Breaking News Today - Wednesday 14 October 2026

African Start-up News Headlines:

Nigerian contactless payment infrastructure startup CashAfrica has partnered with Food Concepts, owner of Chicken Republic, to bring mobile tap-to-pay to the chain’s outlets. The rollout begins with 54 branches in Lagos and is intended to expand across the brand’s more than 350 outlets in 25 states. Customers will tap smartphones on supported POS terminals; CashAfrica says there is no separate fee for customers at Chicken Republic, with merchant fees ranging from 0.3% to 1.5% by volume. The deal was sealed at a signing ceremony in Lagos on 13 October.
South African commercial-and-industrial solar firm Solarise Africa has received a €1 million grant from the Energy and Environment Partnership Trust Fund (EEP Africa), which it will match with its own capital for a €2 million, 24-month programme. The funding supports entry into Uganda and Zambia, with plans to deploy about 3 MW of solar PV, battery storage and, where suitable, heat pumps for commercial, industrial and social-institution clients. Targets include at least 4.5 GWh of verified renewable generation and 3,600 tonnes of avoided CO₂ in the first two years.
Her Startup, an accelerator for women-led technology businesses supported by KSH Foundation, Tomorrow Foundation and EHA Impact Ventures, has opened applications for its second cohort. It will select ten early-stage women founders or CEOs aged 18–35 who run tech-enabled African businesses with at least six months of operations and $500 in monthly gross revenue. Selected founders receive 12 weeks of Founder Institute training, monthly stipends, sector-specific mentorship and the chance to pitch for convertible, revenue-based financing of up to $5,000. Francophone founders are encouraged.

Headline News Today

September Pan African Business Index Released Today

The September 2026 Pan African Business Sentiment Index was released by Business Tech Africa today and closed at −0.40, continuing the recovery from the first-half trough. East Africa remained the strongest region, supported by steadier activity in Kenya and Ethiopia. Southern Africa improved as South Africa’s Absa manufacturing PMI rose to 50.7, the first reading above 50 since May, driven by a rebound in new orders.
West Africa held gains from Nigeria’s refining and services momentum. North Africa stayed weaker, with Egypt’s private-sector PMI still below 50. Mining output in South Africa contracted sharply, while higher fuel costs and logistics delays continued to weigh on operating conditions across several markets. Funding and trade indicators improved modestly. Download the full report HERE

Economic growth forecast update from the IMF

The International Monetary Fund (IMF) released its October World Economic Outlook report yesterday, highlighting a projected sub-Saharan Africa growth of 4.5% in both 2026 and 2027. This is almost 1.5% above the expected global average growth projected for the period. South Africa’s 2026 forecast held steady at a below-par 1%, slightly below the July projection of 1.1%, with a gradual medium-term improvement expected from stronger policy frameworks and structural reforms.
Nigeria is expected to gain from improved macroeconomic stability and favourable terms of trade, although higher prices for essentials are projected to worsen poverty and food insecurity. The fund noted substantial divergence across the region: oil-importing, non-resource-intensive economies face greater pressure from elevated energy and food prices, while some larger economies continue to benefit from earlier stabilisation efforts. Global growth is projected at 3.1% in 2026.

Dangote Turns From Loss to Profit As Fuel Prices Rocket

Nigeria’s Dangote Petroleum Refinery and Petrochemicals has posted a net profit of $4.73 billion for the nine months to 30 September 2026, reversing a $117.2 million loss a year earlier, according to its financial release reported on 13 October. Revenue more than doubled to $22.48 billion while EBITDA reached $5.52 billion. The 700,000-barrel-per-day plant, built at a cost of around $20 billion, located near Lagos, has moved to full commercial operations and has benefited from higher refining margins and product demand linked to supply disruptions from the Iran war.

Chief Executive David Bird said the results showed a successful shift from commissioning to sustainable operations. The company is raising about $1.6 billion in what would be Africa’s largest IPO. Nigeria’s Securities and Exchange Commission approved an extension of the application period from 13 October to 27 October so more African investors can complete regulatory and account requirements.

