Daily News – Page 3 – Ethiopian Business Review

EBR_News Apr 17, 2026

By Betegbar Yaregal

Aliko Dangote, Africa’s richest man, has unveiled plans to sell approximately 10 percent of his $20 billion oil refinery through a landmark pan-African initial public offering (IPO) in 2026, a move that could transform continental capital markets while raising billions to fund a $40 billion expansion drive across refining, fertiliser, and mining.

The announcement was made during an event hosted by the Atlantic Council in Washington, D.C., on Thursday, with Dangote confirming that the Dangote Petroleum Refinery and Petrochemicals FZE will pay dividends to shareholders in US dollars after listing.

While specific financial details remain undisclosed, analysts estimate the offering could value the 650,000-barrel-per-day facility at between $40 billion and $50 billion, potentially making it Africa’s most valuable listed company.

EBR_News Apr 16, 2026
By Betegbar Yaregal

Sub-Saharan Africa entered 2026 with its strongest economic momentum in over a decade, achieving 4.5 percent growth in 2025, but the escalating conflict in the Middle East has clouded the outlook, forcing the International Monetary Fund to downgrade regional growth projections to 4.3 percent for 2026, 0.3 percentage points below pre-war forecasts, according to the IMF’s April 2026 Regional Economic Outlook released during the Spring Meetings in Washington.

Abebe Aemro Selassie, Director of the IMF’s African Department, highlighted that countries such as Ethiopia and Nigeria benefited from macroeconomic adjustments, including exchange rate realignments, fuel subsidy reductions, and strengthened monetary policy frameworks. These efforts contributed to improved fiscal positions, declining inflation, and stronger external balances across the region.

The Middle East war has triggered a major external shock, with oil, gas, and fertilizer prices surging alongside shipping costs. Trade with Gulf partners has been disrupted, while tourism and remittances are being squeezed. Financial conditions have tightened, particularly for fuel-importing countries. Median inflation is expected to rise to around 5 percent by the end of 2026.

EBR_News Apr 15, 2026

By Betegbar Yaregal

The National Startup Steering Committee has held its second round of consultations to review implementation of Ethiopia’s Startup Proclamation, with discussions focused on establishing a Fund of Funds, grants, and loan guarantee programs to address startup financing gaps.

State Minister of Innovation and Technology and Committee Chairperson Bayisa Bedada (PhD) noted that the proclamation will lay a crucial foundation for national economic growth by creating a conducive environment for startups and positioning Ethiopia as a competitor in global technological development. The implementation of twenty-four activities identified in the national implementation plan was presented at the consultation.

EBR_News Apr 15, 2026

By Betelhem Yetagesu

Russian e-commerce powerhouse Wildberries has officially launched its pilot operations in Ethiopia, marking the platform’s first major entry into the African market and positioning the country as a strategic digital trade hub for the continent. The move, which began with a soft launch in April, is part of a broader strategy to support Ethiopia’s “Digital Ethiopia 2030” agenda while creating new export channels for local producers of coffee, textiles, leather goods, and handicrafts.

The development follows a high-level partnership agreement signed in November 2025 between Wildberries and Ethiopian Investment Holdings (EIH), the country’s sovereign wealth fund managing over USD 150 billion in assets. The memorandum outlined joint efforts to adapt Wildberries’ platform to local conditions and to develop logistics and digital infrastructure. Speaking at a tech conference in Moscow, Wildberries founder Tatyana Kim confirmed that Ethiopian products are now available on the platform, with Ethiopian coffee already a well-known brand in Russia.

EBR_News Apr 15, 2026

By Betegbar Yaregal

Ethiopian music icon Teddy Afro has officially terminated his contract with Sewasew Multimedia by mutual agreement, returning 33 million birr to the publisher as he prepares to release his highly anticipated ninth studio album, “Etorika,” independently on Thursday, April 16.

The financial settlement covers the original 25 million birr advance the artist received four years ago, plus accumulated bank interest over the contract period, according to the artist’s management and confirmed by Sewasew Multimedia. The termination comes after prolonged disagreements over contract renewal terms, dispelling various political rumors circulating on social media.

The partnership, originally valued at 50 million birr, began four years ago with an initial payment of 25 million birr. However, during negotiations to renew the contract as the album release approached, new points of contention emerged that both parties could not resolve.

