Latest Ugandan Business News & Headlines | Pulse Uganda

Latest Ugandan Local Business News & Headlines | Pulse Uganda

Domestic

Latest International Business News & Headlines | Pulse Uganda

International

Business

Solomon Ekanem

<ul><li>Business Insider Africa present the top five smartphones brands in Q3, 2024</li><li>The list is courtesy Canalys global smartphone report</li><li>Global smartphone shipments grew by 5% year on year in Q3 2024, dominated by five brands</li></ul>

The market growth of some brands are driven by factors which include the adoption of improved technologies like 5G networks and sophisticated AI features in newer models. With numerous brands vying for attention, individuals seek a smartphone that offers the optimal blend of features and affordability.

Mobile brands are facing fierce competition in the market

This has created a dilemma for consumers, as they struggle to navigate the vast array of options. Consequently, mobile brands are facing fierce competition in the market, driving them to innovate, improve, and differentiate their products to stand out in the crowded market.

<a data-link-role-code="open_new_tab" href="https://africa.businessinsider.com/local/markets/african-countries-with-the-highest-number-of-mobile-phones/lzqj62z">READ ALSO: Top 5 African countries with the highest number of mobile phones </a>

According to <a data-link-role-code="open_new_tab" href="https://www.canalys.com/newsroom/worldwide-smartphone-market-Q3-2024">Canalys research,</a> global smartphone shipments grew 5% year on year in Q3 2024, reaching 309.9 million units, the strongest Q3 performance since 2021.

Since Q3, 2022, the global smartphone market has been dominated by five brands with Samsung and Apple taking the largest market share.

According to Canalys, below are the top five smartphone markets in Q3, 2024;

<table><tr><th colspan="null" rowspan="null">Rank</th><th colspan="null" rowspan="null">Phone Brand</th><th colspan="null" rowspan="null">Q3 2024
shipments(million)</th><th colspan="null" rowspan="null">Q3 2024
Market Share</th></tr><tr><td colspan="null" rowspan="null">1</td><td colspan="null" rowspan="null">Samsung</td><td colspan="null" rowspan="null">57.5</td><td colspan="null" rowspan="null">19%</td></tr><tr><td colspan="null" rowspan="null">2</td><td colspan="null" rowspan="null">Apple</td><td colspan="null" rowspan="null">54.5</td><td colspan="null" rowspan="null">18%</td></tr><tr><td colspan="null" rowspan="null">3</td><td colspan="null" rowspan="null">Xiaomi</td><td colspan="null" rowspan="null">42.8</td><td colspan="null" rowspan="null">14%</td></tr><tr><td colspan="null" rowspan="null">4</td><td colspan="null" rowspan="null">OPPO</td><td colspan="null" rowspan="null">28.6</td><td colspan="null" rowspan="null">9%</td></tr><tr><td colspan="null" rowspan="null">5</td><td colspan="null" rowspan="null">vivo</td><td colspan="null" rowspan="null">27.2</td><td colspan="null" rowspan="null">9%</td></tr></table>

The latest Canalys report reveals that the Asia-Pacific region led the way in smartphone market growth, expanding its global market share by 10% year-over-year (YoY) in Q3 2024. Latin America followed closely with a 9% growth, while China and Africa saw more modest increases of 4% and 2%, respectively.

There was a 1% growth in the North American market while the smartphone market share in the Middle East slumped by 1%.

Global ranking of Top 5 smartphone brands in Q3, 2024

The surge in smartphone sales has intensified competition among mobile brands, leaving consumers flooded with options.

Global ranking of top 5 smartphone brands in Q3, 2024

<ul><li>Business Insider Africa presents 10 African countries with the lowest military spending</li><li>The data is courtesy Statista's defense spending budget report</li><li>Africa only accounts for around 2% of global military spending</li></ul>

According to the Stockholm International Peace Research Institute (SIPRI), the global military spending reached a record high of $2.443 trillion, over three times the total annual GDP of Africa, signaling a significant escalation in global military investment.

Africa only accounts for around 2% of the global military spending.

Top 10 African countries with the most citizens reaching military age annually

The SIPRI data further revealed that Africa's total military expenditure has been increasing, with a 4.2% rise in 2020. However, military spending varies widely across the continent, with some countries allocating significant resources while others face budget constraints.

<a data-link-role-code="open_new_tab" href="https://africa.businessinsider.com/local/lifestyle/top-5-african-countries-with-the-highest-reserve-military-manpower/5hz5twq">READ ALSO: Top 5 African countries with the highest reserve military manpower </a>

The need to prioritize or reduce defense spending in Africa is a complex issue, with various factors influencing each country's military expenditure.

These factors include regional conflicts, security threats and economic factors where wealthier countries like Algeria, Egypt, and South Africa tend to spend more on defense due to their economic capabilities.

However, despite the general increment in the total military expenditure on the continent in recent years, Africa only accounts for around 2% of the global military spending.

<a data-link-role-code="open_new_tab" href="https://africa.businessinsider.com/local/leaders/5-african-countries-with-us-military-bases/1n7xsm2">READ ALSO: 5 African countries with US military bases, weapons systems, and troops </a>

While some African countries like Algeria, Egypt and Nigeria lead the pack of African countries with high military budgets, others have very low military budgets with reasons ranging from limited financial resources, post-conflict reconstruction, dependence on external security, among others.

The list below sourced from Statista highlights 10 African countries with the lowest military expenditure .

<table><tr><th colspan="null" rowspan="null">Rank</th><th colspan="null" rowspan="null">Country</th><th colspan="null" rowspan="null">Budget ($)</th></tr><tr><td colspan="null" rowspan="null">1</td><td colspan="null" rowspan="null">Liberia</td><td colspan="null" rowspan="null">11.8M</td></tr><tr><td colspan="null" rowspan="null">2</td><td colspan="null" rowspan="null">Sierra Leone</td><td colspan="null" rowspan="null">19.33M</td></tr><tr><td colspan="null" rowspan="null">3</td><td colspan="null" rowspan="null">CAR</td><td colspan="null" rowspan="null">41.45M</td></tr><tr><td colspan="null" rowspan="null">4</td><td colspan="null" rowspan="null">Somalia</td><td colspan="null" rowspan="null">63.93M</td></tr><tr><td colspan="null" rowspan="null">5</td><td colspan="null" rowspan="null">Benin</td><td colspan="null" rowspan="null">75.25M</td></tr><tr><td colspan="null" rowspan="null">6</td><td colspan="null" rowspan="null">Eritrea</td><td colspan="null" rowspan="null">105.32M</td></tr><tr><td colspan="null" rowspan="null">7</td><td colspan="null" rowspan="null">Madagascar</td><td colspan="null" rowspan="null">109.76M</td></tr><tr><td colspan="null" rowspan="null">8</td><td colspan="null" rowspan="null">Zimbabwe</td><td colspan="null" rowspan="null">117.39M</td></tr><tr><td colspan="null" rowspan="null">9</td><td colspan="null" rowspan="null">Mozambique</td><td colspan="null" rowspan="null">140.2M</td></tr><tr><td colspan="null" rowspan="null">10</td><td colspan="null" rowspan="null">Mauritiana</td><td colspan="null" rowspan="null">194.48M</td></tr></table>

While some African countries have boosted defense spending in response to perceived threats, others have deprioritized security financing due to regional peace, revealing a stark contrast in security approaches across the continent.

