The Editorial Team |

NIGERIA INSIGHT: Naira Faces Rocky Future If Abubakar Wins Vote

LAGOS (Capital Markets in Africa~) – Nigeria’s opposition presidential candidate Atiku Abubakar, who is running against incumbent Muhammadu Buhari on Feb. 16, has pledged to float the currency. That’s prompted overstated warnings of a devaluation from the central bank governor. But exposing the economy to currency volatility might do more harm than good in the near term. Nigeria’s trade position has deteriorated. Also, the decline in oil savings and foreign reserves would make a free-floating…

Egypt Sees Weaker Pound This Fiscal Year, Is Bullish on Growth

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CAIRO (Capital Markets in Africa) – Egypt cut its forecast for the pound’s value against the dollar and projected higher interest costs on local government debt for fiscal 2018-19, even as its expectations for economic growth and debt reduction remained on target. In a mid-year report, the Finance Ministry forecast: The currency will weaken to 18 pounds to the U.S. dollar versus earlier projection of 17.25 pounds Yields on Treasury bills and bonds will rise to 18.6…

Trade Talks to Eclipse All as Emerging-Market Bulls Take a Hit

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LAGOS (Capital Markets in Africa) – The looming U.S.-China trade talks may be set to reveal how complacent traders have been about the dispute just as the rally in emerging markets loses steam. Last week’s sudden retreat came as representatives from the world’s two biggest economies prepared to discuss the standoff, with President Donald Trump saying he wouldn’t meet his Chinese counterpart Xi Jinping before a 90-day truce ends March 1. U.S. Trade Representative Robert Lighthizer and…

Nigeria’s President Warns Corruption May Threaten Elections

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LAGOS (Capital Markets in Africa) -Nigeria’s President Muhammadu Buhari, who is seeking another four-year term in elections due to take place in six days, said the country’s anti-graft agency has raised concern over laundered money being used to buy votes. The fight against corruption is being hindered by vested interests and “lawyers table endless objections to obstruct court proceedings, whilst their clients hope it lasts until a ‘friendly’ president is voted into office,” the former dictator…

Ivorian Leader Sees Growth Averaging as Much as 8% Through 2023

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NAIROBI (Capital Markets in Africa) – Ivory Coast’s growth rate is expected to average as much as 8 percent over the next five years, President Alassane Ouattara said in an interview with Radio Francaise Internationale. The economy is expected to expand 8 percent this year, one of the fastest growth rates in the world, with inflation projected at 1 percent, the budget deficit at 3-4 percent of gross domestic product and public debt less than 40 percent…

EIB Plans to Ramp Up Kenya Funding If State Red Tape Eases

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NAIROBI (Capital Markets in Africa) – The European Investment Bank plans to double its funding for infrastructure development in Kenya this year if government bureaucracy in approving projects eases. The Luxembourg-based lender targets to disburse 200 million euros ($227 million) of loans, half of which will be available for the Kenya Ports Authority to refurbish berths at East Africa’s busiest sea-port in Mombasa county, Catherine Collin, the bank’s East Africa representative, said Thursday in an…

Egypt Dangles Incentives to Attract More Oil and Gas Investors

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CAIRO (Capital Markets in Africa) – Egypt is finalizing details of a new type of oil and gas contract to attract even more foreign investment than the $10 billion already coming into its energy industry this year. The contract will provide investors with incentives to explore for fossil fuels in undeveloped areas, Egypt’s oil minister Tarek El-Molla said in an interview. He didn’t provide details of the changes to the contract. “We’re improving the cost-recovery process to…

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