The Editorial Team |

The impact of COVID-19 on Nigeria’s power sector: How can power companies weather the storm?

LAGOS (Capital Markets in Africa) – Prior to the outbreak of the COVID-19 pandemic in Nigeria, the Nigerian power sector had been enmeshed in lingering challenges of inadequate and obsolete power generation, transmission and distribution facilities, that had made it impossible for the Nigerian state to meet the power requirements of resident individuals and businesses operating in the country. For most operators in the Nigerian power sector, the initial optimism that heralded their entry and subsequent investments in…

Boris Pledges $1.2 Billion of Catch-Up Schooling for U.K. Kids

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LONDON (Capital Markets in Africa) — Prime Minister Boris Johnson announced a $1.2 billion package to help U.K. children catch up on schooling they missed during the coronavirus lockdown. State primary and secondary schools will be able to draw on 650 million pounds of funding, with school principals to decide on how it’s spent, Johnson’s office said in an emailed statement, adding that small group tuition should be the favored intervention. A separate 350 million-pound…

U.K. Government Debt Tops 100% of GDP for First Time Since 1963

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LONDON (Capital Markets in Africa) — U.K. government debt rose above 100% of the gross domestic product in May for the first time since 1963, reflecting a precipitous drop in economic output and a surge in spending to counter the fallout from the coronavirus pandemic. Borrowing increased by more than 100 billion pounds ($124 billion) in the two months to May, as tax revenue plunged and the government deployed a massive support package to save jobs…

Trump Says ‘Complete Decoupling’ From China Remains an Option

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NEW YORK (Capital Markets in Africa) — President Donald Trump said the U.S. could pursue a “complete decoupling from China” in response to unspecified conditions, his most forceful statement yet on the souring ties with Beijing. In a tweet Thursday, Trump refuted comments a day earlier by U.S. Trade Representative Robert Lighthizer, who said a full decoupling of the world’s two biggest economies was not “a reasonable policy option.” It was not Ambassador Lighthizer’s fault (yesterday…

Bolton, Trump Administration Set for Court Battle Over Book

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NEW YORK (Capital Markets in Africa) — Former National Security Advisor John Bolton’s pending memoir is living up to its publisher’s hype as “the book President Donald Trump doesn’t want you to read.” Trump’s Justice Department is heading to court Friday in a last-ditch attempt to block the publication of “The Room Where It Happened: A White House Memoir,” due to be released June 23, even as excerpts that have already appeared in the media…

Orange Senegal Unit Taps Local Market To Grow Amid Digital Boom

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DAKAR (Capital Markets in Africa) — An Orange SA West African subsidiary is issuing debt on the regional market for the first time to take advantage of higher demand for digital services amid the coronavirus pandemic. The outbreak of Covid-19 and subsequent lockdowns has made a plan by Dakar-based Sonatel’s to raise 100 billion CFA ($171 million) particularly timely, Chief Executive Officer Sekou Drame said in an interview. The bond sale is the largest in the history…

Nigerian Bond Sales Head for Blockbuster Year as Yields Drop

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LAGOS (Capital Markets in Africa) — Nigerian companies are poised to raise a record amount of local short-term debt, joining one of the biggest global junk-bond rallies in two months as businesses take advantage of a drop in borrowing costs. Companies including Dangote Cement Plc, Union Bank of Nigeria Plc and MTN Group Ltd. have tapped the domestic market this year to refinance existing debt or boost working capital. It comes as firms from casino operators and retailers to lenders…

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