The Editorial Team |

Jumia Looks Beyond Profit Target With Plan to Spin Off Units

LAGOS (Capital Markets in Africa) — Jumia Technologies AG is looking beyond an immediate target of generating a profit from its pioneering African e-commerce business, laying out longer-term plans to spin off divisions and enter new countries. The question of when the Berlin-based company will become profitable has hung over the group since a high-profile New York listing in 2019. And while Jumia has been careful in recent months not to set itself a deadline,…

Nigeria Needs To Do More to Get $1.5 Billion World Bank Loan

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LAGOS (Capital Markets in Africa) — Nigeria needs to compile a solid economic-recovery plan with the right foreign-exchange policies to convince the World Bank to approve a $1.5 billion loan to support the West African nation’s budget. The government has to assure the lender’s shareholders it is doing all it can to prop up Africa’s largest economy amid the devastation brought by the coronavirus pandemic, according to the World Bank country director in Nigeria, Shubham Chaudhuri….

Nigeria Plans to Approve Covid-19 Vaccine Early Next Year

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LAGOS (Capital Markets in Africa) — Nigeria expects to license by April one of the vaccines under development globally for Covid-19, the West African nation’s drugs regulator said. “We are looking at the end of the first quarter of next year or the beginning of the second quarter” to approve a shot for use in Nigeria, National Agency for Food and Drug Administration and Control Director-General Mojisola Adeyeye said in an interview on Wednesday. Africa’s…

Terror Risks Escalate in Africa; Covid Could Make it Worse

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LAGOS (Capital Markets in Africa) — Terror groups are expanding operations and scaling up attacks in Africa, straining governments ill-prepared to battle extremism as the coronavirus pandemic drains much-needed resources, Verisk Maplecroft said. Rising violence has made sub-Saharan Africa home to seven of the 10 riskiest countries in the world, according to the risk consultancy’s quarterly Terrorism Intensity Index published Friday. Nations including Ivory Coast, Tanzania and Mozambique saw the biggest decline in the index,…

Morocco Raises $3 Billion in Record Foreign Bond Sale

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CASABLANCA (Capital Markets in Africa) — Morocco returned to international capital markets with a record foreign bond offering to shore up finances battered by the coronavirus. The government’s $3 billion bond offering included dollar-denominated seven-, 12- and 30-year securities, according to a person familiar with the matter who asked not to be identified. The deal priced at 175 basis points over U.S. Treasuries for $750 million of the shortest-duration notes, 200 basis points for $1…

Central Banks Step Up $5.6 Trillion Bond Binge Despite Doubts

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LONDON (Capital Markets in Africa) — Global central banks are embarking on fresh waves of bond-buying to fight the fallout from the pandemic, despite mounting claims that the once-mighty policy is losing its power to boost the economy. The U.S. Federal Reserve, Bank of England, Bank of Japan and the European Central Bank have splurged $5.6 trillion this year alone on quantitative easing, according to Bloomberg Economics. The ECB is expected to increase its own purchase plans by…

U.K. Urged to Levy $350 Billion Wealth Tax to Pay for Pandemic

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LONDON (Capital Markets in Africa) — A one-off 5% tax on wealth in the U.K. could rise more than 260 billion pounds ($348 billion) to help fix the coronavirus-hit public finances, according to a panel of experts. In a report published Wednesday, the independent Wealth Tax Commission called for a charge of 1% a year for five years on individual assets above 500,000 pounds. About 8 million residents would be affected. The debate over wealth…

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