South African Mining Sector Contracts

Statistics South Africa reported yesterday, that mining production fell 12.7% year-on-year in August, the largest annual drop seen since October 2022 during the covid pandemic. Platinum group metals output declined 22.5% and subtracted 6.1 percentage points from the total. Coal production output dropped by 11.7% while iron ore output fell 16.2%. Month-on-month production dropped 5.4%.

Output over the three months to August was down 5.2 percent from the prior three months. Mining and manufacturing together contribute about 17–19 percent of GDP and have faced higher fuel and input costs since the April oil-price surge tied to Middle East disruptions. The figures point to further pressure on third-quarter growth after official data showed a -0.2% quarterly GDP contraction in the second quarter.

Breaking Business and Market News Shorts:

Brent crude traded near $106 a barrel yesterday after closing around $106.65 the previous day, with overnight moves holding levels near $105.70–$106.80 amid ongoing Middle East supply concerns. Elevated oil prices continue to raise fuel and freight costs for African importers, including South African mining and manufacturing operations already reporting weaker output.
Africa Bitcoin Corporation, the JSE-listed bitcoin treasury company, saw interim CEO Stafford Masie and three other directors resign after receiving shareholder demands for their removal. The departing directors included board chair Norma Sephuma and independent non-executive directors Snowy Masakale and GG Alcock. Shareholders holding a majority stake had sought the removals.

Copper futures rose above $6.70 per pound today, moving closer to record highs as labor strikes and adverse weather conditions disrupted mining operations across Chile, the world’s largest copper producer. Workers at BHP Group’s massive Escondida mine are set to begin a strike after union leaders reported that wage negotiations failed to reach an agreement
Lithium futures prices have plunged by over -13% in the last week to hit 108,250 CNY/T today, down -3.05% from the previous day. Over the past month, Lithium's price has fallen -20.32%, but it is still 48.29% higher than a year ago, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity
Japan's Nikkei 225 Index rose 0.4% to above 68,000 today, ending a four-session losing streak as selling pressure in technology and AI-related stocks eased. Sentiment also improved following dovish comments from New York Fed President John Williams, who maintained that one additional rate hike would be appropriate this year but saw no need for further tightening in 2027.

Markets by Numbers

Currencies:

Currency markets indicate the US dollar slightly softer today. The Greenback is trading against the Euro at 1.12062 while trading against the Pound at 1.32716. The Yen is currently trading at 158.29 to the US dollar. The rand (ZAR), is currently trading at the 16.47 against the US dollar this morning.

Commodities:

Gold futures are down by -0.07% this morning, and currently trading at around $4159.46 per ounce.
Copper prices are up around 0.46% today, with prices currently around $6.7085 per pound
Silver futures are down around -0.12% today, and currently trading at around $59.098 per ounce.
Platinum futures are up around 0.05% this morning, and currently trading at $1672.00, While Palladium is up by around 0.09% today, and currently trading around $1147.00 per ounce.
Lithium has dropped further by -3% today, and currently at CNY/T 108 250
Brent crude oil prices are up over 0.4%, and are currently trading around $106.17, with WTI trading at $94.54 currently
Cocoa futures are up around 1% today, and currently trading at $5733 per ton.
Coffee futures have gained around 0.7% today, and currently trading at around $2.9270 per pound

Crypto Currencies:

Bitcoin prices are up around 0.44% today, and trading at around $84 474 per coin currently
Ether prices are up around 0.25% this morning, and currently trading around $2502.96

(All prices quoted at approximately 07H45 Central African Time)

African General News Briefs:

Rwanda’s parliament has ratified an additional €17 million (about $19 million) loan from the World Bank’s International Development Association to support the Rwanda Digital Acceleration Project. The funds will strengthen a smart digital identity system, a government Data Hub, and cybersecurity and data-protection mechanisms. The financing forms part of the broader RDAP, previously cofinanced by the World Bank and Asian Infrastructure Investment Bank, and extends the project completion deadline to June 2028.
South Africa’s suspended Deputy National Police Commissioner Lieutenant-General Shadrack Sibiya resigned during a disciplinary hearing on 12 October. The South African Police Service confirmed that his departure is treated as a dishonourable discharge because proceedings were already under way. Sibiya faces criminal charges including rape, human trafficking and sexual grooming of a minor, which he denies. National Commissioner Fannie Masemola remains suspended. The case continues in the Randburg Magistrate’s Court.