10 African countries with the lowest military spending

<ul><li>Business Insider Africa presents the top 10 African nations with the most international sanctions.</li><li>The list is courtesy data from the Council of Foreign Relations</li><li>Most targeted sanctions on African nations were initiated by regional African organizations</li></ul>

African countries have been at the receiving end of combined sanctions from the United Nations (UN), the European Union (EU), and the U.S. than any other continent and these sanctions have been used to advance a range of foreign policy goals.

Demonstrators chant slogans and wave Zimbabwe's national flag during a rally to denounce US and EU economic sanctions

Most of the sanctions slammed on African countries include arms embargoes, targeted sanctions on individuals, restricting trade of commodities that support combatants, and travel restrictions.

<a data-link-role-code="open_new_tab" href="https://africa.businessinsider.com/local/markets/global-watchdog-clears-senegal-from-dirty-money-list-boosting-investor-confidence/7wxzsfb">READ ALSO: Global watchdog clears Senegal from dirty money list, boosting investor confidence </a>

Others include asset freezes, sanctions against doing business with targeted individuals or companies, and restricting investment in sanctioned regimes all are instruments which the U.S. wields with particular effect.

The concern is that broad sanctions can have far-reaching consequences, impacting entire nations and affecting innocent citizens who have no connection to the political leadership or decision-making processes.

Ordinary people, including vulnerable populations, may suffer unintended consequences, such as economic hardship, due to sanctions that are intended to target the culpable parties.

<a data-link-role-code="open_new_tab" href="https://africa.businessinsider.com/local/markets/economic-community-of-central-african-states-ends-sanctions-on-gabon/qktk0vv">READ ALSO: Economic Community of Central African States ends sanctions on Gabon </a>

A good example is the arms embargo placed on <a data-link-role-code="open_new_tab" href="https://www.reuters.com/article/world/un-mission-chief-calls-for-loosening-of-central-african-arms-embargo-idUSKCN0SU1V6/">Central African Republic,</a> after Muslim Seleka rebels seized power in the majority Christian nation in 2013. The action was heavily criticized as the country buckled under the attack of external terrorist groups without adequate arms to protects the innocent citizens.

Also, Zimbabwe recently lamented the loss of over $150 billion due to the freezing of assets, the cessation of donor support and the blocking of business opportunities caused by sanctions imposed on the country since 2001 by the United States and European Union.&nbsp;

According to data from the <a data-link-role-code="open_new_tab" href="https://www.cfr.org/backgrounder/what-are-economic-sanctions">Council on Foreign Relations</a>, below are 10 African Countries or territories where there are active sanctions programs as of June 2024.

<table><tr><th colspan="null" rowspan="null">Rank</th><th colspan="null" rowspan="null">Country</th><th colspan="null" rowspan="null">U.S. sanctions</th><th colspan="null" rowspan="null">EU sanctions</th><th colspan="null" rowspan="null">UN sanctions</th></tr><tr><td colspan="null" rowspan="null">1</td><td colspan="null" rowspan="null">Central African Republic</td><td colspan="null" rowspan="null">✔</td><td colspan="null" rowspan="null">✔</td><td colspan="null" rowspan="null">✔</td></tr><tr><td colspan="null" rowspan="null">2</td><td colspan="null" rowspan="null">Congo (DRC)</td><td colspan="null" rowspan="null">✔</td><td colspan="null" rowspan="null">✔</td><td colspan="null" rowspan="null">✔</td></tr><tr><td colspan="null" rowspan="null">3</td><td colspan="null" rowspan="null">Libya</td><td colspan="null" rowspan="null">✔</td><td colspan="null" rowspan="null">✔</td><td colspan="null" rowspan="null">✔</td></tr><tr><td colspan="null" rowspan="null">4</td><td colspan="null" rowspan="null">Somalia (al-Shabaab)</td><td colspan="null" rowspan="null">✔</td><td colspan="null" rowspan="null">✔</td><td colspan="null" rowspan="null">✔</td></tr><tr><td colspan="null" rowspan="null">5</td><td colspan="null" rowspan="null">South Sudan</td><td colspan="null" rowspan="null">✔</td><td colspan="null" rowspan="null">✔</td><td colspan="null" rowspan="null">✔</td></tr><tr><td colspan="null" rowspan="null">6</td><td colspan="null" rowspan="null">Sudan</td><td colspan="null" rowspan="null">✔</td><td colspan="null" rowspan="null">✔</td><td colspan="null" rowspan="null">✔</td></tr><tr><td colspan="null" rowspan="null">7</td><td colspan="null" rowspan="null">Guinea</td><td colspan="null" rowspan="null">✔</td><td colspan="null" rowspan="null">✔</td><td colspan="null" rowspan="null"></td></tr><tr><td colspan="null" rowspan="null">8</td><td colspan="null" rowspan="null">Mali</td><td colspan="null" rowspan="null">✔</td><td colspan="null" rowspan="null">✔</td><td colspan="null" rowspan="null"></td></tr><tr><td colspan="null" rowspan="null">9</td><td colspan="null" rowspan="null">Zimbabwe</td><td colspan="null" rowspan="null">✔</td><td colspan="null" rowspan="null">✔</td><td colspan="null" rowspan="null"></td></tr><tr><td colspan="null" rowspan="null">10</td><td colspan="null" rowspan="null">Guinea-Bissau</td><td colspan="null" rowspan="null"></td><td colspan="null" rowspan="null">✔</td><td colspan="null" rowspan="null">✔</td></tr></table>

While speaking before the US Senate Foreign Relations Subcommittee on Africa and Global Health Policy, <a data-link-role-code="open_new_tab" href="https://www.usip.org/publications/2016/06/us-sanctions-policy-sub-saharan-africa">Princeton N. Lyman</a>, senior advisor to the president at US Institute of Peace noted that external bodies like the UN most times, do not have a direct influence on sanctions it imposes on Africa nations.

"Most UN sanctions in Africa have proceeded from recommendations, and prior action, by the African Union (AU) or a sub-regional body like the Economic Community Of West African States (ECOWAS)" he said.

An overwhelming majority - about 95% or 41 out of 43 - of targeted sanction packages imposed on African nations were actually initiated by regional African organizations themselves.

