The Editorial Team |

Nigerian Credit Agency Gives $373 Million to Boost Crop Exports

LAGOS (Capital Markets in Africa) – Nigeria’s state-owned agricultural-lending facilitator said it disbursed $373 million to farmers in the past year to help boost production of export crops. Known as Nigeria Incentive-Based Risk Sharing System for Agricultural Lending, or Nirsal, the agency underwrites risk for credit going to farmers, part of the efforts by the oil-rich country to increase revenue from farm exports and reduce its dependence on hydrocarbons. The credit beneficiaries are mainly small-holder…

Lovelorn U.S. Bitcoin ETF Fans May Find Satisfaction in Sweden

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LAGOS (Capital Markets in Africa) – If you want to buy Bitcoin without actually buying Bitcoin, you now have another way to own the controversial digital currency. No, it’s not the U.S. exchange-traded fund investors have been touting as a catalyst for demand for the embattled virtual money. It’s an exchange-traded note, and starting Wednesday, investors can buy it more easily even though it’s technically listed and regulated in Sweden. The product, called Bitcoin Tracker One, is now…

South African Police Asked Interpol to Help With Steinhoff

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JOHANNESBURG (Capital Markets in Africa) – South Africa’s police has asked Interpol to help investigate financial wrongdoing at Steinhoff International Holdings NV after the global retailer reported a hole in its accounts and the share price collapsed. The international organization could help connect the dots at the owner of Conforama in France and Mattress Firm in the U.S., which is being investigated by regulators in Germany and the Netherlands and a host of law enforcement agencies. At…

Moody’s Sees Slower South Africa Fiscal Progress Than State Does

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LAGOS (Capital Markets in Africa) – South Africa’s fiscal consolidation will be slower than the government estimates because of weak economic growth and a higher public-sector wage bill, Moody’s Investors Service said. Moody’s sees the country’s fiscal deficit at about 4 percent of gross domestic product in the year through March 2019, the company said in an emailed statement Wednesday. That compares with the state’s February budget forecast for a 3.6 percent gap. “Growth this…

Bank of Namibia Wants Growth But Asks Citizens to Be Thrifty

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WINDHOEK (Capital Markets in Africa) – Namibia’s central bank wants the economy to rebound from its first contraction in 14 years but has asked citizens to go easy when it comes to taking on new debt. “If the economy starts to pick up, we wouldn’t want to see consumer spending pick up,” Governor Ipumbu Shiimi told reporters Wednesday in the capital, Windhoek. “The message to Namibians — only borrow when you need to borrow.” The central bank…

South Africa Close to Tax Deal to Lure VW, Ford, BMW Investment

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JOHANNESBURG (Capital Markets in Africa) – South Africa’s government is close to agreeing to new tax breaks for international carmakers including Toyota Motor Corp., Ford Motor Co. and BMW AG in return for initiatives to boost jobs and exports, according to Trade and Industry Minister Rob Davies. A deal on a 15-year incentive program to replace one that expires in 2020 should be reached this year, Davies said in an interview Tuesday. While work is still to…

MTN Agrees 200 Billion Naira Loan Facility With Nigerian Banks

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LAGOS (Capital Markets in Africa) – MTN Group Ltd. agreed a 200 billion naira ($554.3 million), seven year loan facility with 12 Nigerian lenders to fund voice and data service expansion in its biggest market. The facility is denominated in naira and structured with a two-year moratorium and a repayment period of five years, the Johannesburg-based company said in an emailed statement. Lenders providing the facility include Ecobank Nigeria Ltd. and Fidelity Bank Plc. MTN, Africa’s…

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