The Editorial Team |

Nigerian Banks Make Eurobond Comeback as UBA Plans Debut Deal

LAGOS (Capital Markets in Africa) – United Bank for Africa Plc said it plans to sell a debut Eurobond, a day after local rival Zenith Bank Plc tapped the market for the first time since 2014. UBA, Nigeria’s third-biggest lender by assets, wants to sell as much as $500 million of senior unsecured debt, it said in a statement to the Nigerian Stock Exchange. It will announce plans later on Tuesday for investor meetings in Europe…

Nigeria hopes for oil upturn after economy shrinks again

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LAGOS (Reuters) – Nigeria’s economy stayed in recession in the first quarter and shrank more sharply than thought at the end of last year, data showed on Tuesday, as signs of growth in the oil sector fuelled hopes of an upturn in coming months. The economy shrank by 1.5 percent in 2016 for its first annual drop in 25 years, hit by a shortage of hard currency and lower revenues from its dominant oil sector…

Unlock the potential of African entrepreneurs to accelerate Africa

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ABIDJAN (Capital Markets in Africa) – African governments need to integrate entrepreneurship more fully into their industrialisation strategies, according to the African Economic Outlook (AEO) 2017 released Monday, May 22 at the African Development Bank Group’s 52nd Annual Meetings. In 2016, Africa’s economic growth slowed down to 2.2% from 3.4% in 2015 due to low commodity prices, weak global recovery and adverse weather conditions, which impacted on agriculture production in some regions. However, it is…

IMF offers three-pillared prescription for African growth

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LAGOS (Capital Markets in Africa) – Countries in sub-Saharan Africa need to get their budgets in order, diversify their economies and look after their poorest people. If they do that, there is no reason why the region cannot have the strong growth needed to meet the aspirations of a young and growing population. That, at least, is the three-pillared prescription from the International Monetary Fund as expressed by one of its top Africa researchers, Celine…

In surprise move, Egypt central bank hikes key interest rates

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CAIRO (Capital Markets in Africa) – Egypt’s central bank raised its key interest rates by 200 basis points on Sunday, confounding the expectations of economists who saw rates unlikely to change, but in line with recent IMF statements. At a meeting of its Monetary Policy Committee, the bank hiked its overnight deposit rate to 16.75 percent from 14.75 percent and its overnight lending rate to 17.75 from 15.75 percent, it announced in a statement. This…

Moody’s: Sub-Saharan Africa’s recovery from foreign currency shortages to take time

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LAGOS (Capital Markets in Africa) – While foreign currency shortages in Sub-Saharan Africa stemming from lower oil and commodity prices are easing, it will take time for sovereigns, banks, and non-financial companies to restore their financial health, Moody’s Investors Service said in a report today. The report, “Foreign currency shortages are subsiding but will take a time to overcome”, is now available on www.moodys.com. Moody’s subscribers can access this report via the link at the end of this press release….

Ghana to cut interest rates May 22, Nigeria, S/Africa, Kenya to hold

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JOHANNESBURG (Capital Markets in Africa) – The Bank of Ghana will extend its interest rate-easing cycle on Monday to give its economy a boost but other major African central banks will keep rates stable after a commodity price slump, a Reuters poll found. Ghana’s central bank cut its high prime rate by 200 basis points to 23.5 percent in March and is expected to chop another 100 basis points on Monday, according to the median…

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