Top 10 African counties with themost international sanctions

Economic sanctions are used by governments and multinationals to influence state and non-state actors, deterring decisions that threaten global interests or violate international norms

10 African countries with the most international sanctions

<ul><li>King Salman Humanitarian Aid and Relief Centre raised over USD 1.1 billion to support displaced persons in Africa's Sahel and Lake Chad region</li><li>Donors from over ten countries, agencies, and organizations contributed to the fund</li><li>The relief fund will benefit displaced persons and refugees in Nigeria, Niger, Chad, Burkina Faso, and Mali</li></ul>

Over ten donor countries, agencies, and organizations were responsible for the donations to support displaced persons and refugees across countries in the Sahel and Lake Chad region which includes Nigeria, Niger, Chad, Burkina Faso and Mali.

The Sahel is dotted with camps housing hundreds of thousands people who have fled jihadist violence

The Embassy of Kingdom of Saudi Arabia said the conference was held in collaboration with the Organisation of Islamic Cooperation (OIC), the United Nations Office for the Coordination of Humanitarian Affairs (OCHA), and the United Nations High Commissioner for Refugees (UNHCR).

The Sahel and lake chad region have been seriously plagued with insecurities and acute food shortages over the years.

<a data-link-role-code="open_new_tab" href="https://africa.businessinsider.com/local/lifestyle/thousands-of-kenyans-labeled-as-refugees-in-qatar-due-to-job-promises-by-rogues/vmde3g3">READ ALSO: Thousands of Kenyans labeled as refugees in Qatar due to job promises by rogues </a>

According to <a data-link-role-code="open_new_tab" href="https://reliefweb.int/report/burkina-faso/sahel-and-lake-chad-regions-fao-joins-global-effort-reinforce-response-food">Reliefweb</a>, the countries of the Sahel and West Africa are facing the worst forms of food and nutrition crisis. Between 2019 and 2022, the number of individuals in the region facing acute food insecurity jumped from 10.8 million to 40.7 million, with millions more at risk of slipping into a crisis situation or worse.

Apart form the uncertainties associated with food crisis, the region has also faced one of the worst forms of domestic wars which has given rise to an alarming wave of refugees over the years.

According to the Council on Foreign Relations' (CFR) global conflict tracker, the Sahel is home to over seven and a half million people driven from their homes, including&nbsp;two million&nbsp;refugees while over thirty million require humanitarian assistance.

The Kingdom of Saudi Arabia's pledge showcases its commitment to supporting communities in crisis and advancing global humanitarian objectives through KSrelief, reinforcing its position as a leading force in international humanitarian aid.

5 African countries set to benefit from Saudi's $1.1 Billion fund for refugees, displaced Persons

Displaced persons and refugees cross Africa's Sahel and lake chad region are set to benefit from a relief fund raised through the King Salman Humanitarian Aid and Relief Centre (KSrelief). The fund was made possible via donors who raised over USD 1.1 billion to support displace persons in five African countries.

5 African countries set to benefit as Saudi Arabia raises $1.1 billion to support refugees

<ul><li>Business Insider Africa presents 10 African countries with low internet censorship</li><li>The list is courtesy the Freedom House’s annual report&nbsp;- Freedom on the Net (FOTN) 2024</li><li>Media censorship in Africa has decreased as some countries have taken a less antagonistic approach to internet access</li></ul>

The <a data-link-role-code="open_new_tab" href="https://static.poder360.com.br/2024/10/RELATORIO-FREEDOM-ON-THE-NET-2024.pdf">Freedom on the Net 2024 </a>(FOTN) report documents the<a data-link-role-code="open_new_tab" href="https://www.amnesty.org/en/latest/news/2024/05/media-freedom-under-threat/"> struggles</a> faced by the vast number of internet users across the globe as well as improvements in the accessibility and quality of internet connections offered by governments..

internet shutdown (African Freedom of Expression Exchange)

The rise of social media has created a new wave of positive change were citizens have been empowered in most democratic regimes to exercise their right to freedom of expression.

Free access to the internet has also enabled citizens to voice their concerns regarding government policies using numerous media platforms which are all available with the click of a phone.

Details of the FOTN statistics

The report sampled Internet users in 72 countries and revealed that about 5 billion people have access to the Internet. The report further showed that 79% of internet users sampled live in political danger zones or countries that enabled maltreatment of individuals who used online contents to express dissatisfaction with political, social, or religious issues, 67% live in countries where individuals have been attacked or killed for their online activities since June 2023.

<a data-link-role-code="open_new_tab" href="https://africa.businessinsider.com/local/lifestyle/african-countries-that-have-imposed-internet-restrictions-so-far-in-2023/by9bxhq">READ MORE: African countries that have imposed internet restrictions </a>

Also, 66% are residents in countries where the government sponsored its supporters online, to manipulate discussions, and 65% live in countries where the government sanctioned the hosting of political, social, or religious content online.

Furthermore, 52% live in countries with either permanent or temporary restrictions on social media platforms while 48% live in countries where authorities disconnected internet or mobile networks, often for political reasons.

How African Countries performed

There was an improvement in press freedom according to the report, with seven African countries recording net gains and six experiencing declines.

Some African countries improved in press freedom

15 countries with the lowest internet penetration in Africa

Each country covered in the FOTN report received a numerical score from 100 (the most free) to 0 (the least free).

The internet freedom status designation for the countries is FREE (100-70 points), PARTLY FREE (69-40 points), or NOT FREE (39-0 points)

<a data-link-role-code="open_new_tab" href="https://africa.businessinsider.com/local/lifestyle/5-african-countries-with-the-highest-number-of-people-not-connected-to-the-internet/bzpftzl">READ MORE: 5 African countries with the highest number of people not connected to the internet</a>

The list below shows the internet censorship level in 10 African countries and how free the citizens are on the Internet:

