Africa’s Business Landscape in 2026: The Deals, Disruptions, Policies and Economic Shifts Reshaping the Continent
A comprehensive editorial review of the major business developments, investments, corporate transactions and economic trends shaping Africa in 2026.
BusinessWorld.Africa | Special Editorial | January–November 2026 | Updated 12 November 2026
From billion-dollar acquisitions and strategic mineral partnerships to banking consolidation, digital payments, energy financing and the changing startup economy, 2026 has been a consequential year for African business. This editorial examines the developments reshaping the continent’s commercial landscape, the forces behind them and what they mean for businesses, investors and policymakers.
Introduction: An African economy at a turning point
Africa’s business environment in 2026 has been characterised by a combination of economic resilience, strategic repositioning and persistent structural challenges.
Across the continent, financial institutions are expanding beyond their domestic markets, telecommunications companies are consolidating ownership of critical infrastructure, governments are negotiating new investment partnerships, and businesses are attempting to capture opportunities created by changing global supply chains.
The technology ecosystem is also evolving. Although African startups continue to attract international capital, investors are becoming more selective, increasingly prioritising businesses with established revenue models, scalable operations and clearer pathways to profitability.
Meanwhile, the continent’s natural resources have become increasingly important in international economic competition. Copper, cobalt, lithium, gold and other strategic minerals are attracting attention from governments and multinational corporations seeking to secure supplies for advanced manufacturing, electric vehicles, renewable energy and other technology-intensive industries.
Yet Africa’s economic outlook remains complicated.
The African Development Bank’s African Economic Outlook 2026, released in May, projected continental economic growth of 4.2% in 2026, compared with an estimated 4.4% in 2025.
The International Monetary Fund’s October outlook subsequently projected sub-Saharan African growth of 4.5% in 2026. These figures cover different geographical groupings and reflect different institutional forecasts, but both point towards continued economic expansion despite international uncertainty.
Growth, however, should not be confused with economic transformation. Many African businesses continue to contend with expensive financing, currency instability, infrastructure deficiencies, limited access to electricity and fragmented regional markets.
The developments recorded throughout 2026 illustrate the relationship between these opportunities and constraints.
From January to November, several transactions, policy decisions and investment initiatives have provided important insights into the direction of African business.
This review examines those developments, beginning with the most recent developments in November and working backwards through the year.
NOVEMBER 2026: FINANCING AFRICA’S FUTURE AND THE RACE FOR STRATEGIC RESOURCES
November has brought renewed attention to three issues that will shape Africa’s economic future: access to long-term financing, control of strategic natural resources and the development of stronger regional financial institutions.
Although the month is still ongoing, developments recorded during its opening weeks already provide important insights into the continent’s investment environment.
Nedbank completes its acquisition of NCBA, strengthening Southern and Eastern African banking connections
One of the most important corporate developments of the year was the completion of Nedbank Group’s acquisition of approximately 66% of Kenya’s NCBA Group.
South African financial institution Nedbank announced the completion on 19 October, making NCBA a subsidiary of the group.
The transaction followed an announcement in January, when Nedbank submitted an offer to acquire the majority stake for approximately R13.9 billion.
NCBA will retain its listing on the Nairobi Securities Exchange, its local leadership and independent governance arrangements.
The acquisition gives Nedbank a stronger presence in East Africa, particularly through NCBA’s established operations in Kenya, Uganda, Tanzania and Rwanda.
The transaction is significant because it illustrates how African financial institutions are increasingly pursuing growth through regional acquisitions rather than relying exclusively on domestic expansion.
For Nedbank, the acquisition provides an established customer base and access to a financial services network in one of the continent’s most commercially active regions.
For NCBA, the relationship offers access to a larger financial group’s capital, expertise and international relationships.
The wider implications extend beyond the two institutions. As African businesses increasingly trade across borders, financial institutions with regional networks could play a greater role in providing trade finance, corporate banking, payment services and investment support.
The development also reinforces Kenya’s importance as a regional financial centre.
Read: Nedbank completes landmark NCBA acquisition.
The OECD raises concerns about Africa’s underdeveloped corporate debt markets
A report published by the Organisation for Economic Co-operation and Development on 6 November highlighted one of the most persistent constraints facing African businesses: insufficient access to deep, affordable and diversified capital markets.
The Africa Capital Markets Report 2026 found that outstanding corporate debt across Africa totalled approximately $211 billion at the end of 2025.
Although the figure includes corporate bonds, syndicated loans and private credit, it represents only a small proportion of global corporate debt.
Corporate bonds accounted for approximately $35 billion, having declined by 44% in real terms from their 2015 peak.
The market is also geographically concentrated. Six countries accounted for approximately 80% of outstanding corporate debt.
Another important finding concerned currency exposure. Only 17% of corporate debt issuance in 2025 was denominated in local currencies, leaving many businesses exposed to exchange-rate fluctuations.
The implications are considerable.
Manufacturers, infrastructure developers, energy companies and other capital-intensive businesses require long-term financing to expand production and acquire equipment.
Where domestic capital markets remain underdeveloped, companies often depend on expensive bank loans or foreign-currency borrowing.
This can increase their vulnerability when local currencies depreciate or international financing conditions tighten.
The OECD argues that improving corporate debt markets will require stronger institutions, predictable regulation, exchange-rate stability and greater participation from domestic institutional investors, including pension funds.
For African businesses, the issue is straightforward: economic opportunities cannot be fully exploited without financing structures capable of supporting long-term productive investment.
Read: OECD – Developing Africa’s corporate debt markets for growth.
The DRC wants tangible investments from its strategic minerals partnership with the United States
The Democratic Republic of Congo’s strategic minerals partnership with the United States has also remained an important issue in November.
During discussions in Paris on 6 November, Congolese officials called for the partnership to be evaluated through actual investment projects rather than agreements and diplomatic commitments.
The DRC is particularly interested in investments that support local mineral processing, electricity access and infrastructure development.
The partnership forms part of the wider international competition for access to copper, cobalt and other minerals essential to advanced manufacturing and the energy transition.
The country is one of the world’s most important sources of cobalt and a major copper producer. Its mineral resources have consequently become central to international efforts to diversify critical mineral supply chains.
The Lobito Corridor, which connects mineral-producing areas of Central Africa to Atlantic export routes through Angola, is an important component of this strategy.
However, the Congolese government’s position reflects a broader concern among African resource-producing economies: securing international investment should also create opportunities for domestic industrialisation.
Exporting raw minerals without developing local processing capacity limits the economic value retained within the producing country.