EBR_News Apr 15, 2026

By Betegbar Yaregal

A prolonged Middle East conflict could reduce Ethiopian household income by an average of 1.5 to 4.3 percent, driven by rising food and transport prices and a potential decline in remittances from Gulf states, according to the World Bank’s Africa Economic Update released in April 2026.

Ethiopian households are particularly exposed to the crisis due to high food expenditure and widespread reliance on public transportation. The report notes that Ethiopian households allocate 58.5 percent of total expenditure to food, with even rural households partially exposed to market prices through food purchases. About 48 percent of households use public transport, rising to 62 percent among urban households, making them vulnerable to fuel-driven fare increases.

Dear Customers,

In accordance with the new direction given from National Bank of Ethiopia, all Dashen Bank customers are required to harmonize their Fayda Digital ID with their bank information to access banking services and continue operating their existing accounts.

Therefore, we kindly request you to bring your 16-digit Fayda Identification Number (FAN) to your nearest Dashen Bank branch to link it with your bank account. You can also use the online link (https://dashensuperapp.com/dashen-fayda). Furthermore, Dashen Bank Super App is another option.

The deadline is April 8.

Thank you for your cooper

Dashen Bank – Always One Step Ahead!!

EBR_News Mar 18, 2026

Developing economies now use industrial policy more intensively than advanced economies, with low-income countries imposing average tariffs of 12 percent, more than double the 5 percent rate in high-income nations, according to new World Bank research that upends conventional wisdom about who practices industrial policy.

The report, “Industrial Policy for Development,” draws on unprecedented data collection across 183 countries, including analysis of national development plans, tariff schedules, and business subsidy programs. The findings challenge recent narratives focused on US and European industrial policy announcements.

EBR_News Mar 18, 2026

Oromia Bank’s interest-free banking (IFB) financing has grown to 7.5 billion birr as of February 28, 2026, up from 4.5 billion birr in June 2025, a 67 percent increase in just eight months, while total IFB deposits rose from 10.2 billion birr to 11.78 billion birr during the same period, according to figures shared with EBR.

The IFB customer base expanded from 1.8 million to 2.1 million over the eight-month period, reflecting continued strong adoption of the bank’s Sharia-compliant banking services. The bank also distributed 3.75 million birr to six charitable organizations at the bank’s annual Ramadan charity program held on Tuesday at its headquarters.

EBR_News Mar 18, 2026

The Ministry of Finance has unveiled a comprehensive new directive aimed at overhauling the compensation system for temporary staff employed in development programs and projects funded by international partners. Directive Number 1125/2025, issued in March 2026, seeks to establish a uniform and transparent salary structure for workers across all federal and regional government offices, replacing the previous framework established in 2025.

The new regulation introduces standardized salary scales, detailed in four attached schedules, which apply to all project-funded personnel ranging from support staff to high-level specialists. By categorizing these temporary positions into four distinct groups Special Advisors, Sector-Specific Technical Professionals, Project Staff, and Support Staff the directive aims to eliminate pay discrepancies where similar roles across different projects might receive varying compensation.

Dangote to Sell 10% Refinery Stake in Landmark Pan-African IPO, Ethiopian Exchange Among Targeted Listings

Sub-Saharan Africa’s Strongest Growth in a Decade Faces New Threat from Middle East War, IMF Warns

Ethiopia Moves to Implement Startup Proclamation with Fund of Funds, Naming System, and 15-Year Master Plan

Russian E-Commerce Giant Wildberries Launches Ethiopian Pilot, Aiming to Connect Local SMEs to Global Market

Teddy Afro Terminates Sewasew Multimedia Contract, Returns 33 Million Birr Ahead of New Album ‘ETORIKA’

Middle East Crisis Could Cut Ethiopian Household Income by 4.3% as Food and Transport Costs Rise

Harmonize your Bank Account with Fayida

Low-Income Countries Outpace Rich Nations in Industrial Policy Use, Tariffs Highest Among Poorest : World Bank

Oromia Bank’s IFB Financing Surges to 7.5 Billion Birr as Deposit Hits 11.78 Billion

Ethiopia Overhauls Salary Scale for Project Staff Funded by Development Partners