<table><tr><th colspan="null" rowspan="null">Rank</th><th colspan="null" rowspan="null">Country</th><th colspan="null" rowspan="null">Score</th><th colspan="null" rowspan="null">Status</th></tr><tr><td colspan="null" rowspan="null">1</td><td colspan="null" rowspan="null">South Africa</td><td colspan="null" rowspan="null">74</td><td colspan="null" rowspan="null">Free</td></tr><tr><td colspan="null" rowspan="null">2</td><td colspan="null" rowspan="null">Ghana</td><td colspan="null" rowspan="null">65</td><td colspan="null" rowspan="null">Partly Free</td></tr><tr><td colspan="null" rowspan="null">3</td><td colspan="null" rowspan="null">Kenya</td><td colspan="null" rowspan="null">64</td><td colspan="null" rowspan="null">Partly Free</td></tr><tr><td colspan="null" rowspan="null">4</td><td colspan="null" rowspan="null">Zambia</td><td colspan="null" rowspan="null">62</td><td colspan="null" rowspan="null">Partly Free</td></tr><tr><td colspan="null" rowspan="null">5</td><td colspan="null" rowspan="null">Tunisia</td><td colspan="null" rowspan="null">60</td><td colspan="null" rowspan="null">Partly Free</td></tr><tr><td colspan="null" rowspan="null">6</td><td colspan="null" rowspan="null">Angola</td><td colspan="null" rowspan="null">59</td><td colspan="null" rowspan="null">Partly Free</td></tr><tr><td colspan="null" rowspan="null">7</td><td colspan="null" rowspan="null">Malawi</td><td colspan="null" rowspan="null">59</td><td colspan="null" rowspan="null">Partly Free</td></tr><tr><td colspan="null" rowspan="null">8</td><td colspan="null" rowspan="null">Nigeria</td><td colspan="null" rowspan="null">59</td><td colspan="null" rowspan="null">Partly Free</td></tr><tr><td colspan="null" rowspan="null">9</td><td colspan="null" rowspan="null">Gambia</td><td colspan="null" rowspan="null">56</td><td colspan="null" rowspan="null">Partly Free</td></tr><tr><td colspan="null" rowspan="null">10</td><td colspan="null" rowspan="null">Morocco</td><td colspan="null" rowspan="null">54</td><td colspan="null" rowspan="null">Partly Free</td></tr></table>

African countries with the worst media censorship rules at the base of the global ranking were <a data-link-role-code="open_new_tab" href="https://www.bbc.com/news/world-africa-14093244">Rwanda</a> with a score of 36, Egypt (28), Sudan (28), and <a data-link-role-code="open_new_tab" href="https://www.voanews.com/a/ethiopia-s-social-media-ban-brings-challenges/7159069.html">Ethiopia</a> (27). These countries witnessed the highest forms of media censorship in Africa with government involvement of course.

Globally, findings from the report showed that 32 countries were partly free with internet usage, 21 were not free, and 19 had free access.

From Nigeria to Kenya, major protests which almost got the government to its knees were birthed from social media. Majority of internet users in some Africa countries have however, continued to face intimidation from law enforcement organizations as a result of their online activities which most of the time, counter government directives and policies.

Governments across the globe have been urged to protect citizens' rights and freedom of expression at all costs by enabling strong legal and regulatory safeguards for digital communications and access to information.

10 African countries with the lowest internet censorship

Many governments around the world, particularly in Africa, have implemented measures to enable censorship of online internet usage. However, the rate of internet restrictions in Africa has dropped as some countries have embraced a less combative approach to opposing online content.

Top 10 African countries with low internet censorship

<ul><li>Business Insider Africa presents the 10 largest aircraft manufacturing companies by market capitalization.</li><li>The report is courtesy of the global ranking report by companiesmarketcap.com</li><li>The US accounted for six of the top 10 airline manufacturing companies while African countries have made a significant impact in the aviation industry.</li></ul>

The global airplane manufacturing market is <a data-link-role-code="open_new_tab" href="https://www.precedenceresearch.com/aircraft-market">valued at over $400 billion </a>and is expected to grow to over 601.51 billion by 2034, representing a healthy CAGR of 3.50% between 2024 and 2034. The industry also contributes significantly to global finances with billions of dollars generated in revenue each year with about 4.1% contribution to the global GDP.

Airbus makes the C295 military aircraft at its factory in Seville, Spain.Francisco J. Olmo/Europa Press via Getty Images

This very buoyant manufacturing sector continues to refine its craft over the years and&nbsp;more unknown manufacturers are beginning to compete fiercely with the industry champions - Boeing and Airbus for the industry's market share.

<a data-link-role-code="open_new_tab" href="https://africa.businessinsider.com/local/lifestyle/10-african-countries-with-the-lowest-number-of-aircraft-in-2024/gq3h418">READ ALSO: 10 African countries with the lowest number of aircraft in 2024 </a>

According to the latest industry report from <a data-link-role-code="open_new_tab" href="https://companiesmarketcap.com/aircraft-manufacturers/largest-aircraft-manufacturers-by-market-cap/">CompaniesMarketCap.com</a>, aircraft manufacturing firms were ranked according to their market capitalization, earnings, operating margin and number of employees among others for October 2024.

Airbus ships some components to its plant in Mobile, Alabama.NICHOLAS KAMM/AFP via Getty Images

This report will be ranking publicly-traded aerospace companies in terms of their market capitalization at the moment.

The market capitalization, also referred to as market cap, is a term used to measure a company's worth. It is the total market value of a publicly traded company's outstanding shares

The top 10 aircraft manufacturers in the world by their market capitalization are ranked below:

<table><tr><th colspan="null" rowspan="null">Rank</th><th colspan="null" rowspan="null">Name</th><th colspan="null" rowspan="null">Market Cap (billion)</th><th colspan="null" rowspan="null">Country</th></tr><tr><td colspan="null" rowspan="null">1</td><td colspan="null" rowspan="null">Airbus</td><td colspan="null" rowspan="null">$136.53</td><td colspan="null" rowspan="null">Netherlands</td></tr><tr><td colspan="null" rowspan="null">2</td><td colspan="null" rowspan="null">Honeywell</td><td colspan="null" rowspan="null">$130.93</td><td colspan="null" rowspan="null">United States</td></tr><tr><td colspan="null" rowspan="null">3</td><td colspan="null" rowspan="null">Boeing</td><td colspan="null" rowspan="null">$121.1</td><td colspan="null" rowspan="null">United States</td></tr><tr><td colspan="null" rowspan="null">4</td><td colspan="null" rowspan="null">Raytheon Technologies</td><td colspan="null" rowspan="null">$120.58</td><td colspan="null" rowspan="null">United States</td></tr><tr><td colspan="null" rowspan="null">5</td><td colspan="null" rowspan="null">Lockheed Martin</td><td colspan="null" rowspan="null">$104.61</td><td colspan="null" rowspan="null">United States</td></tr><tr><td colspan="null" rowspan="null">6</td><td colspan="null" rowspan="null">Safran</td><td colspan="null" rowspan="null">$89.8</td><td colspan="null" rowspan="null">France</td></tr><tr><td colspan="null" rowspan="null">7</td><td colspan="null" rowspan="null">Northrop Grumman</td><td colspan="null" rowspan="null">$68.94</td><td colspan="null" rowspan="null">United States</td></tr><tr><td colspan="null" rowspan="null">8</td><td colspan="null" rowspan="null">TransDigm</td><td colspan="null" rowspan="null">$64.78</td><td colspan="null" rowspan="null">United States</td></tr><tr><td colspan="null" rowspan="null">9</td><td colspan="null" rowspan="null">BAE Systems</td><td colspan="null" rowspan="null">$48.96</td><td colspan="null" rowspan="null">United Kingdom</td></tr><tr><td colspan="null" rowspan="null">10</td><td colspan="null" rowspan="null">Rolls-Royce Holdings</td><td colspan="null" rowspan="null">$41.4</td><td colspan="null" rowspan="null">United Kingdom</td></tr></table>

One major thing that stood out from the report was the dominance of the United States of America (USA) as it accounted for six of the top 10 airline manufacturing companies on the list further cementing its place as a powerhouse in the aviation industry.