The DRC therefore wants its partnerships to support electricity infrastructure, processing facilities, logistics and local economic participation.
No new funding commitment or specific project financing was announced at the November meeting, making it important to distinguish the partnership’s investment pipeline from completed investments.
Read: Reuters – Congo says US minerals deal should be judged by projects, not signed deals.
Africa Energy Bank formally established with $5 billion authorised capital
Another significant development occurred on 31 October, when the African Export-Import Bank and the African Petroleum Producers’ Organisation formally established the Africa Energy Bank.
The announcement was made during the institution’s inaugural general meeting in Abuja, Nigeria.
The bank has authorised capital of $5 billion and is intended to provide financing for projects across Africa’s energy value chain.
Its establishment comes at a time when traditional international lenders have become increasingly selective about financing fossil-fuel projects.
For African oil and gas producers, this creates a financing challenge.
Many countries still depend on petroleum revenues, while others require substantial investment in exploration, production, transportation, refining and distribution.
At the same time, electricity shortages and inadequate energy infrastructure continue to constrain industrial development across the continent.
The Africa Energy Bank is intended to address part of this financing gap by providing a dedicated institution capable of supporting African energy projects.
Its potential importance extends beyond the oil and gas industry. Reliable energy infrastructure is essential for manufacturing, mining, transportation and the expansion of technology-intensive businesses.
Nevertheless, the bank’s long-term success will depend on its ability to mobilise actual financing, attract commercially viable projects and maintain sound investment standards.
Its $5 billion authorised capital should not be confused with an equivalent amount already disbursed into projects.
The institution will also face the challenge of balancing investment in traditional energy infrastructure with Africa’s renewable energy ambitions.
Read: Reuters – African lenders formally establish $5 billion energy bank.
What November means for African businesses
Taken together, these developments reveal an important pattern.
African institutions are attempting to strengthen the financial structures required to support investment, while resource-producing countries are demanding greater economic benefits from international partnerships.
The next stage of African corporate expansion will depend not only on identifying investment opportunities but also on developing the institutions capable of financing and executing them.
OCTOBER 2026: DIGITAL PAYMENTS, CREDIT-RATING REFORMS AND A CHANGING STARTUP ECONOMY
October was an important month for African financial infrastructure and the technology ecosystem.
Developments involving digital payments, credit-rating institutions, startup funding and corporate restructuring illustrated the changing relationship between African businesses and international capital markets.
Africa Credit Rating Agency officially launches in Mauritius
On 7 October, the African Union-mandated Africa Credit Rating Agency (AfCRA) was officially launched in Port Louis, Mauritius.
The initiative is intended to strengthen Africa’s financial architecture by providing independent credit assessments informed by African economic data, expertise and market conditions.
The agency was developed under the institutional framework of the African Peer Review Mechanism, with the objective of complementing existing international credit-rating institutions.
The debate surrounding Africa’s credit ratings has become increasingly important.
Credit ratings influence the cost at which governments and companies borrow money. They also affect investor confidence and access to international capital markets.
African governments have frequently argued that international assessments do not always adequately reflect the continent’s economic circumstances, development potential and institutional improvements.
AfCRA seeks to address information gaps by providing additional assessments of sovereign, subnational and corporate borrowers.
However, its credibility will depend on maintaining genuine independence, transparent methodologies and professional standards.
The objective should not be to guarantee favourable ratings for African borrowers. It should be to provide credible assessments that accurately reflect risk and economic fundamentals.
For businesses, a stronger credit-information environment could improve access to financing and support the development of deeper capital markets.
Read: African Peer Review Mechanism – Africa Credit Rating Agency goes operational in Port Louis.
Google Pay launches in Nigeria through Mastercard and Interswitch
Nigeria’s digital payments ecosystem received another development on 27 October, when Mastercard and Interswitch announced the introduction of Google Pay for eligible Mastercard cardholders using Android devices.
The service allows participating customers to make contactless payments using compatible mobile devices.
The launch reflects the increasing integration of international digital payment platforms with African financial infrastructure.
Nigeria already has a developed electronic payments ecosystem, supported by banks, fintech companies, payment processors and the country’s large mobile-first consumer market.
The introduction of additional digital wallet options could improve transaction convenience and encourage wider adoption of contactless payments.
For merchants, digital payment infrastructure can improve customer experience and create additional opportunities to participate in the digital economy.
However, adoption will depend on device compatibility, card availability, merchant acceptance, transaction security and consumer confidence.
The development also reinforces the strategic importance of partnerships between international payment networks and African financial technology companies.
Read: Mastercard and Interswitch announce Google Pay in Nigeria.
Moove exits the Nigerian market despite major international fundraising
One of October’s more interesting business developments involved Nigerian-founded mobility fintech company Moove.
On 8 October, the company announced that it would end its operations in Nigeria and transfer ownership of eligible vehicles to existing customers.
The vehicles involved were valued at approximately ₦35 billion.
The decision came just over a month after Uber discontinued its Nigerian operations, highlighting the difficulties facing some mobility businesses in the country’s changing transportation market.
Moove had attracted considerable international attention through its vehicle-financing model, which helps mobility entrepreneurs access vehicles for income-generating activities.
The company subsequently raised $250 million in a Series C funding round in August, led by Mubadala, with participation from Woven Capital and Ion Pacific.
The round reportedly valued the business at approximately $2.1 billion.
The contrast between the company’s international fundraising success and its decision to withdraw from its original market illustrates an important reality about African technology businesses.
Access to international capital and global expansion ambitions do not automatically guarantee commercial success in every domestic market.
Businesses must continuously assess operating costs, regulatory conditions, market demand, customer economics and the sustainability of their business models.
Moove’s Nigerian exit should therefore be considered alongside its fundraising success rather than allowing the headline valuation to tell the entire story.
Read: TheCable – Moove shuts down Nigeria operations and transfers vehicle ownership to customers.
African startup funding: Investment becomes increasingly concentrated
October’s startup funding figures also illustrated the changing dynamics of the African venture capital market.
StartupList Africa’s November 7 funding review reported approximately $181.9 million in disclosed startup funding across 89 rounds during October.
Three companies accounted for 57% of the reported total, highlighting the concentration of investment in a relatively small number of businesses.
Healthcare, energy, climate technology and agriculture featured prominently in the month’s funding activity.
The findings are important because they suggest that investors are still willing to finance African businesses, but the distribution of capital is uneven.
Larger transactions and companies with established business models continue to attract significant attention, while smaller startups face a more challenging fundraising environment.
