The Editorial Team |

Crowding the private sector into Africa’s climate action

LAGOS (Capital Markets in Africa) – The global community for climate action was spooked by the November 8 election of Donald Trump as the next President of the United States. The US President-elect had earned the sobriquet of “climate denier,” for his claim that climate change is a hoax. However, there is cautious optimism that his presidency will not overturn the global agenda on climate change. Hopefully, his views on climate change will change and…

Ghanaian President-Elect Akufo-Addo Walks in Father’s Steps in Rise

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ACCRA (Capital Markets in Africa) – Ghanaian president-elect Nana Akufo-Addo’s family is such an institution in the West African nation that his father’s portrait is printed on its currency. So is his uncle’s. A lawyer and former foreign minister, Akufo-Addo has always been a public figure. He won last week’s election against incumbent President John Mahama after vowing to create jobs, encourage mining of untapped bauxite deposits and boost agriculture in the impoverished north by building…

Ethiopia’s Foreign Investment Stalls After Attacks on Businesses

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Addis Ababa (Capital Markets in Africa) – Foreign investment in Ethiopia is stalling after a series of demonstrations against international companies. Investment was about $500 million in the three months ended Oct. 10 compared with the same period a year earlier, according to Investment Commissioner Fitsum Arega. Foreign investment had gained 20 percent a year on average for the past six years, including a 50 percent jump last year, he said by phone from Addis…

Free-Float Rollback Targeted in Nigeria Lawmaker’s Currency Bill

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LAGOS (Capital Markets in Africa) – A Nigerian lawmaker is proposing a new currency law that would give the central bank legal powers to set exchange rates, effectively rolling back the nation’s six-month-old free float. The bill, sponsored by opposition politician John Enoh, would repeal existing foreign-exchange legislation, under which market rates are “mutually agreed” between counterparties, and allow the Abuja-based regulator to decide those rates itself. The draft has been through two readings in the Senate and will…

OPEC’s Ideal Price Is $60 to Avoid Shale Revival, Nigeria Says

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LAGOS (Capital Markets in Africa) – Oil prices at $60 a barrel would be “ideal” for OPEC, as higher levels risk sparking a recovery in competing supplies from the U.S., according to Nigeria’s petroleum minister. The “urgency” felt by the Organization of Petroleum Exporting Countries and its partners to end the oil rout will ensure they adhere to their Dec. 10 agreement to cut supplies, Emmanuel Kachikwu said in a Bloomberg Televisioninterview. The accord should push prices…

Nigeria Capital Markets Update Week Ending Dec 9 2016

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Equities Market Review and Outlook The Nigerian equities market sustained a positive outing for the second consecutive week as the benchmark index rose 0.3% W-o-W to settle at 25,817.69 points. The All Share Index (ASI) recorded marginal gains on all trading days of the week save for Tuesday when the ASI dipped 0.3% on account of profit taking. Overall performance was largely driven by significant interest in FORTE (+62.8%) which touched a record low in…

Nigeria: Contraction in Household Spending Drags Half Year 2016 GDP by Expenditure

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LAGOS (Capital Markets in Africa) – The National Bureau of Statistics (NBS) late last month released Q1 and Q2 2016 GDP by expenditure data. Expectedly, the data showed the economy on a sticky wicket, which is in line with observations from supply side computations released for the two-quarters much earlier in the year. However, the statistics give us a better view of structural and cyclical demand-side drivers of the business cycle. For the two quarters,…

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