Although African countries are missing in this ranking, the continent has made a huge impact in the aviation industry.

<a data-link-role-code="open_new_tab" href="https://africa.businessinsider.com/local/lifestyle/5-largest-airlines-in-africa-by-fleet-size/pfhemdk">READ ALSO: 5 largest airlines in Africa by fleet size in 2024 </a>

The fast-growing African aviation/air transport industry contributes about $55.8 billion to the African economy and according to Airbus’s White Paper report, the top countries in the African Aerospace industry are South Africa with $1.8 billion, Morocco with $1.1 billion, and Tunisia with $430 million in industry sizes.

South Africa is also a major contributor to the global aircraft manufacturing industry with its mastership in the design and manufacture of aircraft parts, UAV’s, satellite systems, and even a full aircraft.

The country is also the single supplier of components and parts for large aerospace companies like Boeing and Airbus.

Top 10 largest aircraft manufacturers by market capitalization

The aircraft manufacturing industry is a vital component of the global economy and a driver of innovation, growth, and progress. This industry enables global connectivity and transportation, supports national defence and security with a huge contribution to global gross domestic product (GDP).

10 largest aircraft manufacturers by market capitalization

<ul><li>Business Insider Africa presents Africa's 10 most innovative countries</li><li>The list is courtesy of WIPO's Global Innovative Index 2024</li><li>Major findings highlight progress and challenges across innovation cycle stages</li></ul>

The global Innovative Index is a developmental indices metric launched in 2007 to identify and determine metrics and methods that could completely capture the level of innovation in regions.

The innovative cycles include science and innovation investment, technological progress, technology adoption, and the socioeconomic impact of innovation.

<a data-link-role-code="open_new_tab" href="https://africa.businessinsider.com/local/markets/top-10-most-innovative-economies-in-africa/wxqqxvd">READ ALSO: Top 10 most innovative economies in Africa In 2023</a>

Other indices like Institutions, Human Capital and Research, Infrastructure, Market Sophistication, Business Sophistication, Knowledge &amp; Technology Outputs and Creative Outputs were also used to judge each economy to assess the level of innovation in their regions.

Top 10 most innovative economies in Africa 2024

Investments in science and innovation experienced a significant decline in 2023 following a boom between 2020 and 2022.

Technological adoption witnessed a fast growth with the socioeconomic impact of innovation having a positive outlook. However, there were indications of slow progress in green technology.

<a data-link-role-code="open_new_tab" href="https://africa.businessinsider.com/local/markets/top-10-african-countries-with-the-highest-economic-forecast-mid-2024/wtpvf27">READ ALSO: Top 10 African countries with the highest economic forecast mid-2024 </a>

There was an increase in labor productivity although the figures fell below average for the past decade.

The report showed a reduction in the number of people in extreme poverty in 2022 which halved when compared with 2005 records.

How African countries performed

The countries were categorized into High-income group, Upper middle-income group, Lower middle-income group and&nbsp;Low-income group.

How African countries performed in global innovation

Rwanda, Madagascar and&nbsp;Burundi emerged top three countries globally in the low-income category and were judged as performing above expectations for the level of development.

Other countries in this group include Togo, Uganda, Mozambique, Burkina Faso, Ethiopia, Mali and Niger.

South Africa, Botswana, Namibia and Mauritius were listed in the upper middle-income group, while Tunisia, Kenya, Ghana, Côte d'Ivoire, Algeria, Benin, Cameroon, Angola, Nigeria, Zambia, Zimbabwe and Tanzania all made it to the lower middle-income group.

Nigeria with a score of 17.1 ranked 113 globally and 12th in Africa. The country's highest ranking was in Human capital and research (78th), Creative outputs (87th) and Business sophistication (107th) while it ranked lowest in Infrastructure (127th), Institutions (125th) and Market sophistication, Knowledge and technology outputs (121st).

The top 10 African countries and their corresponding global ranking are highlighted below;

<table><tr><th colspan="null" rowspan="null">Rank</th><th colspan="null" rowspan="null">Global Rank</th><th colspan="null" rowspan="null">Country</th><th colspan="null" rowspan="null">Score</th></tr><tr><td colspan="null" rowspan="null">1</td><td colspan="null" rowspan="null">55</td><td colspan="null" rowspan="null">Mauritius</td><td colspan="null" rowspan="null">30.6</td></tr><tr><td colspan="null" rowspan="null">2</td><td colspan="null" rowspan="null">69</td><td colspan="null" rowspan="null">South Africa</td><td colspan="null" rowspan="null">28.3</td></tr><tr><td colspan="null" rowspan="null">3</td><td colspan="null" rowspan="null">87</td><td colspan="null" rowspan="null">Botswana</td><td colspan="null" rowspan="null">23.1</td></tr><tr><td colspan="null" rowspan="null">4</td><td colspan="null" rowspan="null">90</td><td colspan="null" rowspan="null">Cabo Verde</td><td colspan="null" rowspan="null">22.3</td></tr><tr><td colspan="null" rowspan="null">5</td><td colspan="null" rowspan="null">92</td><td colspan="null" rowspan="null">Senegal</td><td colspan="null" rowspan="null">22</td></tr><tr><td colspan="null" rowspan="null">6</td><td colspan="null" rowspan="null">96</td><td colspan="null" rowspan="null">Kenya</td><td colspan="null" rowspan="null">21</td></tr><tr><td colspan="null" rowspan="null">7</td><td colspan="null" rowspan="null">101</td><td colspan="null" rowspan="null">Ghana</td><td colspan="null" rowspan="null">20</td></tr><tr><td colspan="null" rowspan="null">8</td><td colspan="null" rowspan="null">102</td><td colspan="null" rowspan="null">Namibia</td><td colspan="null" rowspan="null">20</td></tr><tr><td colspan="null" rowspan="null">9</td><td colspan="null" rowspan="null">104</td><td colspan="null" rowspan="null">Rwanda</td><td colspan="null" rowspan="null">19.7</td></tr><tr><td colspan="null" rowspan="null">10</td><td colspan="null" rowspan="null">110</td><td colspan="null" rowspan="null">Madagascar</td><td colspan="null" rowspan="null">17.9</td></tr></table>

According to experts, there is a positive association between the innovation index and economic growth.

For African countries to grow economically and improve their innovation index, there is need to constantly monitor and improve funding for research and development, imparting entrepreneurial research attitudes in academics, and providing an enabling environment for business enterprises.

The major findings highlight progress as well as challenges across major stages of the innovation cycle.