The report also distinguished between genuine company fundraising and secondary share sales or proposed listings.
That distinction matters because a stock-market listing or sale of existing shares does not necessarily mean that the company itself has received new capital.
Read: StartupList Africa – October 2026 African Startup Funding Recap.
Nedbank completes its NCBA acquisition
October also marked the completion of one of the year’s most significant banking transactions.
Nedbank’s acquisition of approximately 66% of NCBA established a stronger link between Southern and Eastern African financial markets.
The transaction is particularly important because it demonstrates the growing interest of African banking groups in expanding through regional acquisitions.
For financial institutions, established local networks can offer advantages that are difficult to replicate through organic expansion.
For businesses, the emergence of larger regional banking groups could improve access to cross-border financial services, although the impact on competition and lending costs will need to be monitored.
Read: Nedbank’s completion announcement.
SEPTEMBER 2026: AFRICA’S M&A MARKET AND THE CONCENTRATION OF INVESTMENT CAPITAL
September provided an opportunity to assess the continent’s corporate transaction market and the direction of investment activity during the first half of 2026.
One of the most significant findings was the continued importance of telecommunications and financial services to African mergers and acquisitions.
Africa’s ten largest M&A transactions reach $4.81 billion
According to DealMakers Africa data reported by BusinessDay on 16 September, the continent’s ten largest mergers and acquisitions in the first half of 2026 were valued at approximately $4.81 billion.
MTN’s proposed acquisition of the remaining 75.3% interest in IHS Towers accounted for an estimated $2.2 billion, making it the largest transaction in the ranking.
Nedbank’s acquisition of approximately 66% of NCBA was another major transaction, valued at around $855 million.
Energy transactions also featured prominently, including deals involving offshore oil assets in Angola and Equatorial Guinea.
The figures demonstrate that African M&A activity remains strategically important despite a more cautious international investment environment.
However, transaction value should not be interpreted as a direct measure of the overall health of the market.
A relatively small number of large acquisitions can substantially influence the total value of deals even when transaction volumes decline.
The more important development is the growing interest in acquiring established infrastructure, financial services businesses and assets capable of generating long-term revenue.
Read: BusinessDay – Africa’s top 10 M&A deals hit $4.8 billion in H1.
Telecommunications and banking dominate major corporate transactions
The MTN-IHS and Nedbank-NCBA transactions illustrate two different but related corporate strategies.
MTN’s proposed acquisition of IHS is primarily about infrastructure ownership and operational integration.
Nedbank’s acquisition of NCBA is about geographical expansion, customer access and regional financial services.
Both developments demonstrate how major African corporations are increasingly seeking to strengthen their market positions through acquisitions.
The trend also raises important questions about competition.
Consolidation can create operational efficiencies and support investment, but excessive market concentration may reduce competitive pressure and limit access for smaller market participants.
Regulators will therefore have an important role in ensuring that corporate expansion contributes to wider economic development.
Venture capital rebounds in the third quarter, but investment remains concentrated
September’s venture capital discussions were also shaped by the fundraising performance recorded during the third quarter.
According to Propel Africa’s Q3 2026 African Venture Report, African startups announced approximately $712 million in funding across 114 deals between July and September.
This represented a 28% increase in announced funding compared with the second quarter, when startups raised approximately $556 million across 124 deals.
Nigeria accounted for $326 million, followed by Egypt with $103 million, Kenya with $84.7 million and South Africa with $78.2 million.
Together, these four markets attracted approximately 83% of the quarter’s funding.
Moove’s $250 million Series C was particularly influential, accounting for approximately 35% of the quarter’s total.
However, the report also highlighted the concentration of funding in a relatively small number of companies.
The number of deals declined even as the total amount raised increased.
This suggests that investors are deploying larger amounts of capital into fewer businesses.
For early-stage founders, the implications are significant.
The availability of venture capital cannot be measured exclusively by headline funding totals. The number of companies receiving investment, the distribution of funding across stages and the diversity of participating markets are equally important.
African startups will increasingly need to demonstrate commercial discipline, revenue generation and the ability to expand without depending indefinitely on external capital.
Read: Propel Africa – The African Venture Report, Q3 2026.
AUGUST 2026: AFRICA’S REGIONAL INTEGRATION AGENDA AND THE FUTURE OF PRODUCTION
August brought renewed attention to the importance of regional economic integration.
For years, discussions about African economic integration have focused heavily on trade agreements and diplomatic commitments.
However, the practical challenge is ensuring that businesses can source materials, manufacture products, access financing and distribute goods across national borders without encountering excessive barriers.
A major contribution to this discussion came from the World Bank.
World Bank calls for a shift from trade connections to regional production hubs
On 28 August, the World Bank released a report titled Integrating Africa: From Threads to Hubs.
The report argues that the next major gains from African integration will come from connecting production across borders rather than concentrating exclusively on trade liberalisation.
Its recommendations include interoperable customs systems, harmonised standards, integrated payment infrastructure, improved transportation networks and stronger regional energy and digital systems.
The underlying argument is that African economies need to become more commercially interconnected.
For example, a manufacturer in Nigeria should be able to source inputs from Ghana, process materials locally and distribute finished products to customers across other African markets without encountering prohibitive administrative and logistical costs.
Similarly, businesses in East Africa should be able to develop regional supply chains that connect agricultural production, processing, transportation and retail distribution.
The report also highlights the potential for greater services trade under the AfCFTA framework.
For African businesses, this is particularly important because regional integration is not limited to the movement of physical goods.
Financial services, telecommunications, logistics, professional services and digital platforms are equally important to the development of an integrated market.
However, achieving this requires more than signing agreements.
Governments need to harmonise regulations, improve customs administration and invest in infrastructure that makes cross-border commerce commercially viable.
Read: World Bank – What’s Next for Africa’s Integration Agenda?.
Moove’s $250 million fundraising demonstrates the continuing appeal of African technology companies
August also produced one of the year’s most significant startup funding announcements.
Nigerian-founded mobility fintech company Moove raised $250 million in a Series C round led by Mubadala, with participation from Woven Capital and Ion Pacific.
The funding valued the company at approximately $2.1 billion, according to Propel Africa’s subsequent reporting.
Moove developed a vehicle-financing model designed to help mobility entrepreneurs access cars and generate income through transportation services.
The company’s growth reflects the opportunities created when financial technology is applied to sectors with significant financing constraints.
Traditional vehicle financing can be inaccessible to drivers who lack conventional credit histories or sufficient collateral.
