Nigerian Economic Growth Quickens as Oil Output Increases

Nigerian Economic Growth Quickens as Oil Output Increases

LAGOS (Capital Markets in Africa) – Nigeria’s economic growth accelerated in the third quarter as oil output rose to the highest since the start of last year. The gross domestic product of Africa’s largest crude producer expanded 1.4 percent in the three months through September from a year earlier, compared with a revised 0.7 percent in the second quarter, the Abuja-based National Bureau of Statistics said Monday in an emailed report. The median of 13 economists’ estimates…

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Nigeria Aims to Issue $2.5b of Eurobonds on Monday

Nigeria Aims to Issue $2.5b of Eurobonds on Monday

LAGOS (Capital Markets in Africa) – Nigeria plans to issue a Eurobond of at least $2.5 billion on Monday, says Kevin Daly, a money manager at Standard Life Aberdeen, who attended an investor meeting with officials from the nation in London Thursday. Nigerian delegation included Finance Minister Kemi Adeosun, central bank Governor Godwin Emefiele, head of the Debt Management Office, Patience Oniha, and Ben Akabueze, head of the budget office. Nigeria may increase the size…

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Guaranty Trust Bank Nigeria Eyes Mozambique to Double Income From Africa

Guaranty Trust Bank Nigeria Eyes Mozambique to Double Income From Africa

LAGOS (Capital Markets in Africa) – Guaranty Trust Bank, Nigeria’s biggest lender by market value, plans to open in Mozambique as it targets the country’s gas market to help prop up profit from African subsidiaries. The lender will enter Mozambique in the first quarter of 2019 “to capitalize on the country’s offshore gas boom,’’ after it opens in Tanzania in January next year, it said. The expansion will increase the contribution to profit by African…

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Ivory Coast May Legalize Cocoa Farming in Some Protected Forests

Ivory Coast May Legalize Cocoa Farming in Some Protected Forests

ABIDJAN (Capital Markets in Africa) – Ivory Coast, the world’s top cocoa producer, plans to legalize farming on almost 5 million acres of protected reserves to help balance the rebuilding of forests with an output of its most important export. The government wants to reclassify protected forests that have been destroyed by more than three-quarters because of unauthorized farming — most of it cocoa — into “protected agroforest” areas, according to a Forestry Ministry document obtained by…

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Ghana to Cut $2.2 Billion Bill With Farm Support, President Says

Ghana to Cut $2.2 Billion Bill With Farm Support, President Says

ACCRA (Capital Markets in Africa)- Ghana has a target of supporting one million farmers in the next four years with plans to invest in agriculture as the West African nation seeks to increase trade and cut its reliance on food imports that cost about $2.2 billion annually. While Ghana is the world’s second-biggest cocoa producer, it imports more than two-thirds of the staples such as wheat and rice that it needs, according to the United Nations’…

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India Exim Bank’s $100 Million Funds Nigeria Power Projects

India Exim Bank’s $100 Million Funds Nigeria Power Projects

LAGOS (Capital Markets in Africa) – India’s Export-Import Bank will provide Nigeria with $100 million in concessionary loans to fund power projects. They include a solar-power plant to supply the northern city of Kaduna and two gas-fired facilities to be built in the south-eastern states of Enugu and Cross River, Indian High Commissioner to Nigeria B.N. Reddy said in a Nov. 7 interview in the commercial capital, Lagos. “The power sector has been identified as…

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Ghana Central Bank Governor Sees Room for Further Rate Cut

Ghana Central Bank Governor Sees Room for Further Rate Cut

ACCRA (Capital Markets in Africa) – Bank of Ghana Governor Ernest Addison said there is scope for a further cut in the country’s main interest rate should the economy keep improving.  “If the fundamentals of the economy are seen to be improving, then there is room for a rate cut, even though inflation has stayed at around 12 percent,” he said in an interview Tuesday in the capital, Accra. The central bank of West Africa’s biggest economy…

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