bank Group to Chatham House in London earlier this month.</p>


Keynote Address at Chatham House: Akinwumi Adesina on Envisioning Africa’s Economic Prospects

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<p>CNBC Africa brings you an exclusive as Justrite Superstores switches from alternative to solar power, and commissions its first-ever rooftop solar photovoltaic plant and battery energy storage system.</p>


Focus On: Justrite Superstores commissions solar power plant

<p><iframe loading="lazy" src="https://www.youtube.com/embed/pY3wMm80mxo" width="640" height="360" frameborder="0" allowfullscreen="allowfullscreen"></iframe></p>
<p>The 31st Afreximbank Annual Meetings brought together key public and private sector figures to thrash out strategies to advance trade and investment between the Caribbean, Africa and the wider diaspora. This platform aims to explore key projects in the both regions. The opening ceremony invited African and Caribbean heads of state to address how best to build and maintain alliances for shared prosperity.</p>


Opening Ceremony of Afreximbank’s 2024 Annual Meetings

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<p>Intel on consumer spending habits, improved delivery times and accurate orders for buyers are just some ways AI is impacting the retail industry. As the wave of artificial intelligence shows no signs of abating, we discuss the plans Africa&#8217;s largest grocer, Shoprite, has for the technology in its business with its Chief Technology Officer, Chris Shortt.</p>


AI Africa: Shoprite’s AI strategy

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<p>Emerging Africa has received the ISO 26000 certification for its commitment to social responsibility. CNBC Africa brings you highlights of the self-declaration event.</p>


Focus On Emerging Africa ISO 26000 Certification

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<p>Investors in Nigeria’s fixed-income market have switched to the treasury bills market as investors move to meet unmet bids from the 44.23-billion-naira T-bills auction. Kenneth Onuoha, a Team Member; Assets and Liabilities at UBA, joins CNBC Africa for a market update.</p>


UBA: Investors move to T-bills secondary market

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<p>The Nigerian equities market is witnessing bargain hunting as investors renew interest in banking stocks. Analysts believe the sentiment will be sustained. Gbolahan Ologunro, Associate; Portfolio Manager at FBNQuest Asset Management, joins CNBC Africa for a review and outlook of the Nigerian equities market.</p>


Equities investors renew interest in banks

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<p>Investors in Nigeria’s Treasury Bills market are currently meeting unmet demands from Thursday’s T-Bills auction where the Debt Management Office offered 44.23 billion naira across the standard tenors. Bosun Obembe, Team Lead at Access Bank, joins CNBC Africa to discuss market sentiments in Nigeria’s fixed income and FX markets.</p>


Investors meet unmet demands from T-bills auction

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<p>Catch the pivotal discussions shaping Africa&#8217;s economic future at the 59th Annual Meeting of the African Development Bank Group, from Nairobi. Explore the reform of the global financial architecture and Africa&#8217;s transformation agenda from this gathering of influential minds, driving progress across the continent.</p>


African Development Bank Group Annual Meetings 2024: Highlights Special

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<p>A melting pot of rich cultures, vast resources and endless sceneries, Ghana is one of Africa&#8217;s preferred business partners. Growing steadily despite recent challenges, this gateway to the continent is driving new investments and tourism destinations due to its stability and untapped potential.<br />
@strategicinvestmentmedia<br />
https://www.youtube.com/@strategicinvestmentmedia</p>


Ghana: Africa’s Golden Opportunity


<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="573" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/02/EU77SXNC7VKF5PUJALHFIPSWDU-820x573.jpg" alt="" class="wp-image-460717" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/02/EU77SXNC7VKF5PUJALHFIPSWDU-820x573.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/02/EU77SXNC7VKF5PUJALHFIPSWDU-300x210.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/02/EU77SXNC7VKF5PUJALHFIPSWDU-129x90.jpg 129w, https://cms.cnbcafrica.com/wp-content/uploads/2024/02/EU77SXNC7VKF5PUJALHFIPSWDU-768x537.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/02/EU77SXNC7VKF5PUJALHFIPSWDU-1536x1074.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/02/EU77SXNC7VKF5PUJALHFIPSWDU-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: A MultiChoice logo is displayed outside the company&#8217;s building in Cape Town, South Africa February 2, 2024. REUTERS/Esa Alexander/File Photo</figcaption></figure>



<p>Pan-African broadcaster MultiChoice reported a steeper full-year loss, as it lost subscribers in its key South African and Nigerian markets, and the naira slumped against the dollar.</p>



<p>Tim Jacobs, the Chief Financial Officer of MultiChoice Group, told CNBC Africa a tough customer environment characterized by declining affordability, resulted in a loss of one million subscribers, led by Nigeria and South Africa where numbers dropped by 5 percent and 9 percent respectively. However, efforts to mitigate losses seemed to be showing signs of progress, he said.</p>



<p>South Africa, Multichoice&#8217;s biggest market has grappled with power shortages over the past few years, with the economy barely growing in 2023, and unemployment remaining close to a record high. In Nigeria, President Bola Tinubu has devalued the naira twice and cut fuel subsidies, resulting in inflation surging for 16 consecutive months. <code> </code></p>