By developing alternative financing structures, Moove positioned itself within the intersection of financial services, transportation and technology.
The fundraising also demonstrated that African-founded businesses can attract substantial international capital when they develop scalable commercial models.
However, the company’s subsequent Nigerian exit in October illustrates why fundraising success should not be treated as a guarantee of market sustainability.
Read: Propel Africa’s analysis of Moove’s Series C.
The wider implications for African regional commerce
The developments of August reinforce an important point.
Africa’s future competitiveness will depend on its ability to connect markets and develop productive capacity.
An integrated continental market could allow businesses to operate at greater scale, access larger customer bases and develop more efficient supply chains.
However, this opportunity will remain limited if transportation, customs, payments and financial systems continue to operate in fragmented national environments.
The next stage of regional integration must therefore be measured through practical improvements in business operations.
JULY 2026: AfCFTA IMPLEMENTATION BECOMES THE PRIORITY
July was important for the African Continental Free Trade Area, particularly the transition from negotiating trade rules towards implementing them.
The agreement has the potential to reshape African commerce by reducing trade barriers and creating a more integrated continental market.
However, its success will depend on whether businesses can actually benefit from the framework.
Nigeria assumes leadership of the AfCFTA Council’s Bureau
The 18th meeting of the AfCFTA Council of Ministers Responsible for Trade concluded in Abuja in July.
Nigeria assumed the chairpersonship of the Council’s Bureau from Egypt, while ministers placed greater emphasis on implementation and measurable economic outcomes.
The meeting followed important progress made during the African Union’s February summit, which adopted additional annexes to the Intellectual Property Rights Protocol.
According to the AfCFTA Secretariat, more than 12,000 certificates of origin had been issued and notified to the Secretariat as of March 2026.
Certificates of origin help establish the country in which goods originate and determine whether they qualify for preferential tariff treatment under trade agreements.
The development is important because African exporters need practical mechanisms for accessing preferential trade arrangements.
A company may have a commercially attractive product, but its ability to export can be limited by documentation requirements, inconsistent standards and customs delays.
The AfCFTA framework is intended to address some of these problems.
Nigeria’s leadership of the Council also places the country in an important position to influence discussions around regional trade, industrialisation and market integration.
Read: AfCFTA – Council of Ministers concludes 18th meeting in Abuja.
Intellectual property becomes increasingly important to African businesses
The AfCFTA’s Intellectual Property Rights Protocol is another important component of continental economic integration.
As African businesses expand into technology, creative industries, manufacturing and research-intensive sectors, the protection of intellectual property becomes increasingly important.
Software developers, technology startups, pharmaceutical manufacturers and creative entrepreneurs require reliable mechanisms for protecting their innovations and commercial assets.
Fragmented intellectual property systems can make cross-border expansion more difficult.
A stronger continental framework could help improve the commercial protection of locally developed products and encourage investment in research and innovation.
However, the success of these arrangements will depend on national implementation, regulatory coordination and the development of institutions capable of enforcing intellectual property rights.
Small businesses remain central to AfCFTA’s success
The agreement’s long-term economic value should not be measured exclusively through trade between large corporations.
Small and medium-sized businesses account for a substantial proportion of commercial activity and employment across African economies.
Yet smaller companies often face greater difficulties accessing export markets.
They may lack financing, trade documentation expertise, distribution networks and reliable information about regulatory requirements in neighbouring countries.
The AfCFTA therefore needs to deliver practical opportunities for smaller businesses, including women-led enterprises and youth-owned companies.
July’s discussions reflected a growing recognition that regional integration must produce tangible economic benefits rather than remain an institutional objective.
JUNE 2026: AFRICA’S MERGERS AND ACQUISITIONS MARKET GAINS MOMENTUM
June provided an important opportunity to assess the performance of African corporate transactions during the first quarter of the year.
DealMakers Africa’s Q1 2026 analysis recorded 89 transactions with an aggregate value of approximately $4.53 billion, excluding South Africa and failed transactions.
This compared with 92 deals valued at approximately $2.92 billion in the corresponding period of 2025.
The increase in transaction value indicates that investors continued to pursue strategic opportunities across African markets despite a more cautious global investment environment.
West Africa was the most active region by transaction volume, accounting for 30 deals, or approximately 34% of reported activity.
Private equity also played an important role, accounting for approximately half of the transactions recorded during the quarter.
Read: DealMakers Africa – Q1 2026 M&A analysis.
Telecommunications and financial services attract strategic investors
The major transactions announced during the opening months of 2026 demonstrated the importance of established infrastructure and financial services businesses.
MTN’s proposed acquisition of IHS Towers was one of the largest transactions of the year.
Similarly, Nedbank’s proposed acquisition of NCBA demonstrated the growing interest of Southern African financial institutions in East African markets.
Both transactions reflect a broader investment strategy: acquiring established businesses and infrastructure assets that provide access to customers, markets and long-term revenue opportunities.
For investors, these assets can offer advantages over developing new operations independently.
However, acquisitions also introduce integration risks, regulatory obligations and questions about market concentration.
The long-term success of these transactions will depend on whether the acquiring companies can generate operational efficiencies and sustain investment.
Zambia pursues diversification through gold mining
Zambia also recorded an important development in its mining industry during May, with implications for the country’s longer-term investment strategy.
State investment company ZCCM-IH established Kyalo Goldfields Limited with Mining Mineral Resources to explore, develop and mine gold in the Kikonge Mining Area of North Western Province.
ZCCM-IH holds 51% of the venture, while Mining Mineral Resources owns the remaining 49%.
The project forms part of Zambia’s effort to diversify its mining portfolio beyond copper.
Copper remains central to the country’s export earnings and industrial development. However, dependence on a limited number of commodities can expose government revenue and foreign-exchange earnings to international price movements.
Gold mining provides an additional opportunity to diversify the country’s resource base.
The project also aims to formalise artisanal and small-scale mining activities, improve safety and develop local processing capacity.
The investment amount had not yet been determined in the initial announcement, making it important not to confuse the establishment of the joint venture with a fully financed operating mine.
Read: Reuters – Zambia state investment firm forms gold mining joint venture.
Why regional M&A activity matters
The broader significance of African M&A activity lies in its potential to reshape corporate ownership and industrial organisation.
When companies acquire competitors or establish cross-border partnerships, they can gain access to new technologies, customers, distribution networks and operational capabilities.
However, the benefits are not automatic.
African markets need strong competition policies and regulatory institutions to ensure that consolidation does not create excessive market power.
