The Editorial Team |

Seplat to Raise $200 Million From Banks for Nigerian Gas Project

LAGOS (Capital Markets in Africa) – Seplat Petroleum Development Co. plans to raise $200 million in loans from banks to fund a gas project it jointly owns with the Nigerian government. It will appoint an arranger “shortly after” an investor meeting scheduled for June 26, Chief Financial Officer Roger Brown said on Thursday in Lagos, Nigeria’s commercial capital. It will raise an additional $80 million through vendor financing, or equipment suppliers, to complete its financing requirement for a…

Nigeria Targets Raising Palm Oil Production Sevenfold by 2027

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LAGOS (Capital Markets in Africa) – Nigeria plans to increase its palm oil production 700% over the next eight years to help improve its foreign-exchange earnings that are largely dependent on crude oil exports. The new policy will boost local production to about five million tons from 600,000 tons a year by investing as much as 180 billion naira ($500 million) beginning this year, the trade and investment ministry said in a report. “Our policy…

Airbus May Make the Next Version of Its Top-Selling Jet a Hybrid

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LAGOS (Capital Markets in Africa) – Airbus SE is considering bringing the world’s first hybrid-electric airliner to market as it weighs its strategy for replacing the bread-and-butter A320neo narrowbody in the next 15 years — a move that would mark a technological leap for the aerospace industry. The European planemaker has grown confident that the revolutionary propulsion system will be ready for roll-out on an all-new single-aisle jet around 2035, according to people with knowledge of…

Pound Swings as No-Deal Brexit in Focus on Tory Leadership Votes

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LAGOS (Capital Markets in Africa) – The pound whipsawed as Brexiteer Boris Johnson took a commanding lead in the first round of voting to elect a new British prime minister. Sterling initially fell on the result before recovering some ground, with the market already anticipating a Johnson win and some of the other euroskeptic candidates being eliminated. A gauge of price swings over the next week has climbed the most since early May, as traders anticipate moves…

Ethiopia Raises 2019-20 Budget by 1.6% to Boost Economic Growth

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ADDIS ABABA (Capital Markets in Africa) – Ethiopia plans to increase 2019-20 spending by 1.6% to fund projects that will help boost the Horn of Africa country’s economic expansion. Spending plans for the year starting July will expand to 386.9 billion birr ($13.4 billion), Ethiopian Finance Minister Ahmed Shide said in a recording of parliament proceedings aired on ruling party-controlled Fana Television. That will probably help the economy grow by 9%, according to Shide. Ethiopia, which the International…

Development Bank Climate Finance Rose 22% to Record $43 Billion

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LAGOS (Capital Markets in Africa) – Development banks committed a record $43 billion in climate finance last year, a jump of almost $8 billion on 2017’s figure and the biggest surge ever reported. The co-finance attached to the multilateral development bank money added another $68.1 billion, taking the year’s total to more than $111 billion, according to a report by six banks including the World Bank Group. More than a third of that total was…

Banks Cut Off From Zimbabwe Payment Network Over Unpaid Bills

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HARARE (Capital Markets in Africa) – Most banks across Zimbabwe are unable to process salaries and pensions after one of the country’s largest payment networks suspended its services for unpaid bills. Cambria Africa Plc blocked bank customers on June 10 because its Payserv Africa unit is owed $470,000 for more than 4 million transactions since May 1, the Isle of Man-based investment company said in a statement on Wednesday. That was after it lost a collective $170,000 providing services over…

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