The Editorial Team |

Climate Change Is Forcing Us to Adapt to a New World: Bill Gates

LAGOS (Capital Markets in Africa) — Adapted from “How to Avoid a Climate Disaster: The Solutions We Have and the Breakthroughs We Need,” publishing on February 16 from Alfred A. Knopf. We need to get to zero emissions, and we’re going to need a lot of innovation to do it. But innovation doesn’t happen overnight, and it will take decades for green products to reach a big enough scale to make a significant difference. In the…

Paris Club Sees Private Creditor Relief Varying in G-20 Plan

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LAGOS (Capital Markets in Africa) — Debt relief provided by private creditors for the world’s poorest nations under a Group of 20 restructuring plan will hinge on each borrower’s situation and might not necessarily reduce any money owed, according to the chair of the Paris Club. Emmanuel Moulin, the head of the French Treasury, said in an interview on Wednesday that debtor countries participating in the so-called G-20 common framework will need to get private…

Lagos Bank Stocks Take a Beating as Traders Chase High Yields

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LAGOS (Capital Markets in Africa) — Nigerian investors are switching out of stocks to position for higher yields in the fixed-income market, with banks emerging as the worst-hit sector. An index of the top 10 banking stocks extended its decline to a fourth day in Lagos Thursday, dropping 3% to a nine-week low. Guaranty Trust Bank Plc led declines in the sector, falling 5.1%, while Union Bank of Nigeria Plc slid 8%. “The market is reacting to…

African Startup Funds Fall for First Time in Almost a Decade

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LAGOS (Capital Markets in Africa) — Funding for African startups slowed for the first time after nearly 10 years of growth as investors in the fledgling tech scene were put off by the Covid-19 pandemic, according to venture capital firm Partech Partners. Companies on the continent raised $1.43 billion in 2020, down 29% from a year ago, Partech Partners said in a report. Just two deals above $50 million closed last year compared with 10…

Nigeria Raises Borrowing Limit in New Debt Management Plan

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LAGOS (Capital Markets in Africa) — Nigeria increased the amount it is allowed to borrow as a proportion of gross domestic product to 40% from 25% as part of a new debt-management strategy approved by cabinet Wednesday. The higher limit will enable borrowing to fund the budget deficit and other government obligations, including promissory notes issued to settle arrears, as well as lending from the central bank, the Debt Management Office said in a statement…

Nigeria Delays Plans to Regulate Cryptocurrencies and Dealers

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LAGOS (Capital Markets in Africa) — Nigeria’s Securities and Exchange Commission has suspended previously announced plans to regulate cryptocurrencies, until those dealing in them are able to open bank accounts in the West African nation. Last week, the Central Bank of Nigeria ordered financial institutions to close accounts dealing in cryptocurrencies, saying the transactions posed risks to the economy, but those measures are now on hold. “For the purpose of admittance into the SEC regulatory incubation…

More African Nations Seen Tapping G-20 Debt Plan on Revenue Drop

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LAGOS (Capital Markets in Africa) — The economic damage wrought by the coronavirus will probably lead more African nations to seek debt restructuring, the head of the United Nations Economic Commission for Africa said. Chad last month became the first state in Africa to request relief under a Group of 20 initiative to help countries cope with the economic fallout from the pandemic. Ethiopia applied two days later, followed by Zambia, which last year became…

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