The objective should be to encourage companies to become more competitive while preserving opportunities for new businesses and smaller market participants.
MAY 2026: AFRICA’S GROWTH OUTLOOK AND THE FINANCING GAP
May was an important month for understanding the continent’s macroeconomic position.
The African Development Bank released its 2026 African Economic Outlook during its annual meetings in Brazzaville, Republic of Congo.
The report projected African economic growth of 4.2% in 2026, moderating from the estimated 4.4% recorded in 2025.
It also highlighted substantial differences in the growth outlook across the continent.
West Africa was projected to grow by 4.7%, North Africa by 4.0%, Central Africa by 3.8% and Southern Africa by 2.1%.
These differences demonstrate why Africa should not be treated as a single economic market.
Resource-producing countries, manufacturing economies and import-dependent markets experience different economic conditions and respond differently to international shocks.
Read: African Development Bank – African Economic Outlook 2026.
The continent’s $1.3 trillion development financing gap
One of the most important findings of the report concerned Africa’s development financing requirements.
The African Development Bank estimated that the continent faces an annual financing gap exceeding $1.3 trillion in meeting the Sustainable Development Goals.
The figure reflects the scale of Africa’s infrastructure, education, healthcare and development requirements.
However, the report also argued that the challenge is not simply a lack of financial resources.
It is also about how existing capital is mobilised and deployed.
Domestic revenue mobilisation, improved public investment management, deeper capital markets and stronger public-private partnerships could help unlock additional financing.
For businesses, the implications are substantial.
Insufficient infrastructure investment increases transportation costs, reduces productivity and makes it more expensive to establish manufacturing operations.
Expanding access to long-term financing is therefore essential to strengthening African industrial capacity.
Zambia’s mining diversification strategy
Zambia’s establishment of Kyalo Goldfields Limited with Mining Mineral Resources was another important development in May.
The project demonstrates the country’s efforts to broaden its mining sector and develop additional sources of export earnings.
Beyond gold production, the proposed venture aims to improve formalisation and local processing within the mining industry.
The development reflects a wider debate about how African countries can retain more value from their natural resources.
Mineral production should ideally support local employment, industrial services, processing capacity and technological development.
Without these elements, resource-rich economies risk remaining dependent on the export of unprocessed commodities.
Industrialisation remains central to Africa’s economic transformation
The African Development Bank’s outlook also reinforces the importance of industrialisation.
Africa has substantial natural resources, a growing workforce and an expanding consumer market.
However, several countries continue to depend heavily on imported finished products while exporting raw materials.
This structure limits domestic value creation and exposes economies to international supply disruptions.
Industrialisation requires reliable electricity, efficient transportation, affordable financing, access to technology and a skilled workforce.
It also requires predictable policies that encourage productive investment.
For African governments, the challenge is to develop competitive industrial environments rather than relying exclusively on resource exports or short-term consumption growth.
APRIL 2026: SOUTH AFRICA’S RECORD INVESTMENT PLEDGES AND THE QUESTION OF EXECUTION
South Africa remained one of the continent’s most important investment destinations in April, following its sixth Investment Conference on 31 March.
The conference secured investment pledges valued at approximately R889.8 billion across 81 projects.
The commitments involved domestic and international investors and covered nine provinces, with the government projecting more than 230,000 permanent employment opportunities.
The announced projects included investments in automotive manufacturing, renewable energy, telecommunications, chemicals, property and business services.
Among the highlighted commitments were Toyota South Africa’s R10.4 billion investment, Sasol’s R60 billion programme and MTN’s R21.8 billion telecommunications investment.
The figures were presented as part of the government’s broader effort to mobilise R3 trillion in new investment between 2026 and 2030.
Read: South African Government – President Ramaphosa’s Investment Conference address.
Renewable energy and industrial competitiveness
The investment commitments highlight the growing importance of renewable energy and industrial infrastructure to South Africa’s economy.
Manufacturers require reliable electricity to operate efficiently and remain competitive.
Energy shortages and high operating costs can undermine investment decisions, particularly in industries that depend on continuous production.
Renewable energy projects, battery storage and electricity infrastructure therefore have implications beyond environmental policy.
They are increasingly important to the competitiveness of South African businesses.
The country also has opportunities to develop manufacturing capacity around the energy transition, including components, industrial equipment and related services.
Investment pledges must translate into productive assets
The headline value of investment commitments is significant, but the more important question is how quickly these projects move into implementation.
An investment pledge is not the same as completed construction, operational production or employment already created.
South Africa’s government has acknowledged the importance of tracking delivery against announced commitments.
This is an important principle for African investment promotion more broadly.
Governments should report not only the value of announced investments but also the amount of capital actually deployed, projects completed, employment created and productive capacity established.
For investors, implementation depends on regulatory certainty, infrastructure reliability, access to land, skilled labour and predictable operating conditions.
April’s developments therefore illustrate both the opportunities available in South Africa and the importance of execution.
Read: InvestSA – South Africa’s 2026 investment commitments.
MARCH 2026: BANKING PERFORMANCE AND THE GROWING IMPORTANCE OF AFRICA REGIONS
March brought renewed attention to the performance of African banking groups and their ability to generate growth beyond their domestic markets.
One important example was Absa Group’s full-year financial results, published on 10 March.
The bank reported a 12% increase in headline earnings to R24.8 billion, supported by stronger pre-provision profit and lower credit impairments.
Revenue increased by 5% to R115.7 billion, while its Africa Regions operations recorded stronger earnings growth than its South African business.
The results reflected the importance of geographic diversification to major African financial institutions.
Read: Absa Group – 2025 full-year financial results.
Regional banking becomes an important growth strategy
The performance of African banking groups highlights the commercial importance of regional expansion.
Financial institutions operating across multiple markets can diversify their revenue sources and provide services to companies with cross-border operations.
They can also benefit from opportunities in corporate banking, trade finance, investment banking and digital financial services.
However, operating across different African jurisdictions introduces regulatory and currency complexities.
Banks must navigate different central-bank policies, capital requirements, taxation systems and financial-market conditions.
The expansion strategies of Nedbank and Absa demonstrate the growing importance of these considerations.
Financial inclusion and the digital economy
The financial services sector also remains central to Africa’s digital transformation.
Mobile banking, digital payments and alternative lending platforms have expanded access to financial services across several African markets.
However, access to financial services does not automatically translate into affordable financing for productive businesses.
Small companies still encounter significant difficulties obtaining working capital, equipment financing and long-term loans.
