Economic | - Part 6

Nigeria: Legislators approve 2015 ‘s Appropriation Bill

A week after the House of Representatives passed the 2015 Budget, the Upper Chamber fulfilled its part of the Appropriation process by passing a N4.5tn budget. This is N134.4bn in excess of the N4.4tn submitted by the Executive arm late 2014. Meanwhile, recurrent expenditure was reduced slightly by N0.5bn to N2.6tn while capital expenditure was scaled down by additional N85.9bn to N557.0bn from N642.8bn proposed by the Executive arm. Effectively, this implies that recurrent expenditure…

Chad to receive $1.1 billion debt relief – finance minister

Posted on by The Editorial Team

DAKAR, April 28 (Reuters) – Chad will receive $1.1 billion in debt relief after completion of the Highly Indebted Poor Countries (HIPC) initiative of the World Bank and International Monetary Fund (IMF), its finance minister said on Tuesday. Kordje Bedoumra said in an interview that the oil-producing central African nation – one of the poorest countries on earth – had cut its growth forecast for this year to 5 percent, from 7 percent in 2014,…

African Inflation Snapshot: March 2015

Posted on by The Editorial Team

Angola’s inflation rises to 7.87 percent: Angola’s consumer inflation edged up to 7.87 percent year-on-year in March from 7.73 percent in February, according to data from the statistics office. On a month-on-month basis, prices rose 0.63 percent after a 0.76 percent increase previously. Botswana’s CPI remains unchanged at 2.8 percent: Botswana’s consumer inflation was steady at 2.8 percent year-on-year in March from the previous month, according to data from the statistics office. Whereas inflation increased…

Despite the End of the Commodity Boom, African Countries Can Sustain Their Growth

Posted on by The Editorial Team

The World Bank Group forecasts that economic growth for African countries will slow in 2015 to 4.0 percent from 4.5 percent in 2014, a downturn which largely reflects the sharp fall in global prices for oil and other key commodities. At a seminar with African finance ministers, central bankers and their delegations during the World Bank Group Spring Meetings, the Bank’s Africa Chief Economist Francisco Ferreira explained that his 2015 forecast was below the 4.4…

East African: Rising inflation takes its toll on region’s economies……

Posted on by The Editorial Team

East African economies are experiencing rising inflation as their currencies continue to weaken against the dollar according to the East African. The Bank of Uganda has raised its benchmark lending rate for the first time since June 2014, in a bid to slow the increase in inflation. BoU Governor Emmanuel Tumusiime-Mutebile said that the depreciation of the shilling and faster real GDP growth will lead to an increase in inflation over the medium term. Uganda…

Nigerian current-account deficit is 0.1% GDP in Q4 2014

Posted on by The Editorial Team

The CBN’s External Sector Development Report for Q4 2014 shows a modest current-account deficit equivalent to 0.1% of GDP. This was to be expected, given that the international oil price fell by about US$25/b over the quarter in question. The report also revised earlier data, notably for Q2 for which a surplus representing 1.1% of GDP was transformed into a 0.4% deficit. The deterioration predates the latest slide in the oil price and can be traced to…

Nigerian Foreign Reserves at Record Low

Posted on by The Editorial Team

According to the Central Bank of Nigeria (CBN), reported levels of the Nigerian External Reserves (“the Reserves”) as at 15th of April 2015 stands at US$29.3bn – its lowest level since 2010. Worthy of note is the fact that the Reserves have been on a downward trend since the beginning of the year on the back of falling global oil prices and CBN’s resolve to defend the Naira. The Reserves has declined US$5.0bn (16.9%) in…

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