The Editorial Team |

Nigeria to Unify Exchange Rates Around Investors’ Window

LAGOS (Capital Markets in Africa) — Nigeria will continue to pursue exchange rate convergence around what is offered in the investors and exporters window, otherwise called nafex, the regulator said. “Exchange rate unification is moving toward the nafex,” central bank governor, Godwin Emefiele said on a call with investors on Tuesday. People buying dollars from the parallel market are engaged in ‘illegal business’ and ‘corrupt practices’ and the bank will not use the unofficial market as base…

Olam to Expand Nigeria Rice-Milling Capacity by 50%

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LAGOS (Capital Markets in Africa) — Olam International Ltd., one of the world’s largest food traders, will increase its rice-processing capacity in Nigeria by half as it moves to benefit from the country’s increasing investment in the food crop. The company plans to build a second line at its factory in the northern Nigerian state of Nassarawa to provide an additional 120,000 tons of million capacity per annum by 2021, Ade Adefeko, vice president, corporate…

IMF Deal Comes a Step Closer for Economically Battered Sudan

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SUNDA (Capital Markets in Africa) — Sudan took a further step toward agreeing to a staff-monitored program with the International Monetary Fund, a deal the North African country says is crucial to overhauling its battered economy. The IMF and Sudan’s transitional government have reached a preliminary accord on policies for the prospective one-year, non-financial program, the lender said in a statement. The announcement comes before a Thursday donor conference where Sudan, blighted by years of…

World Bank Comes to Congo’s Aid with $1 Billion Package

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CONGO (Capital Markets in Africa) – The World Bank approved a $1 billion aid package for the Democratic Republic of Congo in a sign of confidence that the country’s new government can grow revenue and distance itself from a long history of corruption. The Washington D.C.-based lender agreed last week to spend $800 million on primary-school education and another $200 million on maternal and infant health in the country. President Felix Tshisekedi, who took over Congo…

Nigeria Will Not Seek Debt Relief, Rules Out Eurobond Sale

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LAGOS (Capital Markets in Africa) — Nigeria will not request a delay in debt-service payments this year from bilateral and commercial creditors, the largest economy yet to turn down a debt holiday offered to the world’s poorest nations. “Nigeria is not planning to ask for debt repayment deferment for our commercial loans or for our bilateral loans from our bilateral creditors,” Finance Minister Zainab Ahmed said in a call with investors organized by Citigroup. The…

Mo Ibrahim Urges More African Access to IMF Reserves Amid Virus

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LAGOS (Capital Markets in Africa) — Poor African nations should be allowed to borrow more from the International Monetary Fund’s reserves to help mitigate the economic impact of the coronavirus pandemic, according to Sudanese billionaire Mo Ibrahim. “There’s a lot of goodwill but where is the beef?” Ibrahim said in an interview during the virtual Bloomberg Invest Conference on Wednesday. “We are here waiting for the IMF to deploy this very powerful tool they have,…

Budget Depicts Havoc Virus Wreaked on South Africa’s Economy

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JOHANNESBURG (Capital Markets in Africa) — South African Finance Minister Tito Mboweni delivered a grim assessment of the nation’s finances in a special adjustment budget that forecasts a deep recession and plunging tax revenue. Gross domestic product is forecast to shrink 7.2% this year, the most in almost nine decades and the consolidated budget deficit is expected to surge to 15.7%. While gross debt-to-GDP is to peak at 87.4% in four years, investors were cheered…

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