African financial institutions therefore have an opportunity to develop products that better address the financing requirements of SMEs and businesses participating in regional supply chains.
March’s banking developments reinforce the importance of connecting financial inclusion with productive economic activity.
FEBRUARY 2026: MTN’S $2.2 BILLION IHS PROPOSAL AND THE STRATEGIC VALUE OF DIGITAL INFRASTRUCTURE
February produced one of the year’s most consequential corporate announcements.
On 17 February, MTN Group announced a proposed acquisition of the remaining shares in IHS Towers, which would increase its ownership of the company to 100%.
The proposal valued the offer at $8.50 per IHS share and involved an estimated $2.2 billion transaction for the shares MTN did not already own.
IHS operates nearly 29,000 telecommunications towers across Africa, providing infrastructure used by mobile network operators in several important markets.
The transaction was subject to shareholder, regulatory and other customary approvals.
Read: MTN Group – Proposed acquisition of IHS Towers.
Why the acquisition matters
Telecommunications towers are essential to the operation of mobile networks.
They support the equipment required to transmit wireless signals and provide connectivity for voice calls, mobile internet and other digital services.
For years, independent tower companies developed a business model based on owning and operating infrastructure that multiple mobile operators could share.
This allowed telecommunications companies to reduce the capital required to build and maintain their own infrastructure.
MTN’s proposed acquisition represents a different strategic direction.
By acquiring the remaining shares in IHS, the group intends to strengthen its ownership of infrastructure supporting its telecommunications operations.
The potential benefits include improved cost predictability, greater operational integration and the ability to capture more of the economic value generated by its infrastructure investments.
Digital infrastructure becomes a strategic economic asset
The transaction reflects a broader shift in the African telecommunications industry.
As mobile banking, digital commerce, cloud services and artificial intelligence expand, demand for reliable telecommunications infrastructure will continue to increase.
Companies that control or operate critical digital infrastructure could become increasingly important to the continent’s economic development.
However, the transaction also raises questions about infrastructure access and competition.
Independent tower companies have historically provided shared infrastructure to multiple operators.
If ownership becomes more concentrated among major telecommunications groups, regulators will need to ensure that competing operators continue to receive fair access.
The long-term significance of the MTN-IHS transaction will therefore extend beyond the companies involved.
It will influence discussions about the ownership, financing and regulation of Africa’s digital infrastructure.
AfCFTA advances its intellectual property framework
February also saw progress in the African Continental Free Trade Area’s intellectual property agenda.
At the African Union’s 39th Ordinary Session, additional annexes to the Intellectual Property Rights Protocol were adopted, advancing the agreement’s Phase II agenda.
The development was subsequently discussed during the July meeting of the AfCFTA Council of Ministers.
Intellectual property protection is increasingly important for African businesses developing software, creative products, manufacturing technologies and other innovations.
A more coordinated continental framework could improve the ability of businesses to protect and commercialise their intellectual property across different African markets.
JANUARY 2026: REGIONAL BANKING EXPANSION AND ANGOLA’S SOVEREIGN FINANCING STRATEGY
January established several important themes that would continue to shape African business throughout the year.
Two developments stood out: Nedbank’s proposed acquisition of NCBA and Angola’s decision to extend its financing arrangement with JPMorgan.
Both demonstrated the importance of financial institutions and access to capital in shaping the continent’s commercial environment.
Nedbank announces proposed acquisition of NCBA
On 21 January, Nedbank Group announced that it had submitted an offer to acquire approximately 66% of NCBA Group, one of East Africa’s leading financial services institutions.
The proposed transaction was valued at approximately R13.9 billion based on Nedbank’s share price at the time.
The structure involved a cash component and newly issued Nedbank shares, while the remaining NCBA shares would continue trading on the Nairobi Securities Exchange.
NCBA’s established operations across Kenya, Uganda, Tanzania and Rwanda made the transaction particularly attractive to Nedbank.
For the South African banking group, the acquisition offered an opportunity to establish a stronger presence in East Africa without building an entirely new banking operation.
For NCBA, the proposed partnership offered access to a larger institution’s capital base, expertise and international relationships.
The transaction also reflected the growing importance of Kenya as a regional financial centre.
Read: Nedbank announces intention to acquire majority stake in NCBA.
Angola extends its $1 billion financing arrangement with JPMorgan
Another important January development concerned Angola’s sovereign financing strategy.
On 13 January, Reuters reported that Angola had extended an existing $1 billion financing arrangement with JPMorgan for three years and secured an additional $500 million in financing.
The agreement was structured as a Total Return Swap and carried an interest rate below 8%, according to Angola’s finance ministry.
The original arrangement had been backed by approximately $1.9 billion in Angolan government bonds used as collateral.
However, the financing structure had previously exposed Angola to market risks.
In April 2025, falling bond prices triggered a $200 million margin call, requiring the government to provide additional collateral.
Angola subsequently recovered the additional collateral after bond prices rebounded.
The episode illustrates the risks associated with alternative sovereign financing arrangements, particularly when collateral values fluctuate.
For African governments, financing decisions must consider more than headline interest rates.
Collateral requirements, currency exposure, market volatility and refinancing risks are equally important.
The development also reflects the difficulty many African governments face in securing affordable long-term financing through conventional international borrowing.
Read: Reuters – Angola extends $1 billion debt facility with JPMorgan.
A year beginning with regional ambition
Taken together, January’s developments suggested that African financial institutions and governments were entering 2026 with an increasingly regional and strategic outlook.
Banks were pursuing acquisitions beyond their domestic markets, while governments were exploring alternative financing arrangements to manage their development requirements.
These developments established several themes that would become more prominent throughout the year.
THE BIGGER PICTURE: FIVE FORCES RESHAPING AFRICAN BUSINESS IN 2026
Looking across the developments recorded between January and November, five structural forces stand out.
These are not isolated corporate announcements. They represent broader changes in how African economies, financial institutions and businesses are positioning themselves.
1. African companies are increasingly looking beyond domestic markets
One of the clearest trends of 2026 is the growing interest in cross-border expansion.
Nedbank’s acquisition of NCBA, Absa’s growing Africa Regions operations and MTN’s proposed acquisition of IHS demonstrate how major African corporations are seeking greater scale through regional networks and strategic acquisitions.
Domestic markets remain important, but they do not always provide sufficient opportunities for companies seeking long-term growth.
Expanding into neighbouring countries can provide access to new customers, suppliers, distribution networks and investment opportunities.
However, regional expansion requires more than identifying attractive markets.
