Africa in Business: Coca-Cola, crude and currency

STORY: Here's what's been making the business headlines in Sub-Saharan Africa this week.

1. Coca-Cola plans to invest $1 billion in its Nigeria operations over the next five years, the country's presidency said on Thursday (September 19).

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Nigeria, with a population of more than 200 million, is seen as a potential market for many global brands, but forex woes, red tape and policy inconsistency discourage some investors.

2. Africa's largest bank by assets, Standard Bank, has said it will allow small and medium-sized businesses operating on the continent to do their banking with the lender in Mauritius.

:: Port Louis, Mauritius

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Standard Bank has historically focused its presence in Mauritius on global multinationals and large listed companies.

The Indian Ocean island is viewed as one of the easiest places to do business in Sub-Saharan Africa, offering an alternative for African businesses grappling with economic challenges on the mainland.

3. Botswana has awarded Giyani Metals a 15-year mining licence, the company announced on Wednesday (September 18), paving the way for it to become the country's first battery-grade manganese producer.

:: Kaminokawa, Japan

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Manganese is a key component in batteries and demand is expected to be driven by growth in electric vehicles, among other clean energy applications.

4. South Sudan has said it will soon be able to restart pumping crude oil through a pipeline running to a port in neighboring Sudan.

:: September 16, 2024

Exports through the pipeline halted in February because of damage stemming from Sudan's war.

The exports are a crucial source of income for South Sudan, and Sudan takes a cut of the oil as a transit fee.

5. And finally, Zimbabwe's five-month-old new currency is coming under pressure as increased grain imports eat away at foreign reserves.

That puts at risk the government's plan to make it the only currency in the market by 2026.

:: Harare, Zimbabwe

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The gold-backed ZiG is Zimbabwe's sixth attempt at a stable currency in 15 years.

It was introduced in April and has since lost almost 80% of its value on the black market.