The Editorial Team |

Nigeria Seeks $7 Billion to Kick-Start Mines, Steel Industry

Lagos, Nigeria, Capital Markets in Africa: Nigeria is looking for investments of $7 billion in mining and steel over the next decade as it seeks to develop gold and iron ore extraction industries to diversify its oil-dependent economy. One of the government’s priorities is to meet its annual steel demand of 6.8 million metric tons, from a current output of a third of that, produced mainly from scrap iron, Solid Minerals Development Minister Kayode Fayemi said. “About…

Norway-Backed Fund on Hiring Spree in Africa Finance Venture

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Lagos, Nigeria, Capital Markets in Africa: A new development-finance venture that will control banking and other assets worth more than $660 million across sub-Saharan Africa plans to hire as many as 20 people including analysts to manage its investments and help it spend another $300 million on acquisitions. The Norwegian Investment Fund for Developing Countries, the state-owned financier known as Norfund, is pooling its investments on the continent with Dutch lender Rabobank Groep and Dutch development bank FMO…

Oil Trades Near $46 a Barrel as Nigeria Sees OPEC Cuts Unlikely

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LAGOS, Capital Markets in Africa: Oil traded near $46 a barrel after the biggest three-day gain since April as Nigeria’s oil minister signaled the prospect of production cuts from OPEC was unlikely. Futures were little changed in New York, erasing an earlier loss of 0.9 percent as the dollar weakened, making commodities more attractive. Prices climbed 9.7 percent the previous three sessions following comments by Saudi Arabia’s energy minister that it’s prepared to discuss stabilizing the…

South Africa’s ANC Leans to ‘Fiscal Populism’ After Vote Setback

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Johannesburg, South Africa, Capital Markets in Africa: South Africa’s ruling African National Congress is leaning toward more populist economic policies to win back support after its worst performance in an election since Nelson Mandela led the party to victory in a vote that ended apartheid in 1994. The ANC will press the government to prioritize creating jobs and alleviating poverty in the national budget at the four-day cabinet meeting that started Tuesday, Secretary General Gwede Mantashe said after the party’s top…

IMF Should Know Egypt’s Poor Economy Is Sisi’s Fault

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Cairo, Egypt, Capital Markets in Africa: The International Monetary Fund is riding to Egypt’s rescue. On Thursday it announced that its staff had recommended a three-year loan package of $12 billion, which is expected to be boosted with many more billions from the Arab Gulf states. Egypt, mired in an economic slump with high unemployment and rising inflation, certainly needs the help. But if recent history is any guide, it’s likely to be good money thrown…

Mugabe’s Purged Ally Appears With Tsvangirai in Opposition Boost

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HARARE, Capital Markets in Africa: Zimbabwe’s former Vice President Joice Mujuru appeared at rallies with his political foe Morgan Tsvangirai in the central city of Gweru, boosting opposition against President Robert Mugabe. Mujuru, who served in Mugabe’s first cabinet in 1980 and rose to become the 92-year-old leader’s deputy, formed Zimbabwe People First after being expelled from the ruling Zimbabwe African National Union – Patriotic Front in 2014 after she was accused of plotting Mugabe’s…

Lungu Wins Zambia Presidential Vote Rival Says Was Rigged

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LUSAKA, Zambia, Capital Markets in Africa: Zambian President Edgar Lungu was declared the winner of an Aug. 11 election that the main opposition said was stolen by the electoral commission and ruling party officials who colluded to rig the outcome — an allegation the authorities deny. Lungu, 59, secured a five-year term with 1.86 million of the about 3.7 million valid votes cast, surpassing the 50 percent mark needed to avoid a runoff, Esau Chulu, chairman of…

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