Ranked: Africa's most innovative countries in 2024

<ul><li>Business Insider Africa presents the top five countries that power half of the entire African nations' GDP</li><li>Data from the IMF shows that Africa's combined GDP in 2024 ($2.8 trillion) is supported by the strengths of its top five economies</li><li>Recommendations for African countries include investing in key growth sectors and implementing policies to reduce the high cost of living.</li></ul>

Africa’s 1.4 billion population with its abundant resources makes it an <a href="https://africa.businessinsider.com/local/markets/foreigners-show-increased-confidence-in-the-kenyan-economy/byxxtrg">investment heaven </a>and the toast of several new businesses thus its status as a notable global economic player.

Top 10 African countries with the highest GDP per capita in 2024

The African Development Bank Group in its latest <a href="https://www.afdb.org/en/news-and-events/press-releases/africa-dominates-list-worlds-20-fastest-growing-economies-2024-african-development-bank-says-macroeconomic-report-68751#:~:text=Overall%2C%20real%20gross%20domestic%20product,fastest%2Dgrowing%20region%20after%20Asia.">Macroeconomic Performance and Outlook (MEO) report </a>earlier this year, predicted that Africa will account for eleven of the world’s 20 fastest-growing economies in 2024.

However, the distribution of GDP growth has been noticed to be unequal according to a report by the International Monetary Fund (IMF).

This report noted that from the 53 African countries sampled, the combined GDP of the big five countries which are South Africa, Egypt, Algeria, Nigeria, and Ethiopia ($1.4 trillion) made up half of the combined GDPs of the entire African nations.

South Africa's economy currently leading in Africa

Longest rally in a decade propels South African Rand to world’s best currency

South Africa’s position as number one on the list is a result of the country’s strong financial standing, vibrant manufacturing sector and its robust mining industry.

Egypt comes next in the second position due to its strategic position and control of the Suez Canal which generates significant revenue for the country while Nigeria comes in third position with its strong influence in the petroleum market.

Meanwhile, <a href="https://africa.businessinsider.com/local/markets/top-10-african-countries-and-their-contribution-to-africas-gdp/7ndpb3k">the rest of Africa,</a> 48 countries in total, also have a combined GDP of $1.4 trillion.

To maintain this economic drive and sustain the improvements in GDP, African countries have been urged to focus more on investing in key growth sectors, as well as the implementation of domestic policies aimed at reversing policy effects that increase the cost of living.

<table><tr><th colspan="null" rowspan="null">GDP Rank</th><th colspan="null" rowspan="null">African Country</th><th colspan="null" rowspan="null">GDP (2024, Billions)</th></tr><tr><td colspan="null" rowspan="null">1</td><td colspan="null" rowspan="null">South Africa</td><td colspan="null" rowspan="null">$373.23</td></tr><tr><td colspan="null" rowspan="null">2</td><td colspan="null" rowspan="null">Egypt</td><td colspan="null" rowspan="null">$348</td></tr><tr><td colspan="null" rowspan="null">3</td><td colspan="null" rowspan="null">Algeria</td><td colspan="null" rowspan="null">$267</td></tr><tr><td colspan="null" rowspan="null">4</td><td colspan="null" rowspan="null">Nigeria</td><td colspan="null" rowspan="null">$253</td></tr><tr><td colspan="null" rowspan="null">5</td><td colspan="null" rowspan="null">Ethiopia</td><td colspan="null" rowspan="null">$205.13</td></tr><tr><td colspan="null" rowspan="null">
</td><th colspan="null" rowspan="null">TOTAL</th><th colspan="null" rowspan="null">$1.445 trillion</th></tr></table>

10 African countries with the highest GDP growth forecast in 2024

The combined GDP of South Africa, Egypt, Algeria, Nigeria, and Ethiopia ($1.4 trillion) make up half of the combined GDPs of the entire African nations

The top 5 countries that fuel Africa's economic growth

<h2>The quest for greener pastures and improved living conditions has led to migration from less developed nations to more developed countries like the United States of America (USA).</h2>

The United States green card, also officially referred to as a permanent resident card, confers on an immigrant's legal status as a permanent resident in the United States as long as certain conditions are met. As of 2023, there were 12.7 million green card holders, of whom nine million passed the eligibility requirements to become United States citizens.

The U.S. Census Bureau data released in April 2024 says the USA hosts about 46.2 million immigrants which make up almost 14% of the U.S. population.

According to estimates by the United Nations Population Division, approximately 28.3 million sub-Saharan Africans were residing outside their countries of birth. Côte d’Ivoire, South Africa, Uganda, Sudan, and Nigeria were the main destinations for 17.8 million (63%) of the migrants within Africa.

Outside the continent, the United States was the top destination for sub-Saharan Africans, followed by the United Kingdom (1.4 million), France (1.1 million), Italy (524,000), and Canada (435,000).

The number of Eastern African immigrants in the US stood at 737,000 representing 35.2% of the total immigrants, Middle Africa stood at 195,000 (9.3%), Southern African immigrants were 116,000 (5.5%) and the number of immigrants from Western Africa was 929,000 (44.2%).

According to data from the Office of Homeland Security, this table ranks the top 10 African countries where citizens gained permanent residency in 2022.

<table><tr><th colspan="null" rowspan="null">Rank</th><th colspan="null" rowspan="null">Global Rank</th><th colspan="null" rowspan="null">Country</th><th colspan="null" rowspan="null">Green Cards</th></tr><tr><td colspan="null" rowspan="null">1</td><td colspan="null" rowspan="null">17</td><td colspan="null" rowspan="null">🇳🇬 Nigeria</td><td colspan="null" rowspan="null">12,385</td></tr><tr><td colspan="null" rowspan="null">2</td><td colspan="null" rowspan="null">28</td><td colspan="null" rowspan="null">🇪🇬 Egypt</td><td colspan="null" rowspan="null">8,348</td></tr><tr><td colspan="null" rowspan="null">3</td><td colspan="null" rowspan="null">32</td><td colspan="null" rowspan="null">🇨🇲 Cameroon</td><td colspan="null" rowspan="null">5,879</td></tr><tr><td colspan="null" rowspan="null">4</td><td colspan="null" rowspan="null">33</td><td colspan="null" rowspan="null">🇪🇹 Ethiopia</td><td colspan="null" rowspan="null">5,720</td></tr><tr><td colspan="null" rowspan="null">5</td><td colspan="null" rowspan="null">35</td><td colspan="null" rowspan="null">🇬🇭 Ghana</td><td colspan="null" rowspan="null">5,451</td></tr><tr><td colspan="null" rowspan="null">6</td><td colspan="null" rowspan="null">37</td><td colspan="null" rowspan="null">🇰🇪 Kenya</td><td colspan="null" rowspan="null">5,014</td></tr><tr><td colspan="null" rowspan="null">7</td><td colspan="null" rowspan="null">40</td><td colspan="null" rowspan="null">🇲🇦 Morocco</td><td colspan="null" rowspan="null">4,756</td></tr><tr><td colspan="null" rowspan="null">8</td><td colspan="null" rowspan="null">41</td><td colspan="null" rowspan="null">🇨🇩 Congo</td><td colspan="null" rowspan="null">4,688</td></tr><tr><td colspan="null" rowspan="null">9</td><td colspan="null" rowspan="null">48</td><td colspan="null" rowspan="null">🇿🇦 South Africa</td><td colspan="null" rowspan="null">3,535</td></tr><tr><td colspan="null" rowspan="null">10</td><td colspan="null" rowspan="null">56</td><td colspan="null" rowspan="null">🇩🇿 Algeria</td><td colspan="null" rowspan="null">3,125</td></tr></table>