Companies must understand different regulatory environments, taxation systems, currencies, consumer preferences and political risks.
The AfCFTA could help reduce some of these barriers, but implementation remains essential.
The companies most likely to benefit from continental integration will be those capable of adapting their operations to different markets while maintaining consistent standards and efficient management.
2. Infrastructure ownership is becoming a major source of corporate power
The MTN-IHS transaction and the establishment of the Africa Energy Bank illustrate the growing strategic importance of infrastructure ownership and financing.
Telecommunications towers, electricity networks, pipelines, ports, railways and digital infrastructure are fundamental to economic activity.
Companies that control or operate these assets can influence the cost, availability and reliability of services across entire industries.
This is particularly important in Africa, where infrastructure deficiencies continue to increase the cost of doing business.
Manufacturers operating in countries with unreliable electricity supplies often face additional costs associated with alternative power systems and production interruptions.
Similarly, exporters operating in markets with inefficient ports and transportation networks may struggle to compete internationally.
Infrastructure investment therefore has implications far beyond the companies directly involved in individual projects.
It affects the competitiveness of entire economies.
The challenge for African governments is to attract private investment while ensuring that infrastructure remains accessible, affordable and adequately regulated.
3. The startup ecosystem is entering a more disciplined funding environment
The technology funding developments of 2026 reveal a changing relationship between African startups and international investors.
The $712 million raised during the third quarter demonstrates that investor interest has not disappeared.
However, the concentration of funding in a small number of large transactions suggests that capital remains unevenly distributed.
Moove’s $250 million Series C is an important example.
Its fundraising success demonstrates that African-founded businesses can attract substantial international investment when they develop scalable business models and demonstrate commercial potential.
However, its subsequent withdrawal from Nigeria also highlights the difference between fundraising success and market sustainability.
Early-stage businesses still need access to seed capital, experienced investors, reliable infrastructure and functioning exit markets.
Without these resources, the continent risks developing an ecosystem in which a relatively small number of established technology companies receive most of the available investment.
The next stage of African startup development should therefore focus not only on raising larger funding rounds but also on strengthening the entire entrepreneurial ecosystem.
This includes improving access to local venture capital, developing more active angel-investor networks, supporting university-based innovation and creating better conditions for startup exits.
4. Natural resources are becoming increasingly important in global economic competition
The developments surrounding the DRC, Zambia and the Africa Energy Bank demonstrate the importance of natural resources to Africa’s international economic relationships.
Demand for copper, cobalt, lithium, graphite and other critical minerals is closely connected to electric vehicles, renewable energy systems, batteries and advanced manufacturing.
African countries possess substantial reserves of several of these resources.
However, the continent’s challenge is to move beyond exporting unprocessed commodities.
The DRC’s demand for tangible investment in mineral processing and infrastructure reflects a growing recognition that resource ownership should translate into wider economic benefits.
Similarly, Zambia’s efforts to diversify its mining activities demonstrate the importance of reducing dependence on a limited number of commodities.
The opportunity is substantial.
Developing domestic processing capacity could create employment, improve export earnings, support industrial development and strengthen relationships with international manufacturers.
However, achieving these objectives requires reliable electricity, technical expertise, transportation infrastructure and substantial long-term financing.
African governments must also negotiate investment agreements that provide meaningful opportunities for local businesses and workers.
The future of the continent’s mining industry should not be measured solely by the volume of minerals extracted. It should also be measured by the economic value retained within African economies.
5. Financing remains the central constraint on African economic transformation
Perhaps the most important lesson from 2026 is that Africa’s economic ambitions remain closely connected to its ability to mobilise affordable and sustainable capital.
The OECD’s findings on underdeveloped corporate debt markets, the African Development Bank’s financing-gap assessment and the establishment of the Africa Energy Bank all point towards the same underlying challenge.
African businesses need more financing options.
International commercial banks, development finance institutions, private equity firms and venture capital funds remain important sources of investment.
However, they cannot independently meet the financing requirements of an expanding continental economy.
African pension funds, insurance companies, sovereign wealth funds, domestic banks and capital markets must play a greater role.
The development of stronger local capital markets could help companies raise long-term funding in domestic currencies, reducing their exposure to foreign-exchange volatility.
It could also provide governments with alternatives to expensive international borrowing.
However, domestic capital mobilisation requires trust.
Investors need credible institutions, transparent financial reporting, predictable regulations and confidence that their investments will be protected.
Without these conditions, even substantial pools of domestic savings may remain underutilised.
SECTOR WATCH: WHERE THE NEXT MAJOR AFRICAN BUSINESS OPPORTUNITIES COULD EMERGE
Beyond the individual developments recorded during the year, several industries deserve particular attention as Africa moves towards 2027.
These are not guaranteed investment opportunities. They are sectors where the economic trends of 2026 suggest that demand, financing and corporate activity could continue to develop.
| Sector | Major opportunity | Principal challenge |
|---|---|---|
| Financial services | Regional banking, trade finance and digital payments | Expensive credit and fragmented regulation |
| Energy | Refining, gas infrastructure, renewables and electricity generation | Financing and infrastructure deficits |
| Mining | Critical minerals and domestic processing | Limited local beneficiation |
| Technology | AI, fintech, enterprise software and digital infrastructure | Funding concentration and infrastructure costs |
| Agriculture | Food processing, fertiliser and agricultural technology | Logistics, productivity and climate risks |
| Manufacturing | Regional production and import substitution | Electricity, capital and market access |
| Transport and logistics | Regional trade corridors, ports and railways | High operating costs and border inefficiencies |
| Capital markets | Corporate bonds, IPOs and domestic investment funds | Limited market depth and investor participation |
Energy: From resource extraction to industrial capacity
Africa’s energy sector is likely to remain one of the most important areas of investment.
The establishment of the Africa Energy Bank reinforces the need for financing institutions that understand the continent’s energy requirements.
However, energy investment should not be limited to oil and gas extraction.
Electricity generation, transmission, distribution, renewable energy, battery storage and industrial power systems are equally important.
For African manufacturers, the availability of reliable and affordable electricity can determine whether production is commercially viable.
The continent therefore needs investment across the entire energy value chain.
Mining: Beneficiation and the future of African industrialisation
The international competition for critical minerals presents an opportunity for African countries to strengthen their industrial position.
However, governments will need to negotiate investment agreements that support local processing and the development of domestic supply chains.
Rather than simply exporting copper, cobalt or lithium, countries should explore opportunities to develop processing facilities, specialised industrial services and manufacturing capabilities.
