Cash and Carry

November 17, 2025 • Estimated Reading Time: 7 minutes

Good Morning, Chop Family!

On this day, way back in 1869, the Suez Canal was inaugurated in Egypt. This big deal transformed global trade by connecting the Mediterranean Sea to the Red Sea.

📈 Trending Headlines

Illegal Digging

 Sad news from the DRC, where a bridge collapsed at the Kalando mine in Lualaba Province, killing at least 32 miners after illegal diggers ignored bans during heavy rain and caused a deadly crush when the structure gave way.


This tragedy underlines how the DRC’s crucial cobalt belt still relies on thousands of informal workers under dire conditions and how fragile the supply chains of Western goods like EV and computer parts really are.

Venezuela gets struck

Venezuelans beware … The US Southern Command has just carried out its 21st strike on a suspected drug-smuggling boat in international waters, killing three aboard and bringing the death toll from the campaign to 83 people.

Naija peeps, does this make you think twice about whether the US may strike Nigeria?

MARKET MOVES

BUSINESS

Joberg

South Africa just bagged its first sovereign credit-rating upgrade in nearly 20 years — the ratings agency S&P Global Ratings bumped the country’s long-term foreign-currency rating from “BB-” to “BB”, citing healthier fiscal numbers, reforms at state-owned giants like Eskom, and a stabilising debt-to-GDP ratio.

Does this mean that Africa’s most industrialised economy may be crawling out of junk status, though it’s still two notches below true investment grade?

The top five African nations by S&P credit rating in 2025 are:

  1. Botswana – BBB+ (the only African country with a high “investment grade” rating)

  2. Mauritius – BBB- (at the lower end of investment grade)

  3. Morocco – BB+ (non-investment grade, but the highest in North Africa)

  4. Ivory Coast (Côte d’Ivoire) – BB (non-investment grade)

  5. South Africa – BB

Lagos Nigeria

Break Eggs, Make Omelet

Not to be left out, following South Africa’s landmark credit rating upgrade, Nigeria also got a bit of love from the S&P Global Ratings as they were recently upgraded to “positive”.

Technically, Nigeria’s actual rating remains at “B-/B”, but since the implementation of some controversial reforms, like removing the petrol subsidy and floating the Naira, the sentiment on Nigeria’s economy is trending “positive”.

But the feelings on the ground, street, and market level tell a different story, as the common Nigerian is feeling the pinch of higher fuel prices, higher food prices, and higher rents.

The Government’s response is… “You have to break eggs to make an omelet.”

FINANCE

Climate Controversy at the COP30 Summit in Brazil, as indigenous peaceful protestors attempted to block attendees from entering the venue. The protestors are highlighting some hypocrisy as they bring attention to their concerns about deforestation and displacement.

Similarly, the parallel from an African perspective is that the continent that emits the least CO2 is under intense pressure, both financially and politically, to adopt measures to combat climate change, while simultaneously battling big economic and infrastructural problems at home.

TECH

 “Mini Amazon”

Jumia Technologies posted a solid Q3 2025 performance, with revenue jumping 25% year-on-year to $45.6 million and operating losses narrowing by about 13% to $17.4 million. They’re cutting staff by 7% and leaning into AI-powered automation to slash costs and scale smarter.

Call us skeptical, but it seems that many companies these days are blaming AI for their reductions; however, with generic statements like “We are leveraging AI across key functions to enhance productivity and reduce operating expenses,” it seems fishy.

How exactly is AI enhancing productivity? Is it taking orders, answering phones? Maybe, but we guess that companies like Jumia are just cutting fat and redundant workers to boost their numbers and now have a convenient scapegoat to blame - AI

SMALL CHOP

Nigeria stumbles at the World Cup Qualifiers as they lost to DR Congo (1-1) in a penalty shoot-out (4-3). Nigeria came in ahead in rankings and with high ambitions, but there seems to be a cloud around this team as they continually underperform in these qualifiers. Congo, meanwhile, keeps their hopes alive as it moves on to face Benin next month.

DISH OF THE DAY

Coconut Rice - African Style

We had a football watch party to enjoy the match between Nigeria and Congo. We had many big mouths to feed, so we laid out a big spread. The star of the show, believe it or not, was my friend’s famous Coconut Rice (African Style). 

This dish was delicious. Think Jollof but without the color and with a hint of coconut flavor. It was laden with spices, peppers, fish, and beef. It had a kick too, and it was finished faster than the jollof pot! We also had suya, fufu, puff puff, and much more.

Did You Know? The Suez Canal, which runs 120 miles was dug by hand- yep by hand with basic tools like picks and shovels. The project took 10 years from 1859-1869. Many reports state the harsh conditions and “forced labor” that local Egyptians endured.

Till next time,

Chop Team