The Editorial Team |

IMF Says Nigeria Growing Too Slowly, Urges Single Naira Rate

LAGOS (Capital Markets in Africa) – The International Monetary Fund said Nigeria’s economy was growing too slowly to reduce poverty or joblessness and urged the government to boost revenue and scrap its system of multiple exchange rates. “Growth is not enough,” Amine Mati, the IMF’s mission chief for Nigeria, said in an interview in Lagos on Wednesday as the Washington-based lender released its latest Article IV report for Africa’s biggest oil producer. “Our number-one recommendation…

Investor Darling Egypt Eyes Lower Debt Yields in Test for Market

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CAIRO (Capital Markets in Africa) Egypt is targeting lower yields on local debt in the new fiscal year, confident that its securities will remain coveted among investors. The goal of 15.5 percent, laid out in the 2019-2020 budget that begins on July 1, compares with the government’s yield target of 18 percent on Treasury bills and bonds in the current fiscal year. Much of the foreign capital that entered Egypt over the past couple of years…

SBM Mauritius Shares Tank on Tripling of Bad-Debt Provisions

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PORT LOUIS (Capital Markets in Africa) – SBM Holdings Ltd. shares sank to a 4 1/2-year low after the owner of Mauritius’s second-biggest bank said a tripling in bad-debt provisions halved profit last year. The stock fell as much as 2.7 percent and closed down 2.3 percent at 5.86 rupees in Port Louis, the Mauritian capital. That’s the lowest since October 2014, according to data compiled by Bloomberg. “Sentiment on SBM remains weak as investors continue…

Uganda Makes Second Withdrawal From Oil Fund Before Production

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KAMPALAI (Capital Markets in Africa) – Uganda withdrew from its nascent Petroleum Fund for a second time before it starts producing oil, as the East African nation struggles to narrow its budget gap while increasing infrastructure investments. A sum of 200 billion shillings ($54 million) was removed from the fund to help finance spending plans for the year through June, leaving 288.7 billion shillings in the account, the Finance Ministry said in a report on its…

Safaricom’s Kenya Market Slips to 63% as Bharti Gains Ground

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NAIROBI (Capital Markets in Africa) – Safaricom Plc’s market share of Kenyan mobile-phone subscriptions dropped for a sixth consecutive quarter as competition heats up, according to data from the industry regulator. Safaricom, East Africa’s biggest company by valuation and a unit of Vodacom Group Ltd., recorded a market share of 63 percent in 2018, compared with 69 percent during the previous year, according to the Communications Authority. Bharti Airtel Ltd.’s local unit, which agreed to merge operations with Telkom…

Brewers Battling for Nigeria Market Share Face New Foe: Taxes

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LAGOS (Capital Markets in Africa) – For brewing giants AB InBev SA, Heineken BV and Diageo Plccompeting for market share in Africa’s most populous country, the Nigerian government’s decision to hike excise duties is another setback in an under-performing economy. President Muhammadu Buhari’s administration followed up its June decision to impose taxes on beer and spirits by deciding in January to implement another phased 17 percent increase in duties on alcoholic beverages. The move, a bid in part…

Carrefour Franchisee on Prowl for Acquisitions to Grow in Africa

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LAGOS (Capital Markets in Africa) – Majid Al Futtaim Holding LLC, an operator of French retailer Carrefour SA outlets, plans to boost its presence in Kenya as it looks to expand into eastern and southern Africa. Growing the franchise in Africa will boost competition for the likes of Shoprite Holdings Ltd., the continent’s biggest grocer, and Walmart Inc.’s Massmart Holdings Ltd. Those companies are looking to develop outside their home markets in South Africa, where stagnant economic…

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