This would require partnerships between governments, mining companies, technology providers and local businesses.
Technology: The next phase of African digital commerce
The expansion of digital payments and telecommunications infrastructure creates opportunities for companies developing technology solutions for African markets.
Financial technology remains important, but opportunities also exist in enterprise software, cybersecurity, logistics technology, artificial intelligence and business automation.
The next generation of successful African technology companies may not necessarily be consumer-facing applications.
Businesses providing essential infrastructure and operational solutions to other businesses could become increasingly important.
For example, companies helping manufacturers manage supply chains, financial institutions detect fraud or retailers automate inventory management could address substantial commercial needs.
Agriculture: Moving beyond primary production
Agriculture remains central to employment, food security and economic activity across much of Africa.
Yet the continent continues to face challenges in agricultural productivity, food processing, storage and distribution.
Investment in fertiliser production, agricultural technology, irrigation, cold-chain infrastructure and food manufacturing could create substantial opportunities.
The wider objective should be to increase the amount of value generated within African agricultural economies.
Countries that can develop competitive food-processing industries may be better positioned to reduce import dependence and strengthen regional food supply chains.
Manufacturing: The commercial potential of regional markets
The AfCFTA creates an opportunity to develop regional manufacturing networks.
Instead of every country attempting to produce every category of goods independently, African economies could increasingly specialise in different stages of production.
This would require better transport infrastructure, predictable trade regulations, competitive energy costs and efficient customs systems.
For investors, the opportunity is to identify industries where regional production could become commercially viable.
For governments, the challenge is to create conditions that encourage companies to invest in productive capacity rather than simply importing finished goods.
WHAT AFRICAN BUSINESSES SHOULD WATCH AS 2026 DRAWS TO A CLOSE
As November progresses and the year approaches its final weeks, several developments deserve particular attention.
Corporate consolidation and competition: The MTN-IHS and Nedbank-NCBA transactions demonstrate the scale of corporate repositioning taking place across Africa. Their longer-term effects on competition, infrastructure investment and operational efficiency will be important.
The Africa Energy Bank’s financing capacity: The institution will need to demonstrate its ability to mobilise capital and support commercially viable energy projects. Its success should be assessed through actual financing commitments, project execution and economic value generated.
AfCFTA implementation: Businesses will be watching whether improvements in customs procedures, trade documentation and regional logistics make cross-border commerce easier.
The direction of startup investment: Third-quarter fundraising figures indicate renewed activity, but the concentration of capital suggests that smaller businesses may continue to face difficulties.
African capital-market development: The OECD’s latest findings underline the importance of deeper domestic financing markets. Businesses need access to long-term funding that does not expose them excessively to foreign-exchange risk.
Economic stability: Inflation, debt servicing, exchange-rate pressures and infrastructure investment will remain important considerations for companies making long-term business decisions.
These issues will help determine whether the continent can convert its economic opportunities into sustainable commercial growth.
CONCLUSION: AFRICA’S BUSINESS FUTURE WILL DEPEND ON EXECUTION, NOT ANNOUNCEMENTS
The developments of 2026 provide an important picture of an African business environment undergoing gradual but meaningful transformation.
Major financial institutions are expanding across national borders. Telecommunications companies are consolidating control over critical infrastructure. Governments are pursuing new financing partnerships, while continental institutions are attempting to strengthen regional trade and investment frameworks.
At the same time, the startup ecosystem is adjusting to more disciplined investment conditions, and mineral-producing countries are seeking greater participation in the value chains built around their natural resources.
These developments are encouraging, but they should not obscure the challenges that remain.
Africa continues to face significant infrastructure deficits, expensive financing, fragmented markets and uneven economic development.
The continent’s ability to attract investment is also not the same as its ability to retain the economic value generated by that investment.
A country may attract billions of dollars in mining commitments without developing a competitive domestic processing industry. A government may sign trade agreements without making it easier for small businesses to export. A technology ecosystem may record substantial fundraising while early-stage founders struggle to secure capital.
These distinctions matter.
The next phase of African economic development must therefore focus on execution.
Governments need to implement policies that improve the operating environment for businesses. Financial institutions must develop financing products that support productive investment. Companies must strengthen their operational capabilities and explore opportunities beyond domestic markets.
Meanwhile, regional institutions need to make economic integration commercially meaningful rather than allowing it to remain primarily a diplomatic objective.
The African market is changing, and the developments of 2026 suggest that the companies best positioned to benefit will be those that understand the relationship between infrastructure, technology, finance, regulation and regional demand.
For investors, the continent offers opportunities across energy, financial services, manufacturing, technology, agriculture and natural resources.
For African businesses, the priority is to become more competitive, productive and capable of participating in regional and international value chains.
Ultimately, Africa’s economic future will not be determined by the number of investment announcements, corporate transactions or development agreements made each year.
It will be determined by how effectively those commitments translate into productive businesses, stronger institutions, employment opportunities and sustainable economic growth.
That is the real story of African business in 2026.
FURTHER READING: KEY REPORTS AND INSTITUTIONAL RESOURCES
The following publications provide additional information and context for readers interested in the economic, financial and commercial developments discussed in this editorial.
Economic outlook and capital markets
- African Development Bank – African Economic Outlook 2026
- OECD – Africa Capital Markets Report 2026
- International Monetary Fund – Regional Economic Outlook
Trade and regional integration
- World Bank – Integrating Africa: From Threads to Hubs
- AfCFTA Secretariat
- AfCFTA – 18th Council of Ministers meeting
Corporate transactions and investment
- MTN Group – IHS Towers acquisition proposal
- Nedbank – NCBA acquisition completion
- DealMakers Africa – Q1 2026
- BusinessDay – Africa’s major M&A transactions
Technology and venture capital
- Propel Africa – African Venture Report Q3 2026
- Mastercard – Google Pay and Interswitch Nigeria announcement
- StartupList Africa – October 2026 funding review
Energy and natural resources
- Reuters – Africa Energy Bank establishment
- Reuters – DRC strategic minerals partnership
- Reuters – Zambia’s gold mining joint venture
Editorial information
Publication: BusinessWorld.Africa
Article type: Special editorial / African business year-in-review
Coverage: January–November 2026
Last updated: 12 November 2026
Editorial status: November remains open for additional developments; December 2026 is not yet covered.
This editorial distinguishes between proposed transactions, completed acquisitions, investment pledges and actual funding disbursements. Economic projections are attributed to their respective institutions. It is a retrospective reconstruction of developments reported during 2026, not an archive of previously published monthly editions.
