The Editorial Team |

Goldman Upgrades Commodity Outlook on Constrained Oil Supplies

LAGOS, Nigeria, Capital Markets in Africa: Goldman Sachs Group Inc. upgraded its outlook for commodities for the next three months because of disruptions to oil supply, while staying bearish on industrial metals and gold. Supply constraints should support oil prices, but “physical re-balancing” is incomplete and Goldman remains neutral on commodities for the next 12 months, it said in a report e-mailed Wednesday. The bank is recommending investors buy oil and gas assets in equities and…

Mozambique Says Can’t Pay $178 Million Debt Interest This Month

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Maputo, Mozambique, Capital Markets in Africa: Cash-strapped Mozambique won’t be able to honor a debt-interest repayment of $178 million that is due next week for a loan to a state-run company, Finance Minister Adriano Afonso Maleiane told lawmakers. The nation holds total public debt of $11.64 billion, of which $9.85 billion is owed to foreign investors, he said Wednesday in the capital, Maputo. Mozambique Asset Management, whose payment is due on May 23, is negotiating with lenders…

Nigeria | Central Bank of Nigeria to Create N750 Billion Agriculture Intervention Fund

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LAGOS, Nigeria, Capital Markets in Africa: The Federal Government, yesterday, said it will collaborate with the Central Bank of Nigeria, CBN to create N750 billion agriculture fund as part of its commitment to making agriculture the mainstay of the Nigerian economy, just as it is committed to tackling the smuggling of poultry products into the country. The Minister of State for Agriculture, Mr. Heineken Lokpobiri, who disclosed this at the 2016 National Summit of the…

Private Equity | Harith General Partners has invested in NOVO Energy

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Johannesburg, South Africa, Capital Markets in Africa: Harith General Partners has invested in NOVO Energy, a power and technology company that specialises in supplying alternative fuel technologies and services in Africa. Harith, the South African based fund manager, purchased a significant shareholding at NOVO Energy through its US$435m second Pan African Infrastructure Development Fund (PAIDF2). The partnership was established to create a strategic alignment and focus on the supply of natural gas in the Southern African energy…

“Price Modulation” of the Downstream Sector …Taking the Bull by the Legs

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LAGOS, Nigeria, Capital Markets in Africa: The downstream petroleum sector on 11th May, 2016 received a major policy turn that seemed to have altered the age long dynamics of the industry as the Nigerian National Petroleum Corporation (NNPC) announced the removal of petroleum subsidy and provided new pricing guidelines, designed to be cost reflective in line with market dynamics. Whilst the new policy has shifted off the Government, a major burden of subsidy payment which…

Deregulation With Price Controls. Precursor to Devaluation?

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LAGOS, Nigeria, Capital Markets in Africa: Last week, the Federal Government finally took a step to pseudo-deregulate the downstream sector (the FGN refused to use the word deregulation). This initiative was expected due to the introduction of the price modulation template by the NNPC in January 2016 and also the 2016 budget had no provisions for petrol subsidy payments. Under the new framework, market players are now permitted to source FX independently of the CBN…

Oil Trades Near Seven-Month High as Supply Losses Tame Surplus

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LAGOS, Nigeria, Capital Markets in Africa: Oil traded near a seven-month high on speculation that U.S. crude stockpiles declined last week while supply losses in Canada and Nigeria whittled away the global excess. West Texas Intermediate climbed as much as 1.5 percent in New York. U.S. crude inventories probably fell by 3.5 million barrels, according to a Bloomberg survey before government data Wednesday. It would be the first consecutive weekly decrease since September. Wildfires in Canada came to within a…

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