Nigeria ranks 17th globally and first in Africa. It remains a significant contributor to U.S. immigration, with 12,385 immigrants receiving the green card.&nbsp;Egypt followed in second position with Cameroon, Ethiopia and Ghana coming behind.

Globally, Mexico ranks first position with 138,772 green cards obtained. India, China, Dominican Republic follow closely with 127012, 67950, 40152 and 36542 respectively.

While there are different reasons for relocation which include reuniting with family, studying, or seeking personal safety, USAFacts notes that work remains the top reason for immigration. The report adds that in 2021, 42% of the 1.5 million people who immigrated to the US came for work.

The quest for greener pastures and improved living conditions has led to migration from less developed nations to more developed countries like the United States of America (USA).

Top 10 African countries with the highest number of US Green card recipients

<ul><li>Business Insider Africa presents the 10 countries with highest number of individuals without a bank account.</li><li>The list is courtesy of Global Finance. </li><li>On a global level, the regions that have the largest base of financial excluded individuals are in developing or emerging economies.</li></ul>

The booming population of unbanked individuals further exacerbates the poverty headcount ratio in some regions thus leading to a stunted economic growth.

A significant challenge in Africa’s financial inclusion journey is the large number of unbanked individuals who are yet to have access to financial services.

The World Bank puts the number of unbanked persons at over 1.6 billion adults; these individuals have no protection cover for their money from theft or losses, and have never been introduced to any financial products like insurance, loans or mortgages.

<a href="https://africa.businessinsider.com/local/markets/top-african-countries-for-second-citizenship/yh46rwf">DON'T MISS THIS: Top 10 African countries rich people consider for citizenship </a>

According to the World Bank report&nbsp;“Poor people also account for a disproportionate share of the unbanked. Globally, half of unbanked adults come from the poorest 40% of households within their economy, the other half from the richest 60%”.

This table sourced from Global Finance ranks the top 10 countries with the largest number of residents who do not have access to bank services or any similar financial product.

<table><tr><th colspan="null" rowspan="null">Rank</th><th colspan="null" rowspan="null">Country</th><th colspan="null" rowspan="null">Population (Millions)</th><th colspan="null" rowspan="null">% Unbanked</th></tr><tr><td colspan="null" rowspan="null">1</td><td colspan="null" rowspan="null">Morocco</td><td colspan="null" rowspan="null">36.9</td><td colspan="null" rowspan="null">71</td></tr><tr><td colspan="null" rowspan="null">2</td><td colspan="null" rowspan="null">Vietnam</td><td colspan="null" rowspan="null">97.3</td><td colspan="null" rowspan="null">69</td></tr><tr><td colspan="null" rowspan="null">3</td><td colspan="null" rowspan="null">Egypt</td><td colspan="null" rowspan="null">102.3</td><td colspan="null" rowspan="null">67</td></tr><tr><td colspan="null" rowspan="null">4</td><td colspan="null" rowspan="null">Philippines</td><td colspan="null" rowspan="null">109.6</td><td colspan="null" rowspan="null">66</td></tr><tr><td colspan="null" rowspan="null">5</td><td colspan="null" rowspan="null">Mexico</td><td colspan="null" rowspan="null">128.9</td><td colspan="null" rowspan="null">63</td></tr><tr><td colspan="null" rowspan="null">6</td><td colspan="null" rowspan="null">Nigeria</td><td colspan="null" rowspan="null">206.1</td><td colspan="null" rowspan="null">60</td></tr><tr><td colspan="null" rowspan="null">7</td><td colspan="null" rowspan="null">Peru</td><td colspan="null" rowspan="null">33</td><td colspan="null" rowspan="null">57</td></tr><tr><td colspan="null" rowspan="null">8</td><td colspan="null" rowspan="null">Colombia</td><td colspan="null" rowspan="null">50.9</td><td colspan="null" rowspan="null">54</td></tr><tr><td colspan="null" rowspan="null">9</td><td colspan="null" rowspan="null">Indonesia</td><td colspan="null" rowspan="null">273.5</td><td colspan="null" rowspan="null">51</td></tr><tr><td colspan="null" rowspan="null">10</td><td colspan="null" rowspan="null">Argentina</td><td colspan="null" rowspan="null">45.2</td><td colspan="null" rowspan="null">51</td></tr></table>

On a global level, the regions that have the largest base of financial excluded individuals are in developing or emerging economies, and include the Middle East and Africa (50%) South and Central America follow at 38%, Eastern Europe and the former Soviet republics at 33%, Asia Pacific’s share stands at 24%.

According to consulting firm EY Global, there is a possibility of boosting GDP by up to 14% by adopting broader access banking, savings and lending products in large emerging countries such as India and up to 30% in frontier economies such as Kenya and other African countries.

<a href="https://africa.businessinsider.com/local/leaders/african-countries-with-the-most-billionaires-in-2024/wqh0bsf">DON'T MISS THIS: African countries with the most billionaires in 2024</a>

The growth of financial inclusion In Sub-Saharan Africa, has been linked to the high adoption of fintech solutions like payment gateways, lending platforms, and investment apps which will further bridged the gaps by penetrating the unbanked regions.

The adoption of fintech solutions in unbanked areas will also encourage entrepreneurship and businesses in the rural areas which in turn, will also enable some unbanked individuals to access digital banking services without having to physically visit a banking structure.

A 2023 Access to Finance (A2F) survey conducted by Enhancing Financial Innovation &amp; Access (EFInA) reports a rise in data of financially included Nigerians from 56% in 2020 to 64% in 2023, thus indicating a significant progress as the country targets to reduce levels of financial exclusion to 25% by 2024.

10 countries with highest number of individuals without a bank account

A significant challenge in Africa’s financial inclusion journey is the large number of unbanked individuals who are yet to have access to financial services.

<h2>The significance of trade in Africa is undeniable due to its role in fostering sustainable economic development and integration. </h2>

Additionally, trade strengthens the overall economic prospects of the continent by contributing to the growth of its GDP.