<p>&#8220;We are seeing customers under significant financial pressure and affordability being a big issue,&#8221; Jacobs said. &#8220;We actually started the end of last quarter of the previous financial year with load-shedding and significant pressure on the consumer. That flowed into the first half of this year and we saw that kind of overall trend, you know, kind of persist through the year,&#8221; Jacobs said.</p>



<p>Amidst the struggles in the traditional television segment, MultiChoice found encouragement in the growth of its streaming service DStv Stream, which witnessed a 139% increase, with 90% of customers being new additions to the platform. Jacobs said this shift towards streaming, primarily among a younger audience, reflects evolving consumer preferences. </p>



<p>Trading in other African markets was no less difficult, with inflation rates soaring to the upper 20s and 30s, he said. The harsh economic conditions have forced consumers to prioritize basic necessities over discretionary expenses like pay television, leading to what Jacobs called a temporary decline in subscriber numbers. </p>



<p>Operationally, earnings were rescued by tough cost-cutting measures, that saved the company R1.9 billion. However this was outdone by foreign exchange losses of R4.5 billion, the bulk of them at R3.5 billion owing to the devaluation of the naira exchange rate. </p>



<p>While acknowledging the traditional television model was under pressure, Jacobs sees solace in the appeal of local content, which constituted 33% of broadcast minutes and garnered 46% of viewership. He acknowledges the global shift towards on-demand content consumption, but argues this will be a gradual transition.</p>



<p>Despite the challenges, sports content continues to be a robust acquisition driver for MultiChoice, with major sporting events bolstering platform engagement. He said the company&#8217;s extensive lineup of local and international content will be a key differentiator in a very competitive media landscape.</p>


FILE PHOTO: MultiChoice logo is displayed outside the company in Cape Town

MultiChoice Losses Mount as Subscriber Numbers Slump; Invests in Streaming Services

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<p>From the 60th Anniversary Celebrations of the BNR in Rwanda, under the theme of The Evolving Role of Central Banks, we bring you a panel discussion on the topic of Financial Inclusion: A Key Foundation for Sustainable Development.</p>


Financial Inclusion: A Key Foundation for Sustainable Development

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<p>In 2023, Africa attracted $194 billion in FDI, creating 154,000 jobs. Top investors: UAE ($50B), France ($26.5B), UK ($19.2B), India ($22.2B), and US ($6.8B). Egypt and South Africa led as top recipients. Future growth looks bright with a focus on renewable energy and digital tech.   #AfricaInvestment #FDI #EconomicGrowth @lindseystirling </p>
<p>Credit: EY Africa Attractiveness Report 2023</p>


CNBC Africa

“Doing Business Angola 2024” Highlights Economic Opportunities and Strategic Partnerships

Investors renew interest in banks

AAM 2024: Towards an Afri-Caribbean Free Trade Agreement: The Pathway to Self-Determination

AI Africa: Unlocking the power of AI

Keynote Address at Chatham House: Akinwumi Adesina on Envisioning Africa’s Economic Prospects

Focus On: Justrite Superstores commissions solar power plant

Opening Ceremony of Afreximbank’s 2024 Annual Meetings

AI Africa: Shoprite’s AI strategy

Focus On Emerging Africa ISO 26000 Certification

UBA: Investors move to T-bills secondary market

Equities investors renew interest in banks

Investors meet unmet demands from T-bills auction

African Development Bank Group Annual Meetings 2024: Highlights Special

Ghana: Africa’s Golden Opportunity

MultiChoice Losses Mount as Subscriber Numbers Slump; Invests in Streaming Services

Financial Inclusion: A Key Foundation for Sustainable Development

Africa’s Investment Surge in 2023: Top Investors and Future Prospects

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Advertise With Us

CNBC Africa

“Doing Business Angola 2024” Highlights Economic Opportunities and Strategic Partnerships

Investors renew interest in banks

AAM 2024: Towards an Afri-Caribbean Free Trade Agreement: The Pathway to Self-Determination

AI Africa: Unlocking the power of AI

Keynote Address at Chatham House: Akinwumi Adesina on Envisioning Africa’s Economic Prospects

Focus On: Justrite Superstores commissions solar power plant

Opening Ceremony of Afreximbank’s 2024 Annual Meetings

AI Africa: Shoprite’s AI strategy

Focus On Emerging Africa ISO 26000 Certification

UBA: Investors move to T-bills secondary market

Equities investors renew interest in banks

Investors meet unmet demands from T-bills auction

African Development Bank Group Annual Meetings 2024: Highlights Special

Ghana: Africa’s Golden Opportunity

MultiChoice Losses Mount as Subscriber Numbers Slump; Invests in Streaming Services

Financial Inclusion: A Key Foundation for Sustainable Development

Africa’s Investment Surge in 2023: Top Investors and Future Prospects

News Tips

Advertise With Us

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