The Editorial Team

Nigeria Vows to Shun Central-Bank Cash Amid Budget Squeeze

LAGOS(Capital Markets in Africa) — The Nigerian federal and state governments need to cut back spending to deal with a drop in revenues instead of depending on the central bank for financing, Finance Minister Zainab Ahmed said on Monday. Ahmed denied claims by a state governor that the central bank printed money to make up a 50 billion naira ($122 million) shortfall on federal revenues earmarked for the 36 federal states in March. “We will…

Egypt Seizes Suez Ship Amid $916 Million Compensation Battle

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CAIRO (Capital Markets in Africa) — Egypt seized the giant container vessel that blocked the Suez Canal last month as part of an effort to get more than $900 million in compensation. A court in the city of Ismailia granted a seizure request regarding the Ever Given vessel at the behest of the Suez Canal Authority. Egypt’s move underscores the legal complications following the container vessel’s grounding on March 23, which closed the canal for six…

Namibia and Uganda Central Bank Hold Key Interest Rate

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Namibia Holds Interest Rate at 3.75% to Support Economic Growth Namibia’s central bank held its key interest rate steady for a fourth meeting as it seeks to support economic growth and protect its peg to the South African rand. The monetary policy committee kept the rate at 3.75%, Governor Johannes !Gawaxab told reporters Wednesday in the capital, Windhoek. It follows an unchanged decision by the South African Reserve Bank last month, and means Namibia’s benchmark…

Nigerian Firms Face Higher Borrowing Costs as Yields Rebound

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LAGOS (Capital Markets in Africa) — Nigerian companies are paying more to borrow in capital markets, signaling an end to the era of low rates which many issuers took advantage of to refinance higher-cost debt. Firms including MTN Nigeria and Nigerian Breweries have been forced to raise the rates offered on new debt issues due to “aggressive bids” by investors seeking higher yields, Stanbic IBTC Asset Management, said in a note to clients on Tuesday….

IFC Bolsters Financing for African Health-Care Businesses

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LAGOS (Capital Markets in Africa) — The International Finance Corp. has started a $300 million fund for small and medium-sized health-care businesses in Africa to enable them to access essential medical equipment and boost their ability to deal with the coronavirus and other health challenges. Most smaller health-care operators can’t secure bank loans due to their perceived high investment risks, even as they serve more than half of the continent’s population, the IFC said in…

Nigerian Company Plans to Complete New Oil Refinery by 2025

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LAGOS (Capital Markets in Africa) — BUA Group, which owns Nigeria’s second-biggest cement plant, said it plans to finish building a 200,000-barrel-per-day refinery by 2025. “We are looking to between three and four years” to complete construction, Chief Executive Officer Abudul Samad Rabiu told reporters in Lagos, Nigeria’s commercial capital. The company on Wednesday signed an agreement with France-based Axens SA to build the facility in Nigeria’s southeastern Akwa Ibom state, Rabiu said, declining to…

Why Insurgency Places Mozambique’s Gas Riches at Risk: QuickTake

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MAPUTO (Capital Markets in Africa) — One of the world’s poorest countries could be transformed by Africa’s biggest-ever private investment splurge, but there’s a problem. Increasingly brazen attacks by Islamist insurgents are threatening plans to tap huge natural gas deposits found off Mozambique’s northern coast a decade ago. More than 2,600 people have died and over 700,000 have been displaced since the violence began in 2017. The country’s export ambitions are linked to giant projects…

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