When compared with other regions, intra-African trade which contributes just about 15% to Africa’s total trade comes far below the scoreboard unlike Asia (58%), and Europe - (over 70%).

Intra-African trade involves both imports and exports and majorly involves the trade of goods and services across the continent from country to country. These goods range from different categories like fuels, machinery, vehicles, ores, slag and ash, and iron and steel.

The African Trade Report (2024) lists the top five traded goods during the period as; mineral fuels, machines/mechanical appliances, fertilisers, Iron/steel and vehicles.

Several African countries have been at the forefront of bolstering trade in the continent and according to the African Trade Report (2024) published by the African Export-Import Bank (Afreximbank), the following countries were responsible for fostering cross-border commerce across the continent.

<table><tr><th colspan="null" rowspan="null">Rank</th><th colspan="null" rowspan="null">Country</th><th colspan="null" rowspan="null">Intra Africa Import ($)</th><th colspan="null" rowspan="null">Intra Africa Export ($)</th><th colspan="null" rowspan="null">Total Intra Africa Trade($)</th></tr><tr><td colspan="null" rowspan="null">1</td><td colspan="null" rowspan="null">South Africa</td><td colspan="null" rowspan="null">29.6</td><td colspan="null" rowspan="null">9.59</td><td colspan="null" rowspan="null">39.19</td></tr><tr><td colspan="null" rowspan="null">2</td><td colspan="null" rowspan="null">Côte D'IVoire</td><td colspan="null" rowspan="null">11.38</td><td colspan="null" rowspan="null">4.7</td><td colspan="null" rowspan="null">16.08</td></tr><tr><td colspan="null" rowspan="null">3</td><td colspan="null" rowspan="null">Egypt</td><td colspan="null" rowspan="null">6.61</td><td colspan="null" rowspan="null">1.63</td><td colspan="null" rowspan="null">8.24</td></tr><tr><td colspan="null" rowspan="null">4</td><td colspan="null" rowspan="null">Nigeria</td><td colspan="null" rowspan="null">5.63</td><td colspan="null" rowspan="null">2.36</td><td colspan="null" rowspan="null">7.99</td></tr><tr><td colspan="null" rowspan="null">5</td><td colspan="null" rowspan="null">Zimbabwe</td><td colspan="null" rowspan="null">2.9</td><td colspan="null" rowspan="null">4.73</td><td colspan="null" rowspan="null">7.63</td></tr><tr><td colspan="null" rowspan="null">6</td><td colspan="null" rowspan="null">Mali</td><td colspan="null" rowspan="null">2.52</td><td colspan="null" rowspan="null">5.03</td><td colspan="null" rowspan="null">7.55</td></tr><tr><td colspan="null" rowspan="null">7</td><td colspan="null" rowspan="null">Ghana</td><td colspan="null" rowspan="null">6.02</td><td colspan="null" rowspan="null">1.33</td><td colspan="null" rowspan="null">7.35</td></tr><tr><td colspan="null" rowspan="null">8</td><td colspan="null" rowspan="null">Zambia</td><td colspan="null" rowspan="null">3.17</td><td colspan="null" rowspan="null">3.75</td><td colspan="null" rowspan="null">6.92</td></tr><tr><td colspan="null" rowspan="null">9</td><td colspan="null" rowspan="null">DR Congo</td><td colspan="null" rowspan="null">3.34</td><td colspan="null" rowspan="null">3.55</td><td colspan="null" rowspan="null">6.89</td></tr><tr><td colspan="null" rowspan="null">10</td><td colspan="null" rowspan="null">Namibia</td><td colspan="null" rowspan="null">3.15</td><td colspan="null" rowspan="null">3.12</td><td colspan="null" rowspan="null">6.27</td></tr></table>

On a regional scale, Southern Africa emerged as the intra-African trade powerhouse as it accounted for a larger share of intra-African trade in 2023. West Africa sealed its position as the second largest region for intra-African trade, accounting for 25.7% of total intra-African trade during the period.

East Africa emerged as the third-largest intra-African trading subregion contributing 14.1% while North and Central Africa accounted for about 12.4% and 6.6% respectively, of total intra-African trade.

According to the Trade in Transition report, a research programme led by Economist Impact, several factors have been noted to actively hamper intra-African imports and exports which include Increased inflation and economic uncertainty, higher transport costs, unfavourable foreign exchange,&nbsp;political instability and high tariff costs.

The introduction and subsequent ratification of the African Continental Free Trade Agreement (AfCFTA) is expected to resolve some of these bottlenecks and also boost intra-African trade by 52.3% by 2025, increasing Africa's income by up to US$450 billion by 2035.

The significance of trade in Africa is undeniable due to its role in fostering sustainable economic development and integration.

Top 10 African countries with the highest trade exports, imports within the continent

<ul><li>Business Insider Africa presents 10 African countries that first introduced polymer banknotes.</li><li>The list is courtesy of Visualcapitalist.</li><li>Nigeria was the first African country to adopt polymer notes on February 28, 2007, when new versions of the ₦5 to ₦50 banknotes were introduced.</li></ul>

The need to preserve physical cash has led to the innovative use of polymer as a durable, secure, and sustainable alternative material for banknote production.

The first recorded use of polymer notes was in Australia (1988) when the $10 bill was replaced in celebration of the nation’s bicentennial anniversary.

The Australian dollar was completely switched to polymer banknotes in 1996. Other countries like New Zealand and Romania followed suit in 1999 and 2003 respectively.

<a href="https://africa.businessinsider.com/local/markets/top-10-african-countries-that-made-the-most-money-from-other-african-countries/yh98fvs">DON'T MISS THIS: Top 10 African countries that made the most money from other African countries </a>

The need to preserve physical cash has led to the innovative use of polymer as a durable, secure, and sustainable alternative material for banknote production.

Solomon Ekanem

Articles written by the author

Global ranking of top 5 smartphone brands in Q3, 2024

10 African countries with the lowest military spending

10 African countries with the most international sanctions

5 African countries set to benefit as Saudi Arabia raises $1.1 billion to support refugees

Top 10 African countries with low internet censorship

10 largest aircraft manufacturers by market capitalization

Ranked: Africa's most innovative countries in 2024

The top 5 countries that fuel Africa's economic growth

Top 10 African countries with the highest number of US Green card recipients

10 countries with highest number of individuals without a bank account

Top 10 African countries with the highest trade exports, imports within the continent

Top 10 African countries that first introduced polymer banknotes

The most expensive presidential jets in the world

10 countries with the most international airports

Top 10 African countries that lost the most people to emigration

10 African countries with the best access to electricity

8 countries where WhatsApp is blocked or restricted

Where are the 5 wealthiest cities in Africa located?

Top 10 ports in Africa based on trade volume

Top 10 countries with the worst inflation rates