The Editorial Team |

Nigeria’s Tough Decision: Former Dictator or Alleged Kleptocrat

LAGOS (Capital Markets in Africa) – Voters need to choose between a pair of uninspiring presidential candidates, neither offering a fix for its struggling economy. What’s a Nigerian citizen to do when there’s a presidential election coming up and the two leading candidates are a former dictator who’s presided over four years of lackluster growth and an alleged kleptocrat of international repute? This is the choice facing Africa’s largest oil producer, and by some measures…

Oil Fell, Unemployment Soared and Now Nigeria Votes: QuickTake

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LAGOS (Capital Markets in Africa) – Almost every Nigerian vote since independence in 1960 has been dogged by varying degrees of conflict and allegations of rigging. That’s one reason why the 2015 election that saw Muhammadu Buhari, now 76, become the first candidate in the nation’s history to topple a sitting president through the ballot box was such a watershed moment. But the former military ruler has fallen short on meeting pledges to rejuvenate and diversify the oil-dependent…

NIGERIA INSIGHT: Naira Faces Rocky Future If Abubakar Wins Vote

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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…

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