The Editorial Team |

Abubakar Will Change Nigeria’s Central Bank Governor If Elected

LAGOS (Capital Markets in Africa) – Nigeria’s main opposition candidate, Atiku Abubakar, said he would appoint a new central bank governor and float the naira if he wins next month’s elections. Godwin Emefiele is not doing a good job, Abubakar said, adding that he’d make the change when the governor’s first term ends in June. “I don’t think he’s pursued the right policies,” Abubakar, 72, said Wednesday in an interview in Nigeria’s commercial capital, Lagos. “We have…

Tanking Economy Snaps Zimbabwe Dream of Post-Mugabe Revival

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HARARE (Capital Markets in Africa) – Hopes of an economic revival in Zimbabwe lie in tatters 14 months after President Emmerson Mnangagwa took office, as the nation reels from foreign-exchange and fuel shortages, strikes and a dearth of political leadership. Disgruntlement with falling living standards spilled onto the streets of Harare, the capital, and other towns on Monday with thousands of people heeding a call by the country’s largest labor group to strike against massive fuel-price increases….

Al-Qaeda Hotel Attack Kills 14, Shaking Pillar of Kenyan Economy

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NAIROBI (Capital Markets in Africa) – Kenyan forces ended an Islamist militant siege at a hotel and office complex in the capital that left at least 14 people dead and highlighted the threat still posed by al-Qaeda-linked fighters to East Africa’s largest economy. Using hand grenades, automatic rifles and a suicide-bomber, the militants stormed 14 Riverside in Nairobi on Tuesday afternoon, a venue popular with business travelers and Kenya’s elites and home to offices of…

Uganda National Oil Co. Seeks $779.4 Million for Key Projects

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KAMPALA (Capital Markets in Africa) – Uganda National Oil Co. said it needs $779.4 million over the next four years for revenue-generating projects such as a refinery, export crude pipeline and a storage terminal, as the country plans for crude production early in the next decade. Government-owned UNOC is seeking funding in tranches, including $106.6 million in fiscal year 2019-2020, with the remainder to be allocated by 2023, according to a budget proposal for the Kampala-based company,…

Tunisia Braces for Day-Long Strike as Wage Talks Collapse

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TUNIS (Capital Markets in Africa) – Tunisia’s powerful labor federation said it will go ahead with a day-long strike on Thursday after talks with the government collapsed, a new hurdle for authorities under intense pressure to cut spending. The powerful General Labor Union, or UGTT, had been pressing for higher public sector pay. But the raises it sought would undercut an economic reform plan that was a condition for a $2.9 billion International Monetary Fund loan. The…

Egypt Plans Up to $7 Billion in International Bond Sale in 1Q

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CAIRO (Capital Markets in Africa) – Egypt plans to issue between $3 billion and $7 billion worth of international bonds in the first quarter of the year, Finance Minister Mohamed Maait said Sunday, as an outflow of foreign capital in local debt markets could test its ability to meet budget deficit reduction targets. The cabinet has given “us the flexibility to issue what we need within this range” and also flexibility regarding the currencies, Maait said in…

Talks Underway to Build New Gas Pipeline to Egypt, Israel Says

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CAIRO (Capital Markets in Africa) – Talks are in progress to build a new underwater gas pipeline between Israel and Egypt, part of efforts to transform the eastern Mediterranean into an energy export hub on Europe’s doorstep, Israeli Energy Minister Yuval Steinitz said. Israeli gas stocks rose. Construction could begin as early as next year on the pipe to transport gas from Israel’s offshore Leviathan and Tamar fields to Egypt’s existing liquefied natural gas plants for processing…

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